The bustling city of Incheon, South Korea, and its busy port, including Songdo, were once known as Chemulpo. It was Korea’s first international city.
Interestingly, Incheon Metropolitan City mayor Yoo Jeong-bok envisions transforming the city into Asia’s premier business hub, aspiring for it to become one of the world’s top 10 cities.
In the late 19th century, Chemulpo emerged as the main port for merchants trading with Korea. Strategically located on the west coast, it was home to residents from China, Japan, Britain, America, Germany, and Russia.
Many Western traders and officials gathered at the Chemulpo Club, which overlooked Incheon Harbor and was a popular meeting place for expatriates in the early 1900s. In 1896, William Franklin Sands, a young American diplomat newly assigned to Korea, described Chemulpo and its high and low tides that exposed great expanses of mud as “an unattractive entrance to a great adventure.”
Accounts from that time also depict the Chemulpo Club as a gathering place for foreigners to discuss political and business developments in the turbulent days before Japan formally annexed Korea in 1910.
The club was established in Seoul in August 1891 by diplomats and merchants from 11 countries. They initially met at a Western-style building in Seoul’s downtown Jung District.
However, in 1901, the Russian architect Aleksey Seredin-Sabatin built and relocated the Club to a two-story location in Chemulpo, which had become the hub of trade.
Suffering from neglect and the ravages of the Korean War, the club was restored in the late 2000s.
The book was a historical and contemporary research endeavor—including tracking down and acquiring rights to never-published early 1900s photographic plates, and translating the English content into the Korean language, too, for a bilingual work.
The search for images would span both continents–starting at Yonsei University Library where they attributed a series of engaging day-to-day Chemulpo images to the Keystone-Mast Collection, at the UCR/ California Museum of Photography, University of California, Riverside.
The Keystone-Mast Collection comprises over 350,000 stereoscopic photographs and negatives that depict the world between the late-nineteenth and mid-twentieth centuries.
The UCR collection houses several archives including the Korean travelogue stereoscopic plates. In an era before widespread movies and the invention of TV, handheld viewers gave a 3D-like stereo image—often of far-away and iconic destinations.
These images stand out as if taken today bringing clarity into the Chemulpo port life.
The August 2009 Chemulpo book event would attract over 100 attendees, including Mayor Ahn Sang Soo and his entourage, American and Korean officials from the Songdo IBD project, former U.S. ambassadors to South Korea, members of the press, and local dignitaries.
Following the book presentation, a walking tour was conducted for the guests of Incheon’s Jayu Park and the historic Chinatown district.
Looking back, Incheon and Songdo have a rich international business history, and today, one that continues to adapt and draw global attention and opportunity.
The city of Incheon, and its port, including Songdo, were Korea’s first international city.
This today, aligns well with the vision of Incheon Mayor Yoo Jeong-bok and the region’s Incheon Free Economic Zone (IFEZ) commissioner Dr. Wonsok Yun for the city to become one of the world’s top international business hubs. Dr. Peter Wonsok Yun
Songdo today – Image by Daesun Kim
You can view and download a complimentary copy of Chemulpo to Songdo IBD: Korea’s International Gateway here. Enjoy.
A client recently shared the content and deep understanding I had shared on Korea, specifically on working with Hyundai.
The term “Hyundai Whisperer” has been used to describe my consultancy both for working with teams and in the media.
This continues, and more recently, in my work and interviews with Korea Times, CNBC, and Branding in Asia, where I have focused on the “big picture” of transforming the Hyundai Motor Group from a fast follower to a game changer.
I see my role as supporting those new to Hyundai and those engaged but with little insight into “working with culture,” its processes, expectations, and ever-changing norms.
I will continue to provide “knowledge of the tribe, ”insights, and client support worthy of the title — the “Hyundai Whisperer.”
Would you be interested in learning more? Let’s chat.
