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https://www.koreatimes.co.kr/api/core/news/A2025040816250002416
By Lee Gyu-lee
The Incheon Free Economic Zone (IFEZ) has collected $309.61 million in foreign direct investment (FDI) for the first quarter, surpassing half of its annual target of $600 million.
This marks the second-highest performance in the first quarter since the special economic district was established in 2003. Already accumulating 51.6 percent of the annual target in the first quarter, the district has high expectations to exceed the target for the second consecutive year.
The IFEZ�셲 achievement is more meaningful amid the heightened tension in global trade and disturbances from domestic and international political turmoil. Its cumulative FDI has surpassed $15.806 billion as of the quarter.
When IFEZ Commissioner Yoon Won-seok was appointed last year, he raised the target for FDI from $400 million to $600 million and put in aggressive efforts to attract cross-border investments. As a result, last year�셲 FDI reached $605.84 million.
�쏧n order to attract and develop foreign investment, bold tax reforms and customized incentives such as cash support are necessary. The IFEZ will proactively offer Korean-style incentives in line with government policies,�� the commissioner said.
The district rolled out a new plan this year to attract comprehensive investment, focusing on sectors including medical and bio, high-tech and core technology and tourism, leisure and content industries.
During the first quarter, the biotech company Sartorius Korea reported the largest investment of $250 million, followed by Lotte Biologics and TOK Advanced Materials with $28.7 million and $24.5 million, respectively.
Adding onto its previous $300 million investment, Sartorius will use the investment to expand facilities for production, research, education and testing.
Lotte Biologics is investing in building plant 1 for its bio campus in Songdo, whereas TOK Advanced Materials has expanded its inspection building and introduced additional equipment for developing and testing extreme ultraviolet lithography.
The IFEZ plans to continue pursuing large-scale projects and discover new investors by organizing promotional activities in connection with APEC and CES, and utilizing global Korean networks. It also plans to hold a Japanese investment company meeting to draw new investments from Japanese companies in high-tech industries.
By the end of this year, the IFEZ aims to secure approval for its development plan to expand the designated free economic zone designation by joining hands with Ganghwa Island to find potential investors for the southern part of the island.
The plan includes developing investment incentives through tax reductions and refunds for the visual and cultural industry to attract global production companies.
