Mayor Yoo Jeong-bok's Business Trip to Monaco and the U.S. from 24th to 31st... Attracting F1 and Global Company Investments

Incheon Mayor Yoo Jeong-bok will embark on a 6-night, 8-day business trip to Monaco and the United States from the 24th to the 31st to attract the Formula One (F1) Grand Prix and global companies and investments.

Mayor Yoo plans to attend the F1 race held in Monaco on the 25th and 26th and tour key facilities.

Incheon City is planning to host the F1 Grand Prix, considered one of the world's top three sporting events alongside the Olympics and the World Cup, with the first race scheduled for 2026 or 2027, followed by holding the event annually for at least five years. Unlike the Japanese or Chinese races held at dedicated circuits, the Incheon F1 Grand Prix will be conducted as a city race like Monaco or Las Vegas.

Earlier, on the 6th of last month, Mayor Yoo visited Japan and submitted a letter of intent to the Formula One Group to host the Incheon F1 Grand Prix.

After Monaco, Mayor Yoo will move to New York, USA, to meet the founder of Highline Park. They will exchange views on urban regeneration cases and plan policies that can be applied to Incheon’s urban regeneration projects, including the first pledge of the 8th local government term, the 'Jemulpo Renaissance.'

He will also discuss joint cooperation plans with local educational institutions and announce plans to create a Korean trade complex for overseas Koreans worldwide. Additionally, he will meet with global investment companies and senior officials from the New Jersey Economic Development Authority to discuss investment attraction and mutual economic exchange measures.

Incheon Mayor Yoo Jeong-bok is presenting investment attraction strategies at the 'Global Top Ten City Incheon Investment Briefing' held on May 7th at Inspire Resort in Yeongjongdo, Jung-gu. 2023.5.7 [Photo by Incheon City]

Incheon’s international exchange network will also be strengthened.

Mayor Yoo is scheduled to meet the Governor of New Jersey to discuss ways to enhance exchanges and friendly cooperation between the two cities. He will also attend the dedication ceremony of the Incheon City monument at the Korean War Memorial Park located in Jersey City to honor the noble sacrifices of Korean War veterans.

Mayor Yoo said, "If we host the Incheon F1 Grand Prix as a city race, it will be a golden opportunity to promote Incheon worldwide," adding, "During this business trip, we will lay the foundation for Incheon to leap forward as a 'Global Top Ten City' through attracting investments from global companies."

'Global Top Ten City Incheon' is a renamed version of the 'New Hong Kong City Project,' a core pledge of the 8th local government term. While maintaining the original pledge goals, the target for investment attraction has been expanded from Hong Kong-based companies to all domestic and international companies. The plan includes attracting global companies centered around the southern part of Ganghwa Island and the areas of Yeongjong, Cheongna, and Songdo.

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