Globally, foreign direct investment in the tourism sector has been steadily increasing. Yeongjong, located within the Incheon Free Economic Zone(IFEZ), has quickly become the primary destination for tourism and leisure, attracting tens of thousands of visitors and offering numerous investment opportunities.
Over twenty years ago, IFEZ initiated an ambitious plan to attract foreign investment. Districts Songdo, Cheongna, and Yeongjong in Incheon were designated as South Korea’s first free economic Zones (FEZs). A free economic zone attracts foreign investment, capital, and technology by offering tax reductions and deregulation.
More specifically, global FDI in tourism, leisure, recreation, and entertainment has continued to improve, as cited by the World Tourism Organization (UNWTO), which partnered with the fDi Intelligence from the Financial Times.
Today, IFEZ offers an unparalleled strategic location, world-class infrastructure, a favorable business environment, and supportive government policies. In addition to providing expedited access to Incheon International Airport and Sea Port, the surrounding Capital Metropolitan Market boasts a population of 25 million, and over 800 million individuals are accessible regionally within a 2-hour flight radius.
Yeongjong, a part of the IFEZ business triangle, is being developed as a hub for tourism, leisure, recreation, and entertainment, catering to tens of thousands of visitors. Yeongjong and IFEZ host two integrated resort casinos: Paradise City and Inspire Entertainment Resort. A third site, Midan City, is ready for development and open to investment.
Paradise City resort boasts a Forbes Travel Guide 4-star Hotel, shopping mall, spa, convention facilities, and a casino for foreigners.
In addition to its five-star hotel, expansive convention facilities, and casino for foreigners, Inspire Entertainment Resort is newly opening and showcases local and international performance talent in its 15,000-seat area. Plans include Discovery Park, an outdoor entertainment space.
Midan City, former Caesar’s, is a ‘ready to build’ site with approximately 25% of the initial development completed. It offers a unique opportunity to ‘fast-track’ investment in a luxury hotel, spa, conference center, restaurants, and a casino for foreigners.
The adjacent Muui Island Solaire Ocean Resort is perfect for resort hotels, convention facilities, water and theme parks, and meditels, where foreign patients visiting South Korea can enjoy high-quality medical services and amenities. Connected by a bridge from the Incheon International Airport, Muui Island Solaire Ocean Resort will share ocean views, hotels, a convention center, and a water park.
The Muui Island Solaire Ocean Resort medical tourism industry opportunities are of special interest. Specifically, Korea has become a favored destination for foreigners seeking affordable and quality medical services.
Meditel is a compound of ‘medicine’ and ‘hotel’, where Korean medical services and lodging facilities are in one building for foreign patients.
The South Korean government has officially approved designated sites for constructing and managing meditels so that foreign patients visiting South Korea can enjoy both high-quality medical services and tourism.
There is no better location than Muui Island with its tranquil beaches, solitude, and relaxing lifestyle—all within minutes of the airport and dynamic greater Seoul-Incheon metro area.
Future development and investment opportunities also include Yeongjong Dream Island. Infrastructure work is underway for future amenities, including a sports park, golf course, marina, shopping mall, and commercial business district.
IFEZ FDI Benefits and Incentives
Notably, international foreign direct investments (FDI) deals comprised 28% of the global tourism & leisure industry’s M&A activity in Q1 2024 and signal Yeongjong’s growth. For foreign direct investment (FDI), IFEZ offers benefits, including a skilled workforce, tax reduction incentives, and real estate investment immigration programs.
FDI incentives include tax reduction options in the tourism, hotel, and resort sectors. As in all FDI, each opportunity is subject to a case-to-case review. Some can include exemptions from Customs for hotels and resorts importing goods and local taxes based on the investment.
Real estate investment opportunities, too, are an IFEZ benefit for those who invest locally and retain the investment for at least five years. Immigration programs allow investors to freely enter, depart, live, work, and run their businesses in Korea. Their family may receive education and be eligible for Korean medical insurance and its benefits—again, equal to Korean residents.
