(Center L) Gregory Washington, President of George Mason University, (Center R) Dr. Wonsok Yun, Commissioner of IFEZ w/ George Mason and IFEZ officials Photo: BusinessKorea
Agreement to promote industry-academia cooperation including biotechnology, bio-manufacturing, cybersecurity, artificial intelligence (AI), and information and communication technology (ICT).
On June 13, 2024, the Incheon Free Economic Zone Authority and George Mason University signed an MOU to promote mutual industry-academia cooperation.
The signing was attended by Dr. Wonsok Yun, Commissioner of the Incheon Economic Zone (IFEZ), Gregory Washington, President of George Mason University, and Robert Matz, President of George Mason University Korea.
The agreement will promote education and research projects in important fields such as biotechnology, bio-manufacturing, cybersecurity, artificial intelligence (AI), and information and communication technology (ICT).
The plan is also to establish additional programs at Mason Korea, which is located in the Incheon Global Campus in Songdo. These new classes will target job and talent development–in cooperation with George Mason University in the United States.
The collaboration will, too, support IFEZ’s plan for the Global Campus partners to serve as a channel providing highly skilled talent to top American and international companies.
President Washington said, “This year, in celebration of the 10th anniversary of the opening of George Mason University Korea, we have decided to expand cooperation with the Incheon Economic Office,” adding, “We will provide opportunities for education for students and cooperation with companies through cooperation in various fields, including support for the Incheon region.” “We plan to expand,” he said.
Mason Korea opened its doors in 2014 and is celebrating its 10th anniversary this spring semester. From our initial offering of two undergraduate programs and 34 students, they have grown to offer six undergraduate and two graduate disciplines, with over 1000 students.
Regarding the MOU, Commissioner Yun said, “We are pleased to be able to solidify our cooperation based on the growth of George Mason University Korea over the past 10 years while expanding our scope to the U.S. campus,” adding, “This agreement will help the development of both George Mason University and the Incheon region.”
He continued, “I am pleased to expand and develop cutting-edge fields through industry-academia cooperation, and to build a foundation for cooperation between various students and startups between Incheon and Virginia through George Mason University.”
Mason University Korea is one of the five foreign universities within Songdo’s Incheon Global Campus (IGC).
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Incheon Free Economic Zone Media Release, June 2024
Circa 2009. Photo by The Korean Daily and Nathaniel Taeho Yu, Ph.D.
With my considerable work today in support of South Korea, the City of Incheon, the Incheon Free Economic Zone (IFEZ), and Songdo, I’m reminiscing about my 2009 release and signing of the book, “Chemulpo to Songdo IBD: Korea’s International Gateway.” Media coverage was extensive in local U.S. and Incheon news. Thanks, Nathaniel Taeho Yu, Ph.D. for the great photo.
The event attracted over 100 attendees, including Mayor Ahn Sang Soo, American officials from the Songdo IBD project, members of the press, and local dignitaries.
Looking back, Incheon and Songdo have a rich international business history, and today, one that continues to adapt and draw global attention and opportunity.
I’ll be talking and writing about that more, so stay tuned.
Meanwhile, to view a complimentary copy of Chemulpo to Songdo IBD: Korea’s International Gateway. Sparing no effort, I wrote in both English and Korean.
Cover Image
Many of the photos were published for the 1st time.
Photo Courtesy BCW and Keystone-Mast Collection, UCR/ California Museum of Photography, University of California, Riverside
And, the book is cited frequently, and the photos are amazing…
Just us in Part 2 of Korea’s Money Today’s interview with Dr. Peter Wonsok Yun, Commissioner of the Incheon Free Economic Zone Authority, and his Q and A.
I provided the translation and editorial review. Please check it out. Few grasp global developments as well as Dr. Yun.
Dr. Wonsok Yun, Commissioner of Incheon Free Economic Zone Authority, (Photo provided by Incheon Free Economic Zone Authority)
The following is a Money Today Q&A with Commissioner Yun. In Part 2 of the interview, Dr. Yun shared his insights, thoughts, and plans.
