Incheon Free Economic Zone Performance Evaluation 'Top Grade'... Establishment of Songdo Bio-Cluster Infrastructure

View of Songdo International City from Incheon Free Economic Zone Authority (G Tower)
[Photo provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone (IFEZ) received the highest grade, the Excellent Grade (S Grade), in the evaluation of seven Free Economic Zones (FEZ) nationwide.

The Incheon Free Economic Zone Authority announced on the 21st that it had achieved the S Grade for three consecutive years in the 2020 FEZ performance evaluation conducted by the Ministry of Trade, Industry and Energy's Free Economic Zone Committee.

The FEZ performance evaluation is divided into three grades (S, A, B), with only Incheon and Gwangyang Bay Area receiving the S Grade.

Introduced in 2010, the FEZ performance evaluation system consists of qualitative assessments on the development strategy of the FEZ Authority, investment attraction strategy, innovation ecosystem establishment strategy, leadership of the head of the institution, regulatory innovation achievements, and appropriateness of development project promotion, as well as quantitative evaluation indicators such as investment attraction, job creation, and unit district evaluation. This year, for the first time, the results of a satisfaction survey of resident companies were reflected.

The Incheon Free Economic Zone received favorable evaluations for building the Songdo Bio Cluster infrastructure and attracting companies, strengthening corporate support through the establishment of the IFEZ Business Center and the opening of the Incheon Startup Park, fostering an innovation ecosystem, and promoting industry-academic cooperation with foreign universities.

In particular, it was recognized for its efforts in creating an innovation ecosystem and a foundation for future new industries by attracting the Bio Process Workforce Training Center and the U.S. Thermo Fisher Scientific Biopharmaceutical Research and Process Technology Support Center.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "We are striving for distinctive and balanced development in the international cities of Songdo, Yeongjong, and Cheongna," and added, "We will accelerate the establishment of a solid innovation ecosystem as a growth base for advanced future industries so that the Incheon Free Economic Zone can continue to develop as a global business hub."

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