In conclusion, South Korea, the City of Incheon, the Incheon International Airport, and the Sea Port have significantly enhanced the development of IFEZ’s Yeongjong as a hub for tourism, leisure, recreation, and entertainment. With the global increase in tourism FDI, we can expect investment partners, facilities, and new opportunities to continue attracting tourists, visitors, and local vacationers.
On the recent 2024 CEO Invest Day, Hyundai Motor Company revealed its new “Hyundai Way” strategy and outlined its mid-to-long term goals.
For almost 20 years, I have explored and articulated ‘The Hyundai Way’ in my publications, media, and lectures. Early on, I realized that it was an innate quality and required a deep understanding of company and workplace culture gained through hands-on experience.
The Investor Day event outlined strategies, action steps, and timelines. Hyundai Motor leadership presented a flexible response to market conditions and a focus on electrification, as well as an expanded lineup of vehicles through its “Hyundai Way” strategy.
As Jaehoon Chang, President and CEO of Hyundai Motor Company, said, “Under the Hyundai Way, we will respond to the market with agility thanks to Hyundai’s unique flexible response system.”
In the following commentary, I look at the evolving but grounded “how” of the “Hyundai Way” and the methods Hyundai has used to achieve past successes, which I will strategically build upon.
“Can do Spirit”
First, and at the core, Hyundai has always been embodied with a “Can do Spirit” despite the odds—and this heritage is doing what others have said is impossible.
This “Can do” attitude means attacking challenges with 110% commitment through strong will to overcome obstacles.
In Korean, this is referred to as Ha myeon dwaen da, which translated means, “Even if it’s impossible, it’s still possible.” Then, I’d add “Move with Speed.”
For example, regarding “Can do Spirit,” in my work, I often share Korean core values, norms, and expectations with teams globally—those long associated with Korea would agree—a shared drive to tackle the impossible with a “Can-do Spirit.”
Even those entering the ranks in Korea soon acculturate and embrace these values… seeing what the company has achieved over the past decades.
Innovative thinking
Hyundai has a rich heritage of entrepreneurial innovation. This is forward-leaning, innovative thinking, especially when faced with challenges. Hyundai, the name adopted in the 1940s when an entrepreneurial startup, means “Modern,” showing forward-leaning origins, heritage, and DNA.
“Hyundai, the name adopted in the 1940s when an entrepreneurial startup, means “Modern,” showing forward-leaning origins, heritage, and DNA.”
In the rapidly evolving global automotive industry, Hyundai Motor has emerged as a trailblazing innovator, breaking away from its traditional role as a fast follower.
At the core of Hyundai’s future success will be its strategic metamorphosis. Its commitment to leading innovation, exemplified by its ventures into Boston Dynamics robotics, Supernal urban air mobility, and Motional autonomous driving, has redefined its brand identity and challenged the conventional paradigms of automotive manufacturing and design in many areas. I’d layer on the move to developing Software Developed Vehicles (SDV) equipped with High-Performance Vehicle Computers (HPVC).
Risk-taking
This means taking bold action. They seek opportunity and then act while assuming ownership and responsibility. Hyundai has transitioned from a Fast Follower to a Game-changer and first mover.
Generally, a fast follower closely watches and tracks a brand leader and then quickly emulates. This eliminates many risks.
Most significantly, fast followers can capitalize on profound economic savings that game changers and the first movers must invest in new technologies, such as development costs and investments running into the billions.
On a more practical level, fast followers wait for a concept to be proven and “bugs” to be worked out. Then, they can spare their customers from recalls, downtime, and inconvenience.
In highly competitive industries like automotive, Hyundai, now a first-mover brand leader, holds an advantage and will be seen by customers as offering something new and exciting.
This advantage can translate into new vehicle sales, which are the drivers for any OEM.