Q. Please briefly explain IFEZ
IFEZ was designated “Korea’s first free economic zone” on August 11, 2003. At the time, no one could have imagined reclaiming the desolate West Sea mudflats and turning them into a global city.
Over the past 20 years, IFEZ has successfully transformed ‘Songdo, Yeongjong, and Cheongna’ into international cities with exceptional innovation and lifestyle.
Above all, we are proud of what we have achieved — our original goal of ‘attracting foreign investment’.
Last year, the environment for attracting domestic and foreign investment contracted due to the war between Russia and Ukraine, but we achieved $432 million in FDI, a 10.7% increase compared to 2022.
Large multinational corporations and research institutions were established, fostering a global startup ecosystem where international talents, including overseas Koreans, congregate and collaborate.
The role of IFEZ is crucial for the success of Incheon City’s 8th popularly elected core policies, ‘Global Top 10 Cities (New Hong Kong City)’ and ‘Jemulporn Renaissance’.
It is now time to lay the foundation for long-term, sustainable growth in the future.
Q. What needs to change to lay the foundation for sustainable growth?
So far, IFEZ has adopted the ‘linked development’ approach, which involves constructing profit-making facilities alongside public facilities. The profits generated from the development and land for private apartments and businesses have been channeled for public facilities such as parks and social infrastructure (SOC) for the city.
Significant progress has been achieved in developing infrastructure for smart and international cities through this interconnected method. However, the development is highly residential, which limits its ability to attract domestic and foreign companies for business and job creation.
Now that IFEZ is 20 years old, we aim to develop a new model that integrates linked development and investment attraction.
We will attract strategic industries to fulfill the core function of the free economic zone as a ‘global business hub’ and to advance in name and reality.
We need to provide a driving force for new industries, such as start-ups, and foster the AI industry.
Q. The target for foreign investment attraction this year is set at $600 million. What is the strategy?
This year, we plan to expand our strategy to attract “global IR companies” and bring in more cutting-edge companies.
In addition, we will achieve this year’s target of $600 million by establishing a ‘Day Station Incheon Strategy’ where companies gather in Incheon.
We will take the lead in balancing development within the existing industrial complexes in the original city center of Incheon. To this end, we plan to strengthen our network by collaborating with the Korea Trade-Investment Promotion Agency (KOTRA) and the World Federation of Overseas Korean Traders Associations (World OKTA).
During the first half of this year, we are putting every effort into our high-tech industrial complex strategy in the bio-pharma sector.
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.
Q. Why are you pursuing additional FEZ lands, including the southern end of Ganghwa and Incheon Inner Port?
Twenty years have passed since IFEZ was launched. As we enter maturity, investment demand is increasing, but available land is in short supply.
For a specialized bio hub complex to be constructed within IFEZ, like Songdo, additional land must be made accessible.
Currently, IFEZ’s development rate exceeds 90%. There is a lack of space to attract the four major high-tech industries that Incheon pursues.
In many cases, other countries and their competitive cities have available land and rival clusters. IFEZ must also be able to compete in high-tech industries, future mobility, cultural tourism, green bio, and smart cities. To achieve this, additional FEZ designation is essential.
Q. A red light has been turned on for large-scale projects that have stalled, including the Golden Terra City (formerly Midan City) casino project. How are you going to solve it?
I am aware of the concerns shared by the residents of Incheon. We are focusing our efforts on getting things back to normal.
Last March, the Ministry of Culture, Tourism and Sports did not extend the casino project development period applied for by RFKR, the Korean subsidiary of China’s Furi Group, the operator of the Midan City complex resort.
We will seek to develop alternatives to meet the expectations of residents.
In addition, the ‘Icore City Project’, which involves constructing landmark buildings in Zones 6 and 8 of Songdo and has been in consideration for 17 years since announced in 2006, has seen repeated delays. These delays have been due to financial crises, changes in local governments, and the ups and downs of the global economy.
We are currently discussing options and plans to resolve, for example, the height restriction issue with the relevant ministries.
