'Sharing Incheon Free Economic Zone Expertise'... Incheon Free Economic Zone Authority-Mongolia Construction Development Center Agreement

Incheon Free Economic Zone Authority and Mongolia Construction Development Center MOU Signing Ceremony [Photo by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone Authority (IFEZ) signed a Memorandum of Understanding (MOU) for mutual cooperation with Mongolia's national agency, the Construction Development Center (CDC), on the 21st at G Tower in Songdo International City.

The agreement focuses on sharing IFEZ's experience and know-how in operating economic zones related to the development of Khuushin Valley satellite city in Mongolia, and cooperating in future economic zone-related legislative improvements, urban development feasibility studies, and master plan establishment.

The CDC, a state-owned agency under Mongolia's Ministry of Urban Development and Construction, conducts government policy research and analysis related to tourism and infrastructure development, including three economic zones within Mongolia.

Following Mongolia's 'Vision 2050,' the CDC is responsible for developing the Khuushin Valley satellite city, the hinterland city of the newly opened Chinggis Khaan International Airport as of July.

The Mongolian government identified IFEZ as the most suitable partner to assist in the development of the Khuushin Valley satellite city, and after continuous consultations following the visit of Namserlai Erdenetoya, Mongolian Ambassador to Korea, to IFEZ in October, this agreement was finalized.

Lee Won-jae, Commissioner of the Incheon Free Economic Zone Authority, stated, "The urban development achievements of IFEZ are being recognized by foreign governments as well," adding, "We will take the lead in pioneering overseas urban development markets by actively cooperating with the Korea Overseas Infrastructure & Urban Development Corporation (KIND) and Incheon Urban Corporation, with whom we recently signed agreements, and serve as a foothold for our companies to enter these markets."

This content was produced with the assistance of AI translation services.