Bold Challenges
With that, I want to layer on a long-time intrinsic observation. Hyundai teams and leadership have embraced challenges over the years. This includes becoming a top automaker and now new targets such as 5.55 million annual global sales, selling 2 million EVs per year, offering a full lineup of EV models ranging from affordable to luxury and high-performance, launching Software Developed Vehicles, and bolstering corporate value and shareholder return.
In a Seoul meeting with several former executives, I discussed the Korean company’s move to Mobility. I mentioned that some in the West feel that Korean car makers still need to sell many ICE (internal combustion engine) cars and SUVs—the ICE vehicle profits as an offset required to fund the new projects.
Still, somewhat surprisingly, a senior Korean paused and, with conviction, pointed out, “They always needed a farsighted goal—best if it seemed impossible!”
Significantly, embracing bold challenges means that what others will doubt and may see as unreachable can and will be achievable—frankly, that has always been “The Hyundai Way.”
The Incheon Free Economic Zone Authority (IFEZ) recently sent a delegation to the United States to announce the regional “Northeast Asian Global R&D Hub “strategy and hold an Investment Attraction(IR) Briefing for potential international investors.
Led by IFEZ Commissioner Wonsok Yun, who was joined by representatives from five Incheon-based startups—nSAGE, FutureSense, IliasAI, Ninewatt, and IDCITI—the Investment Attraction Delegation participated in various events and meetings at the Korea-U.S. Conference on Science, Technology and Entrepreneurship, now in its 37th edition, held in San Francisco, California, from Aug.21 to 24. Dr. Peter Wonsok Yun
The delegation led a forum called “Establishing a Cross-Border Redub between Korea and the U.S.” during the conference, the most significant bilateral event in science and technology hosted by the Korean-American Scientists and Engineers Association.
Hosting the forum on “Establishing a Cross-Border R&D Hub between Korea and the U.S.,” Commissioner Yoon actively strove to attract investors to establish an IFEZ Global R&D Center. He also hosted the IFEZ Forum, introducing Incheon’s selection as a bio-specialized complex and its R&D Hub strategy.
Commissioner Yun also participated in the “R&D Leadership Forum panel,” meeting up with representatives from the U.S. National Research Foundation and Korean Research Institutions to introduce the Global R&D Hub being established in Incheon and gain insight into the status of joint research.
The Bay Area K-Group, the largest Silicon Valley IT network for Koreans, with over 5,800 members, agreed to work with IFEZ to promote advanced industry exchanges and the entrance of the U.S. market.
Representatives from the Incheon-based startups attended the IR Pitching Competition, three of which made it to the finals and attracted investors’ attention.
IFEZ’s efforts opened the door to U.S. investment and the entrance of Incheon-based firms into the U.S. market.
Before departing for the conference, Commissioner Yun said, “Once Incheon develops into a Global R&D Hub and attracts outstanding scientists and talent, not only will it attract promising corporations from all over the globe, but also create a global entrepreneurial ecosystem, facilitating Incheon’s rise to become a global top 10 city.” Source: Joongang Ilbo [kim.yeonsoo1@joongang.co.kr]
A game-changer introduces something with such significant added value that it stands out from the competition. Game-changers transcend traditional business boundaries, dominate their niche, and become the preferred choice for customers, clients, or followers. They become the go-to company, service, expert, or influencer.
Crucially, a first mover gains a competitive advantage by being the first to bring a new product or service to the market and establish strong brand recognition and customer loyalty.
Over the past few years, South Korean companies, from startups to conglomerates, have aspired to be game changers, often to break out of their secure and well-earned niches.
In the rapidly evolving global automotive industry, Hyundai Motor Group has emerged as a luminary, breaking away from its traditional role as a fast follower to become a trailblazing innovator.
In 1974 Hyundai tapped Giorgetto Giugiaro to design the Pony.
This transformation, marked by a bold pivot towards electric vehicles (EVs), autonomous driving technologies, and a wider range of mobility solutions, has positioned the South Korean giant at the forefront of an industry facing unprecedented disruption.
