Incheon Free Economic Zone Authority-Mongolia Construction Development Center, MOU on 'Incheon Free Economic Zone Know-how Transfer' Implementation Plan

Joint Efforts for the Development of Hinterland City of Chinggis Khan New Airport

Lee Won-jae, Head of Incheon Free Economic Zone Authority (fourth from the left), Jolbo Enktuksin, Deputy Minister of the Mongolian State Urban Development and Construction Ministry (center), and Od Bayar, Deputy Director of the Mongolian State Construction Development Center (third from the right), are taking a commemorative photo after signing the "Joint Implementation Plan Memorandum of Understanding" on the 23rd. [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] A 'Joint Implementation Plan Memorandum of Understanding' was signed to transfer the experience and know-how of operating the Incheon Free Economic Zone's economic special zone in relation to the development of Mongolia's Kushing Valley satellite city.

The Incheon Free Economic Zone Authority announced on the 23rd that it held the first kick-off meeting and signed the memorandum of understanding with the Construction Development Center (CDC), a state-owned institution under Mongolia's Ministry of Urban Development and Construction.

The CDC is an institution that conducts government policy research and analysis related to tourism and infrastructure development, including three economic special zones in Mongolia. Recently, following the Mongolian government's 'Vision 2050,' it is responsible for developing the Kushing Valley satellite city, a hinterland city of the Chinggis Khaan New Airport, which opened last July.

This memorandum of understanding includes provisions for both parties to designate dedicated teams and hold official meetings twice a year to complete the project plan and work towards the implementation of the Kushing Valley satellite city development.

At the meeting, Lee Won-jae, head of the Incheon Free Economic Zone Authority, and Zolboo Enkhtuvshin, Deputy Minister of Mongolia's Ministry of Urban Development and Construction, along with other officials, discussed the Kushing Valley development plan presentation and specific implementation measures for the future joint implementation plan, including urban planning and green smart city sectors of the Kushing Valley new city.

Earlier, at the end of last year, the two institutions signed a 'Mutual Cooperation Memorandum of Understanding' focusing on sharing the operational experience of the Incheon Free Economic Zone and cooperating on legal system improvements related to economic special zones, feasibility studies for urban development, and master plan establishment.

Lee Won-jae, head of the Incheon Free Economic Zone Authority, stated, "We will do our best to transfer the development experience of the Incheon Free Economic Zone to Mongolia through practical consultations in the future," adding, "In particular, we will actively respond to cooperation requests from overseas government agencies to serve as a foothold for related Korean institutions and companies to advance into overseas projects."

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