Q. Inaugurated as the 8th Commissioner of IFEZ last February, what activities have you undertaken since taking office, and what kind of organization are you aiming to create in the future?
First, for over a month since taking office, I have spent my time reviewing major work in progress, and visiting the central Incheon City ministries, business sites, and related organizations. I have dedicated considerable time to communicating with shareholders to understand the current business issues better.
Internally, we are promoting the establishment of the ‘IFEZ Vision and Strategy 2040 Project’ that will drive future leaps forward.
We will, too, strive to create a productive and happy IFEZ organizational culture.
In the future, the goal is to make IFEZ a world-class global city that surpasses Dubai and Hong Kong. To this end, we will do our best to attract corporate investment, for example, by conducting ‘visiting investment IR’.
In addition, we will increase the city’s competitiveness so that IFEZ becomes a top free economic zone, creates good jobs, revitalizes the local economy, and serves as a model for a new growth engine for our country.
A Brief Bio, Dr. Wonsok Yun
Born in Chungcheongnam-do in 1960.
Graduated from Sungkyunkwan University, English Language and Literature, a Master’s degree from Seoul National University Graduate School, and a Doctor of Business Administration, from Sungkyunkwan University Graduate School.
Director of Economic and Trade Cooperation Division, Korea Trade-Investment Promotion Agency (KOTRA)
CEO, International Business, Hangul and Computer Group
Chairman of Global Industrial Competitiveness Forum
This article was originally published in the Korean language in the June issue of Leader’s Money Today, a legislative affairs magazine. Sang-gu Yoon, head of Incheon headquarters, Reporter Se-mi Hong.
I enjoy sharing Korean business insights. This insight is one of my most popular.
I often say “Similar brings us together…”
Global business requires colleagues of different cultures to work together daily.
How we perceive each other culturally is often based on differences, such as language, and similarities, like shared values such as family. I prefer to concentrate on the similarities, as differences can create distance while similarities unite us.
It is crucial for Western teams collaborating with Korean operations to gain a deep understanding of the workplace culture in Korea, including the 2024 norms, practices, and daily life. The workplace is under constant change, and we can easily fixate on things that may have been distorted by hearsay or a lack of understanding.
The same principle applies to Korean global teams assigned to support overseas operations. We all need to become learners, adept in local and overseas practices. Expecting global teams to conform to Korean business norms rarely works; it often leads to delays and stalled projects.
As I noted above, recognizing similarities is one of the most powerful cross-cultural bridges. In other words, how can you relate to the nuances in communications and day-to-day life? This requires identifying the local beliefs, values, expectations, traditions, and culture
The information provided helps us gain a deeper understanding of how our teams think and what they expect.
Outcomes
Although there is bound to be friction between home and host country cultural values, a successful model accomplishes…
1. Awareness and appreciation of the home and host country with the ability to gain insight into one’s personal traits, strengths, weaknesses, attitudes, and interests.
2. Realization of shared cross-cultural values, along with an awareness of and respect for cultural differences.
Call to Action
Are you dealing with Korea-facing issues, challenges, or impasses? I provide workarounds and solutions.
Dr. Wonsok Yun, Commissioner of Incheon Free Economic Zone Authority, Photo provided by IFEZ
This article was originally published in the Korean language for the June issue of Leader’s Money Today, a legislative affairs magazine. It has been translated and edited.
“We will raise $600 million in FDI through new business models such as AI,” Dr. Wonsok Yun
On August 11, 2003, the government initiated an ambitious plan to attract foreign investment. Songdo, Cheongna, and Yeongjong in Incheon were designated as South Korea’s first Free Economic Zone (FEZ). A free economic zone is an area designed to attract foreign investment, capital, and technology by offering incentives such as tax reductions and deregulation.
The goal was to establish a prominent business hub city in Northeast Asia, similar to Shanghai, Hong Kong, and Singapore. In the same year, the ‘Act on Designation and Operation of Free Economic Zones’ was established. Nine FEZs were soon operated nationwide, starting with Incheon, Busan, Jinhae, and the Gwangyang Bay Area.