“Hyundai has made significant strides in elevating its design language, moving from functional and conservative aesthetics to bold, distinctive, and forward-thinking designs.”
The evolution of design by Hyundai has been a key factor in its transformation from a fast follower to an industry innovator as it has steadily reason through the ranks of the global automotive industry.
Over the past decade, Hyundai has made significant strides in elevating its design language, moving from functional and conservative aesthetics to bold, distinctive, and forward-thinking designs.
Hyundai initiated this shift by introducing the ‘Fluidic Sculpture‘ design philosophy in the late 2000s, which brought more dynamic and expressive forms to Hyundai vehicles. Originally conceived in 2007 by M.K. Chung and Oh Suk Geun, Fluidic Sculpture was a much-needed design platform that brought consistency among the brand’s models.
The company further refined its approach with “Fluidic Sculpture 2.0” and later, the “Sensuous Sportiness” design identity, which emphasizes harmonious proportions, dynamic silhouettes, and unique details that set Hyundai vehicles apart in the market.
Hyundai’s design evolution has not been limited to just the exterior of its vehicles. The company has also made significant advancements in interior design, focusing on creating spaces that are not only aesthetically pleasing but also highly functional and technologically advanced.
This holistic approach to design has been particularly evident in Hyundai’s electric vehicle lineup, such as the IONIQ series, where the absence of traditional powertrain components has allowed for more innovative and spacious interior layouts.
By integrating cutting-edge technologies seamlessly into their designs, Hyundai has managed to create vehicles that are both visually striking and highly intuitive to use, further solidifying its position as a design leader in the automotive industry.
Furthermore, Hyundai has revamped its overall design capabilities. The new division will spearhead the Group’s efforts to design all-electric vehicles and future mobility solutions, including purpose-built vehicles (PBVs), robotics, and advanced air mobility (AAM).
Leading Innovation
At the core of Hyundai’s success is a strategic metamorphosis. The Group has redefined its brand identity by venturing beyond traditional automotive manufacturing.
Its investments in Boston Dynamics robotics, Supernal urban air mobility, and Motional autonomous driving demonstrate a commitment to leading innovation across multiple technological frontiers. This approach challenges conventional industry paradigms and positions Hyundai at the forefront of future mobility solutions.
Generally, a fast follower closely watches and tracks a brand leader and then quickly emulates. This eliminates many risks. Significantly, fast followers benefit from substantial economic savings that game changers and the first movers must invest in new technologies, such as development costs and investments running into the billions.
“At the core of Hyundai’s success is a strategic metamorphosis. The Group has redefined its brand identity by venturing beyond traditional automotive manufacturing.”
On a more practical level, fast followers wait for a concept to be proven and issues to be worked out. Then, they can spare their customers from recalls, downtime, and inconvenience.
We also see Hyundai as a significant first mover. In highly competitive industries like automotive, the first mover brand leader holds a significant advantage and will be seen by customers as offering something new and exciting. This advantage can translate into new vehicle sales, which are the drivers for any OEM, as we have seen with Tesla.
While some manufacturers are content with a fast-follower approach, others are recognizing the potential benefits of being first movers in key technological areas. Companies that take the lead in these areas can potentially shape industry standards, capture early market share, and establish strong brand associations with innovation.
In the less occupied field of game changers, Hyundai looks to command a market-leading position as a first mover. One of the ways they are doing this is by implementing changes faster through a ‘Software-defined Everything’ (SDx) strategy, which involves redefining vehicles, fleets, and transportation systems with software and AI. The plan is to incorporate software development methods into the vehicle development process and mobility at a time when the industry is being disrupted.
This strategic shift has the potential to redefine how we interact with vehicles and reshape the entire mobility ecosystem.
As Hyundai continues to push the boundaries of innovation, the world watches with anticipation to see how this vision will unfold.
