Incheon Economic Free Zone Authority and Incheon Global City Sign MOU for Mutual Cooperation on 'Global Overseas Korean Town Development'

The Incheon Free Economic Zone Authority and Incheon Global City Co., Ltd. have agreed to cooperate in creating a global overseas Korean town. On the 23rd, Kim Jin-yong, head of the Incheon Free Economic Zone Authority, and Baek Eung-seop, CEO of Incheon Global City, signed a Memorandum of Understanding (MOU) at G Tower in Songdo International City.

The MOU includes cooperation to successfully promote the 'Incheon Free Economic Zone Global Overseas Korean Town Development' aimed at improving living conditions for overseas Koreans and foreigners, and contributing to the revitalization of the local tourism industry. The two organizations agreed to collaborate on securing tourist attraction facilities through the development of the global overseas Korean town, and to discuss and implement project planning and feasibility reviews for selecting the project site.

The Incheon Free Economic Zone Authority plans to expand the concept of the European Korean Cultural Town to not only Europe but also attract the culture and business of Koreans worldwide by developing a global overseas Korean town, to activate the Overseas Koreans Office, which was attracted to Incheon in May. Through this, it is expected that related industries will develop and diverse cultures from various countries overseas will be introduced, enriching the cultural content of the Incheon Free Economic Zone.

Kim Jin-yong, head of the Incheon Free Economic Zone Authority (right), and Baek Eung-seop, CEO of Incheon Global City, are taking a commemorative photo after signing a memorandum of understanding for mutual cooperation to create a global overseas Korean town at G Tower in Songdo International City on the 23rd. Photo by Incheon Free Economic Zone Authority

So far, the Incheon Free Economic Zone Authority has been working with Incheon Global City on projects to improve the living conditions of overseas Koreans. Since establishing Songdo American Town Co., Ltd. in 2014, they promoted the first phase I-Park project in October 2018, supplying 830 apartment units to overseas Koreans, and the second phase project is scheduled for completion in June 2025, supplying 498 apartment units.

Commissioner Kim said, "We will carry out various projects that support the improvement of living conditions for foreigners and the return of overseas Koreans, which is the original purpose of the Free Economic Zone," adding, "I expect mutual cooperation with Incheon Global City to be helpful."

CEO Baek stated, "Based on accumulated business know-how such as the construction of the first and second phases of the Korean American town, overseas sales experience, and the construction of a 70-story super high-rise apartment, we will continuously promote projects to create residential environments for overseas Koreans in Korea." Incheon Global City was established in 2014 as the first company in Korea to develop a foreigner apartment complex for overseas Koreans who need to reside in Korea for repatriation or business purposes.

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