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FDI in the Incheon Free Economic Zone skyrockets, up 314% from last year

According to Yonhap News,

(SEOUL=Yonhap News) Foreign investment in Incheon Free Economic Zone (IFEZ) continue to show positive signs.

According to the IFEZ Authority of Incheon City, this year's foreign direct investment (FDI) amounted to USD 1.31476 billion, up 32.6 percent from the previous year's USD 991.55 million.

The amount is more than double the target amount (USD 630 million) of this year.

FDI arrivals totaled USD 1.04217 billion, up 314.9 percent from the previous year's USD 251.15 million.

Such foreign investment attraction amounted to 83.6 percent of the total FDI results of the seven other free economic zones in the country (USD 1.57213 million based on reported value).

Companies such as Saint-Gobain Korea, a Fortune 200 Global Company; igus Korea, a solid German enterprise; and Bystronic, one of world's three high-quality metal processing companies have made investment commitment in the IFEZ, including Songdo International City.

Global companies such as Mitsubishi Elevator, Eugene Robot, BMW Complex, Okuma Korea, Amada Korea, and Hana Financial Town's Global Human Resources Development Center have moved into the IFEZ.

IFEZ Authority is also making efforts to reinvigorate new industries, for example, by signing a MOU with Blue Whale, a blockchain company dealing with the key technology of the fourth industrial revolution age.

Commissioner Kim Jin-yong of IFEZ, said, "We will facilitate various investment promotion activities so that the IFEZ can become a global international city leading the fourth industrial revolution."

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Source Text

Source: Yonhap News (December 27, 2018)

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