Since the 1980s, South Korea’s
high-tech industry has been
undergoing rapid growth. The
country has maintained its position as one of the pioneers in technological innovation. Home to companies like
Samsung SDI and SK Hynix, the country
is striving to enhance its technological
prowess by constructing industrial clusters that focus on advanced technology.
And among the many clusters in Korea,
the one currently receiving the most spotlight is the Songdo High-Tech Industrial
Cluster in the Incheon Free Economic
Zone (IFEZ).
The Songdo High-tech Industrial
Cluster is located within the IFEZ and
spans over 3 million square meters. There
are already a handful of businesses that
are doing business here, including domestic conglomerates such as POSCO and
Samsung Biologics. Japanese companies
like Olympus and TOK have moved in as
well. Olympus is currently constructing
K-TEC (Olympus Korea Training &
Education Center), which provides professional training for local medical staff
and houses demonstrations of their new
products.
The cluster’s potential is to be amplified in 2018. Global corporations will be
introduced to the area, including 10 businesses specializing in automotive parts
and semiconductor inspection equipment.
Such investments will no doubt vitalize
the cluster and the local economy by
bringing in new jobs. In May of 2018,
various companies will open their R&D
research centers in the area, providing a
venue for the development of automotive
and semiconductor technology. In addition, Japan’s biggest manufacturer of
household products will construct a manufacturing facility and invest more than
USD 500 million,
further rejuvenating the regional economy.
In a bid to enhance the competitiveness
of this high-tech cluster, a complex specializing in robots will be established.
Songdo will provide a platform in which
companies focusing on various types of
industrial robots may compete, cooperate
and collaborate with each other to support
the development of this particular sector.
Moreover, educational facilities have
also been located within the cluster; the
Songdo Science Village and the Incheon
Global Campus provide high-quality
human capital to businesses. The global
campus will soon accommodate about
10,000 students and 10 different schools.
Along with the manpower produced in
the nearby capital, Seoul, the global campus will regularly provide the industry
with plenty of well-educated talented.
The industry, education and research centers are expected to accelerate the
research and development process.
The cluster also boasts state-of-the-art
logistical infrastructure. Located in
Incheon, the cluster naturally has full
access to one of the best ports and airports
in the world. The Incheon International
Airport, which is less than an hour away,
offers excellent international cargo transport
services made possible due to its
world-class flight network. The logistical
benefits don’t end there. The Incheon
New Port, which has the highest growth
rate of all domestic ports (15 percent
annual growth), is always ready to
accommodate the country’s largest economic zone. Better yet, by 2030 the port
will be capable of handling 4.2 million
TEU containers per year.
The Songdo High-tech Industrial
Cluster is operated under the goal of cultivating a knowledge-based advanced
industry. Already the cluster has shown
its potential and provided a glimpse of
what it is truly capable of. With more
investments and knowledge accumulating
in the area, it’s just a matter of time until
Songdo unleashes its full potential.
