The Development Blueprint for Incheon Songdo International Business District Unveiled: "Centered on Innovative Technology"

A view of the site planned for the international hospital within Songdo International Business District
[Photo by Yonhap News]

[Asia Economy Reporter Park Hyesook] A plan has been proposed to develop the Songdo International Business District in Incheon into a global innovation business district.

The Incheon Free Economic Zone Authority announced on the 29th at the final report meeting of the 'Songdo International Business District Development Activation Strategy Establishment Project' that a new development direction with this content was presented.

According to the project results, it was suggested that the development direction of Songdo 1 and 3 Districts' International Business District should shift from focusing on international organizations and foreign companies to innovation technology, in response to industrial structural changes in the era of the 4th Industrial Revolution.

To this end, aiming to develop a global innovation business district by 2030, the plan includes attracting companies in the fields of Information Technology (IT), Biotechnology (BT), and Cultural Technology (CT), and promoting three leading projects step-by-step: development of a global business district, an innovation complex district, and a research and development (R&D) complex district to revitalize the international business district.

While promoting three blocks within the business district as the first leading project, a concrete plan was also presented to proceed with the developer selection process next year in the second half, together with Songdo International City Development Co., Ltd. (NSIC), the project operator of the Songdo International Business District development project.

This project has been underway since May 2020, with NSIC establishing a new development strategy considering changed internal and external conditions to expedite project promotion.

Kim Jin-yong, head of the Incheon Free Economic Zone Authority, said, "The key is to prepare detailed implementation plans to attract excellent companies in the future," adding, "We will actively consult with NSIC regarding this."

The Songdo International Business District development project has been promoted since 2005, targeting an area of 5,803,000 square meters around Songdo 1 and 3 Districts, and the current development progress is at about 79%.

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