Much of IFEZ was constructed on the former West Sea mud flats and has developed into a bustling international city with modern high-rise buildings.
The growth of IFEZ can be observed through its indicators. From 2003 to July of last year, the total foreign direct investment (FDI) reached $14.756 billion. This figure represents approximately 70% of the $20.8 billion reported by the country’s nine FEZs.
When IFEZ was opened, the number of businesses in the Incheon Free Economic Zone was only 673, but the number has now increased to 3,400. Initially, there were only 3 foreign-invested businesses, but there are currently 206 businesses.
Dr. Wonsok Yun, the current 8th Commissioner of the Incheon Free Economic Zone Authority, took office last February 2024. In this interview with Money Today, he emphasized that the area’s growth resulted from the ‘linked development’ strategy.
Linked development is a business model that connects profit-making sectors with public use. The development profits generated when private businesses build and sell apartments are used to underwrite parks and social infrastructure (SOC) that are essential to the city.
Commissioner Yun said, “So far, IFEZ has chosen the ‘linked development’ method of building profitable residential facilities and public facilities together,” and added, “The model has funded the construction of infrastructure such as smart city and international city amenities. It has made considerable progress.”
However, the Commissioner said that the interconnected development method that has been in place for 20 years cannot lead to the future and sustained growth of IFEZ.
He said, “In the case of interconnected development, the proportion of housing is high, so there is a lack in terms of business revitalization and job creation by attracting domestic and foreign companies.” “We need to discover new businesses such as AI and build innovative business models so that we can move forward as a city,”.
IFEZ has set this year’s target for attracting foreign investment at $600 million (approximately KRW 802.5 billion).
This is an increase of approximately $200 million (KRW 267.5 billion) from last year’s target of $400 million (approximately KRW 535 billion). Commissioner Yun announced that he will achieve this goal this year by attracting high-tech international companies, expanding global investment IR, and the ‘Destination Incheon’ strategy.
Commissioner Yun said, “Foreign direct investment (FDI) was less than expected last year with the war between Russia and Ukraine stalling domestic and foreign investment.” “Nevertheless, IFEZ achieved $432 million, a 10.7% increase compared to 2022.”
He continued, “This year, we will pursue new business opportunities, strengthen our appeal to global companies, and spearhead the development of the city center to reach our target revenue.”
IFEZ Expansion
Of the three IFEZ districts, Songdo International City is responsible for international business, IT (information technology), BT (biotechnology), The Incheon Global Campus (education), and startup research and development. Yeongjong, home to the Incheon International Airport, is focused on logistics and tourism, and Cheongna looks to build on finance and leisure.
In addition, IFEZ plans to attract the lucrative biopharma high-tech industry hub development, in the first half of this year and turn parts of Songdo into a ‘bio-specialized hub complex.’
Commissioner Yun explained, “Songdo has regional geographical competitiveness due to its proximity to the airport and port, and also has the advantage of already having several leading biopharmaceutical companies.”
Currently, IFEZ’s development rate exceeds 90%. There is, however, a lack of space to attract new high-tech industries. It was announced that the southern end of Ganghwa and Incheon Inner Port should be designated as a new FEZ to expand the space.
Commissioner Yun said, “As the IFEZ enters its maturity, investment demand is increasing, but available land is lacking.” Adding, “designation and expansion of new FEZs in the southern part of Ganghwa and Incheon Inner Port are badly needed. “I will do my best to marshal all my capabilities and ensure that they are designated within my term.”
Commissioner Yun plans to develop alternative projects and explore other more viable plans.
K-POP Culture City/Casino business runs aground… “We will develop alternative projects”
Last year, IFEZ planned to create a ‘K-Pop Content City’ within Songdo’s R2, B1, and B2 blocks (a total of 210,000 m2) but the plan was scrapped under land use issues.
In addition, the Ministry of Culture, Sports and Tourism canceled the long-delayed project to build a foreigner-only casino at the Golden Terra City (formerly Midan City) in Yeongjong Island, near the airport.