Reflecting on this, my most recent article, Hyundai, deserves some credit. Over the past several years, it has been trendy for Korean companies to tout themselves as Game Changers, but “few walking the talk.”
Hyundai is one of the few brands that aspire to be a mobility Game Changer with a significant forward-leaning commitment.
Game Changer—First Mover By Don Southerton
A Game Changer introduces something with so much added value that it sets them apart. Game changers break beyond the traditional confines of business, dominate their niche, and become the go-to company, service, expert, or influencer.
A First Mover gains a competitive advantage by being the first to bring a new product or service to the market and establish strong brand recognition and customer loyalty.
Over the past few years, Korean companies, big and small, have sought to become Game Changers, often to break out of their secure and well-earned niches.
In the rapidly evolving global automotive industry, Hyundai Motor Group has emerged as a luminary, breaking away from its traditional role as a fast follower to become a trailblazing innovator. This transformation, marked by a bold pivot towards electric vehicles (EVs), autonomous driving technologies, and a wider range of mobility solutions, has positioned the South Korean giant at the forefront of an industry facing unprecedented disruption.
At the core of Hyundai’s success is a strategic metamorphosis. The Group’s commitment to leading innovation, exemplified by its ventures into Boston Dynamics robotics, Supernal urban air mobility, and Motional autonomous driving, has redefined its brand identity and challenged the conventional paradigms of automotive manufacturing and design in many areas.
Generally, a Fast Follower closely watches and tracks a brand leader and then quickly emulates. This eliminates many risks. Most significantly, Fast Followers can capitalize on profound economic savings that Game Changers and the First Movers must invest in new technologies, such as development costs and with investments running into the billions.
On a more practical level, fast followers wait for a concept to be proven and “bugs” to be worked out. Then, they can spare their customers from recalls, downtime, and inconvenience.
We also see Hyundai as a First Mover. In highly competitive industries like automotive, the First Mover brand leader holds an advantage and will be seen by customers as offering something new and exciting. This advantage can translate into new vehicle sales, which are the drivers for any OEM, as we have seen with Tesla.
Notwithstanding Hyundai Motor Group’s new ventures in robotics, urban air mobility, H2, and robot taxis’ autonomous driving technology, I feel Hyundai, Kia, and Genesis have set themselves apart from the competition in their e-vehicles and the ramping up of hybrid rollouts—especially in showcasing exciting new designs.
Finally, and tied to being a Game Changer, Hyundai looks to command a market-leading position as a First Mover by implementing changes faster through a ‘Software-defined Everything’ (SDx) strategy, redefining vehicles, fleets, and transportation systems with software and AI. The plan is to incorporate software development methods into the vehicle development process and mobility at a time when the industry is being disrupted.
Many feel, and justifiably, it’s a great time to be a Hyundai…
Heading into a new week the term first surfaced as I was introduced by a Hyundai creative agency SVP to a team of media executives new to the Brand…. Don is our Hyundai Whisperer.
Soon after it went ‘viral,’ a week later in NYC, I was surprised to be introduced as the “Hyundai Whisper” while onboarding a new digital AOR for Kia.
The term “Hyundai Whisperer” has been used to describe my consultancy. On one level, it illustrates the importance of one’s reputation. On another level, it underscores the significance of dedicating one’s work to a niche.
This continues and more recently my work and interviews with Korea Times and CNBC have focused “big picture” of transforming the Hyundai Motor Group from a fast follower to a game changer.
Frankly, I see my role as less on details of Hyundai and other Korean brands’ operations — and more on providing support to those new to Hyundai, “working with culture,” its processes, expectations, and ever-changing norms.
I will continue to provide “knowledge of the tribe”, insights, and client support worthy of the title — the “Hyundai Whisperer.”
You’re training and follow-up insights have saved my career (and a few others) as we could not have survived the culture clash.
Don was our secret weapon.
