Incheon City to Foster Future Automobile Industry... 100 Billion Won Investment by 2026

Establishing a Specialized Growth and Future Vehicle Technology Transition Ecosystem for the Connected Car Industry

Autonomous Vehicle and Connected Car Image [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] Incheon City will invest over 100 billion won by 2026 to foster the future automobile industry.

The city announced on the 10th that it has established and will implement the "Incheon Future Automobile Industry Promotion Comprehensive Plan" to rapidly restructure the automobile industry around future vehicles and to actively promote the technological advancement of Incheon's automobile industry.

The comprehensive plan consists of five major strategies and 25 key tasks, with an investment of 110.4 billion won from national funds and private capital from this year through 2026.

The five major strategies are ▲ specialized promotion of the connected car (a future-type vehicle capable of two-way wireless communication) industry ▲ leading autonomous vehicle technology development ▲ promoting the transition of parts companies to future automobile technologies ▲ supporting innovative growth of future automobile parts companies ▲ establishing a support system for fostering the future automobile industry.

Through this comprehensive plan, the city plans to expand the functions of the first-phase Connected Car Material and Parts Certification Evaluation Center, currently under construction in Cheongna International City with an investment of 24.6 billion won, and also attract the second-phase connected car public project worth 14 billion won (establishing a connected car wireless communication certification evaluation system). The strategy is to lay the foundation for Incheon to leap forward as a mecca of the connected car industry.

In addition, the city intends to secure competitiveness by researching core technologies of future automobile parts together with parts companies.

Along with this, the city plans to conduct a "Future Vehicle Technology Roadmap Research Service" to comprehensively compare and analyze future automobile market trends, core parts and technology trends, and cutting-edge technologies of global leading companies, and to present strategies for securing technological competitiveness of core parts by vehicle type.

Autonomous Vehicle and Connected Car Operation Image [Provided by Incheon City]

With this comprehensive plan, the city has set mid- to long-term goals to increase the number of related companies from 628 to 885 by 2030 and to achieve sales from 3.2 trillion won to 17.5 trillion won. Employment will also increase from 21,951 to 30,512.

An Incheon city official stated, "Currently, Incheon's automobile industry is in a slump, and if it does not effectively respond to the global paradigm shift in the automobile industry, there is a risk that the automobile industry ecosystem will collapse." He added, "Through this comprehensive plan, we will nurture the future automobile industry as Incheon's core future strategic industry."

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