Commissioner Yun plans to develop alternative projects and explore other more viable plans.
For example, in Songdo R2 Block where the construction of ‘K-Pop Content City’ was canceled, Commissioner Yun said, “This is a site owned by Incheon Urban Development Corporation,” and “We plan to form a task force (TF) with their team to discuss how to develop the land.”
He added, “The former Golden Terra City will also form a ‘Midan City Revitalization TF’ with Incheon City and the Incheon Urban Development Corporation to target another integrated resort.”
“We will strengthen internal organizational competitiveness by establishing IFEZ Vision and Strategy 2040”
Commissioner Yun’s background is well-suited for the 20240 vision and goals.
As an academic, Dr. Yun graduated from Sungkyunkwan University’s Department of English, obtained a master’s degree in business administration from Seoul National University Graduate School, and earned then a doctorate in business administration from Sungkyunkwan University Graduate School.
His career included joining the Korea Trade-Investment Promotion Agency (KOTRA) in 1986 and serving as the head of the Vancouver Trade Center, the Busan Trade Center, and the KBC Center in Los Angeles, as well as the Planning and Coordination and Economic and Trade Cooperation offices at the KOTRA headquarters.
After decades of service, he has served as a special professor at Sookmyung Women’s University and in the private sector as CEO of the international business division of a Hangeul and Computer Group.
Commissioner Yun, who took office last February, will serve a three-year term. His goal is to develop Incheon into a global city, including the “IFEZ Vision/Strategy 2040 Project.”
The project will take a deep dive into the internal and external environment, develop practical measures, and create a vision and strategy aimed at positioning the city as a top-tier destination by 2040, thus achieving sustainable growth.
We will build a system that links performance and rewards
Finally, Commissioner Yun highlighted his commitment to retaining IFEZ public officials by addressing organizational culture and a correlation between performance and compensation.
“We will build a system that links performance and rewards where you can collaborate in a free atmosphere and be treated well if you work hard. We will strengthen the competitiveness of our organization by establishing a system that fosters creative talent while generating results.”
This article was originally published in the Korean language in the June issue of Leader’s Money Today, a legislative affairs magazine. Sang-gu Yoon, head of Incheon headquarters, Reporter Se-mi Hong.
Mayor Yoo Jeong-bok of Incheon Metropolitan City with Richard Kessler, Dean of Mannes Schools of Music ( Photo: BusinessKorea)
Incheon Metropolitan City Signs MOU with Mannes Schools of Music
The Incheon Free Economic Zone Authority (IFEZ) has announced that Mayor Yoo Jeong-bok signed a memorandum of understanding (MOU) with Mannes Schools of Music for the establishment of an “Expanded Campus.”
At the signing ceremony, Mayor Yoo was accompanied by Linda E. Rappaport, Chair of the Board of Trustees of The New School, the parent institution of Mannes School of Music, and Richard Kessler, Dean of Mannes School of Music. Also in attendance from South Korea was Dr. Yoon Won-seok, Commissioner of the Incheon Free Economic Zone Authority, and home of the Songdo District’s Incheon Global Campus (IGC).
The Mannes School of Music is one of the top music schools in America and is affiliated with The New School in New York. It was founded in 1916 by David Mannes (1866–1969), a renowned violinist, conductor, and one of the most important music educators in the United States. Alongside Mannes, the New School programs include the Parsons School of Design, which is the world’s top-ranked fashion university.
An Expanded Campus
Plans are underway for the Mannes School of Music to join the five foreign universities already located within Songdo’s Incheon Global Campus (IGC), which includes the State University of New York’s Fashion Institute of Technology. This will expand the appeal of the IGC and establish a hub for cultural and arts education in the area.
Commenting on this vision, BusinessKorea reports Mayor Yoo Jeong-bok expressed his hopes, noting, “The establishment of Mannes School of Music in Incheon is expected not only to foster talent but also to contribute to Incheon’s growth as an international city in the cultural sector.” The Mayor added, “We look forward to collaborations between our city, IFEZ, and the Mannes School of Music, and we will actively support the expedited establishment of the campus.”