The expertise and wisdom that Don brings to the discussion is insightful and practical. Cross-cultural business differences can be very challenging to overcome, and it takes both a knowledge of business practices and how complex cultural uniqueness interweaves into those practices to be successful.
No one knows more about how the global business community needs to understand Korea than Don.
Don is the guru; the guy CEOs want to have their voice heard with… Don is truly “The Hyundai Whisperer” a trusted mentor to many in our industry.
Globally biopharmaceutical companies look to advance the development of a molecule from the laboratory to the clinic and then to market as soon as possible. This must unfold without sacrificing product quality, process efficiency, or patient safety.
To achieve this goal, companies must navigate the complexities of business planning, cell line development, process development, technology, regulatory, and risk assessment. This takes the right mix of resources, expertise, and talent.
In this context, APAC nations led by South Korea are a standout. Specifically, their biopharma hub aims to provide essential research and development activities in the biopharmaceutical industry.
In many cases, this may be a biopharma scale-up lab with separate areas for cell-line development, media screening, clone selection, upstream and downstream process development, and small-scale production for 200L pre-clinical studies.
The hub also includes large-scale manufacturing facilities and can provide end-to-end biopharmaceutical manufacturing services. This enables domestic and foreign companies to quickly enter the global biologics and biosimilars market while reducing the time it takes to bring their products to market.
Bioclusters offer world-class biopharmaceutical production capacity.
For example, industry-leading pharmaceutical companies like Saint-Gobain, Janssen Pharmaceutical, Celltrion, Samsung Biologics, Dong-a Socio Group, and Binex are all located in the Songdo Biocluster.
In turn, across APAC we are seeing pharmaceutical industry leaders like Pfizer, Novartis, MSD, Sanofi, AbbVie, and Amgen have established global manufacturing hubs, too, where they develop a wide range of products.
Many are engaged in various services, including Contract Manufacturing Organization (CMO) of biopharmaceuticals, or developing and producing biosimilars based on their proprietary technologies.
Contract Manufacturing Organization (CMO).
A contract manufacturing organization, or CMO, helps pharmaceutical and biotechnology companies manufacture innovative drug substances. Their offerings include commercial production, drug development, formulation development, method development, pre-formulation, and registration batches.
The strength of these bioclusters, too, lies in their production capacity. The biopharmaceutical production capacity of Songdo is 560,000 liters going head-to-head with San Francisco (440,000 liters), Singapore (270,000 liters), and Ireland (230,000 liters).
Finally, as biopharmaceuticals are made from cell cultures, it is critical to import and export products before products deteriorate during the storage and transportation process and require cold storage.
This means there is a need for a nearby airport and port for transporting chilled goods and frozen logistics. And we find again a standout — Korea with the Incheon International Airport and Port with their state-of-the-art logistics.
What is Cold Storage?
Cold storage, typically at temperatures ranging from 2 to 8 degrees Celsius (36 to 46 degrees Fahrenheit), helps maintain the efficacy of drugs over their shelf life.
An example of cold storage technology, and located within IFEZ is Songdo’s SuperFreeze. https://superfrz.com. They provide sustainable cold chain solutions to Asia’s food and pharmaceutical industries.
Meanwhile, local government efforts are being made for Greenfield sites to create additional biocluster facilities.
What is a Greenfield?
The term greenfield refers to buildings constructed on undeveloped lands where there was no previous development — that was, literally, green. The word green is also synonymous with the word new, which alludes to new construction projects. These greenfield developments are generally made by multinational companies that begin a new venture from the ground up.
Reinforcing this government support, IFEZ and Commissioner Wonsok Yun shared in a recent interview on the Songdo biocluster development:
“We believe that Songdo, which already possesses world-class biopharmaceutical production capabilities, is the perfect match. We are putting our efforts into attracting a bio-specialized complex to build a ‘Bio-Triangle’ connecting the Songdo-Namdong-Yeongjong region. As the companies in Songdo possess advanced strategic biotechnologies, as noted by the Ministry of Trade, Industry, and Energy, I believe it is the most suitable region for the government’s industrial development.”
