Incheon Free Economic Zone Authority Seeks Solutions for 'K-Conland' at National Assembly: "Global-Level Incentives Needed"

The Incheon Free Economic Zone Authority has begun establishing an institutional foundation, including the revision of the Special Act on Free Economic Zones, to support the growth of the video production industry.

On the morning of December 4, the Incheon Free Economic Zone Authority jointly held the "Policy Improvement Forum for Attracting Content Industry to Incheon Free Economic Zone" at the 2nd Seminar Room of the National Assembly Members’ Office Building, together with Democratic Party lawmakers Kim Kyoheung (Incheon Seo-gu Gap), Lee Yongwoo (Incheon Seo-gu Eul), and Jung Ilyoung (Incheon Yeonsu-gu Eul), as well as People Power Party lawmaker Bae Junyoung (Incheon Jung-gu, Ganghwa, Ongjin).

The forum aimed to introduce incentive schemes at a level comparable to those of overseas competitors to attract foreign video companies to K-Conland within the Incheon Free Economic Zone, and to promote the revision of the Special Act on Free Economic Zones to support these efforts. K-Conland is a project to create a multi-purpose cluster centered on the Incheon Free Economic Zone, fostering the video, cultural, and tourism industries, and producing and exporting content.

'K-Conland' Development Plan. Incheon Free Economic Zone Authority

Attorney Oh Sujae of the Incheon Free Economic Zone Authority, who delivered the keynote presentation, proposed an amendment to the Special Act on Free Economic Zones. He argued, "Video production is a high value-added industry, but there is a lack of legal grounds for local governments to provide support," and stressed, "Establishing an institutional foundation must come first."

The proposed amendment includes measures that would allow local governments to provide support for labor costs and rental fees to foreign-invested companies producing films and dramas within the free economic zone, taking into account factors such as domestic and international ripple effects, job creation, and technology and know-how transfer. It also contains a provision for recovering funds if the support is misused or obtained through fraudulent means.

Kim Rakkyun, Director of the Korea Creative Content Agency, gave a presentation titled "Global Video Production Incentive Systems and the Direction for Free Economic Zones," in which he diagnosed, "The global market has now entered a 'new normal' where incentive competition is firmly established."

He pointed out, "While major countries such as Canada and Australia are aggressively increasing their budgets, Korea's support remains far behind its competitors." As concrete solutions, he suggested: ▲ establishing a pan-governmental governance structure involving the Ministry of Culture, Sports and Tourism and related agencies; ▲ utilizing funds (such as the Film Development Fund) to ensure stable budget allocation; and ▲ introducing a 'filming permit system' to guarantee convenience for location shoots.

Glenn Gainor, CEO of Hollywood Ventures Group, also shared insights from the field in his presentation on "The Importance of National Incentives for Overseas Video Companies."

He assessed, "Korean production staff and technical capabilities are already at a world-class level," but emphasized, "The decisive factors for global production companies in choosing filming locations are ultimately bold incentives and infrastructure." In particular, he expressed high expectations for the K-Conland project, stating, "If a large-scale studio is established in the airport economic zone based around Incheon Airport and appropriate incentives are provided, countless Hollywood producers will choose Korea without hesitation."

On the 4th, the 'Policy Improvement Forum for Attracting Content Industry to Incheon Free Economic Zone' is being held at the 2nd Seminar Room of the National Assembly Members' Office Building. Incheon Free Economic Zone Authority

During the comprehensive discussion, experts from academia and industry-including Suh Wonseok, Professor at Kyung Hee University and Chair of the Ministry of Culture, Sports and Tourism Regulatory Reform Committee (who served as moderator); Kang Moonjoo, President of the Korea Animation Association; Baek Seungmin, Head of Monster Union; Jang Seongho, CEO of Mofac Studio; and CEO Glenn Gainor-exchanged a variety of opinions on institutional improvements for attracting foreign video companies to the Incheon Free Economic Zone.

An official from the Incheon Free Economic Zone Authority stated, "The lawmakers who co-hosted this forum plan to propose a bill," adding, "As soon as the law is revised, Incheon City will also establish a new ordinance to achieve tangible results in attracting investment."

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