To conclude, it is expected that within the next decade, the clusters in Korea, and APAC will double to meet the growing global demand.
This will include new foreign direct investments and high-skill jobs with local governments stepping up and providing new support and incentives for domestic and international partnerships.
Chemulpo: Korea’s First International City
Japanese and Chinese Settlement in Chemulpo – Photo Courtesy BCW and Keystone-Mast Collection.
By Don Southerton
As In the most recent Branding in Asia
https://www.brandinginasia.com/chemulpo-koreas-first-international-city
The bustling city of Incheon, South Korea, and its busy port, including Songdo, were once known as Chemulpo. It was Korea’s first international city.
Interestingly, Incheon Metropolitan City mayor Yoo Jeong-bok envisions transforming the city into Asia’s premier business hub, aspiring for it to become one of the world’s top 10 cities.
In the late 19th century, Chemulpo emerged as the main port for merchants trading with Korea. Strategically located on the west coast, it was home to residents from China, Japan, Britain, America, Germany, and Russia.
Many Western traders and officials gathered at the Chemulpo Club, which overlooked Incheon Harbor and was a popular meeting place for expatriates in the early 1900s. In 1896, William Franklin Sands, a young American diplomat newly assigned to Korea, described Chemulpo and its high and low tides that exposed great expanses of mud as “an unattractive entrance to a great adventure.”
Accounts from that time also depict the Chemulpo Club as a gathering place for foreigners to discuss political and business developments in the turbulent days before Japan formally annexed Korea in 1910.
The club was established in Seoul in August 1891 by diplomats and merchants from 11 countries. They initially met at a Western-style building in Seoul’s downtown Jung District.
However, in 1901, the Russian architect Aleksey Seredin-Sabatin built and relocated the Club to a two-story location in Chemulpo, which had become the hub of trade.
Suffering from neglect and the ravages of the Korean War, the club was restored in the late 2000s.
Soon after the building was restored, I saw it as the perfect venue for the 2009 release of “Chemulpo to Songdo IBD: Korea’s International Gateway.”
The book was a historical and contemporary research endeavor—including tracking down and acquiring rights to never-published early 1900s photographic plates, and translating the English content into the Korean language, too, for a bilingual work.
The search for images would span both continents–starting at Yonsei University Library where they attributed a series of engaging day-to-day Chemulpo images to the Keystone-Mast Collection, at the UCR/ California Museum of Photography, University of California, Riverside.
The Keystone-Mast Collection comprises over 350,000 stereoscopic photographs and negatives that depict the world between the late-nineteenth and mid-twentieth centuries.
The UCR collection houses several archives including the Korean travelogue stereoscopic plates. In an era before widespread movies and the invention of TV, handheld viewers gave a 3D-like stereo image—often of far-away and iconic destinations.
These images stand out as if taken today bringing clarity into the Chemulpo port life.
The August 2009 Chemulpo book event would attract over 100 attendees, including Mayor Ahn Sang Soo and his entourage, American and Korean officials from the Songdo IBD project, former U.S. ambassadors to South Korea, members of the press, and local dignitaries.
Following the book presentation, a walking tour was conducted for the guests of Incheon’s Jayu Park and the historic Chinatown district.
Looking back, Incheon and Songdo have a rich international business history, and today, one that continues to adapt and draw global attention and opportunity.
The city of Incheon, and its port, including Songdo, were Korea’s first international city.
This today, aligns well with the vision of Incheon Mayor Yoo Jeong-bok and the region’s Incheon Free Economic Zone (IFEZ) commissioner Dr. Wonsok Yun for the city to become one of the world’s top international business hubs. Dr. Peter Wonsok Yun
You can view and download a complimentary copy of Chemulpo to Songdo IBD: Korea’s International Gateway here. Enjoy.