Mayor Yoo Jeong-bok of Incheon Metropolitan City with Richard Kessler, Dean of Mannes Schools of Music ( Photo: BusinessKorea)
As a trusted friend constantly reminds me, “Don, no one does what you do.”
I strive to ensure success and sustainability in dealing with Korea-facing business partnerships through well-communicated expectations and cross-cultural understanding.
It also requires a unique skill set—groomed over decades of working with an ever-changing Korea.
I like the story that shortly after an engineer retires, a machine at his former factory stops working. They try everything they can do to fix it, to no avail. Finally, the boss calls up the engineer and asks him to come in and fix it.
The engineer agrees to do so as a paid consultant. He comes in, walks around the machine, looks at a few things, takes out a hammer, and whacks the machine. It whirrs into life.
The engineer presents his former boss with a bill for $5,000. The boss says, “This is ridiculous! What did you even do? I need an itemized bill.”
The engineer provides a new invoice that states:
· Hitting machine with a hammer: $5.00
· Knowing where to hit the machine: $4,995
Nuff said…
My work is knowing when and where to use the ‘hammer’, catching issues early, and then as needed providing work-throughs as projects can so easily get sidetracked. Many assume when initial talks and progress seem smooth things will continue to move forward—which is rarely the case.
It’s one thing, too, for those well-experienced in global business who are now engaged in Korean projects to expect experience in the West will be enough to work through what can be escalating challenges—but in fact, what many will find out is that they are poorly suited to adapting and being flexible (a very Korea business approach and norm).
At the very least, working through issues can become a lengthy learning process. Both ways are time-consuming and costly.
My long-time approach when providing work-throughs is to step back and look for underlying concerns and nuances that are easily missed. Then knowing the Korean processes and mindset work for a resolution. Again, this is more art than science.
To summarize, impasses are common in all business—but what may work in the West to overcome issues will take a different approach in Korea.
The best model is to be constantly aware and sensitive to what may unfold. Use less direct and non-confrontational ways to gain deeper insights into any challenges and be open to alternative approaches at work-throughs.
As always, I look forward to discussing any challenges, and any questions you may have.
I’ll have my hammer ready, too. And here, ready for your call or email.
I am delighted to share my latest work, which explores global business trends and is featured as a Special Edition in the Incheon Free Economic Zone (IFEZ) Journal.
Along with my Special Edition article, I provided both the translation of the Journal into English and the editorial review.
It was an honor to be asked to share my insights, cultural understanding, and experience with Korea’s leading Free Economic Zone and the City of Incheon.
I’ve been asked how I support businesses… the short answer is I bring solutions to Korean global business, and global firms working with Korea.
I also seek exciting opportunities and challenges. If you encounter a deadlock, stalled work, or a potential issue that needs resolution, let’s discuss it.
Hubs offers R&D and Manufacturing resources, expertise, and talent.
Always great to see media picking up. The topic centers on Foreign Direct Investment, which I craft content on Songdo, South Korea.
I’ve been asked how I support businesses… the short answer is I bring solutions to Korean global business, as well as, global firms working with Korea.
I, too, look for exciting opportunities, and challenges, so here if you have an impasse, stalled work, or a potential issue that needs to be resolved.
All said, here is this week’s look at global business with a Korean twist–as seen in Branding in Asia.
Globally biopharmaceutical companies look to advance the development of a molecule from the laboratory to the clinic and then the 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, and regulatory and risk assessment. This takes the right mix of resources, expertise, and talent.
In this context, APAC nations South Korea and Singapore are standouts. Specifically, their biopharma hubs aim 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 hubs also include large-scale manufacturing facilities and the ability to 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 offers world-class biopharmaceutical production capacity.
For example, as cited by Invest Korea 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, as noted by the Singapore Economic Development Board, pharmaceutical industry leaders like Pfizer, Novartis, MSD, Sanofi, AbbVie, and Amgen have established global manufacturing hubs in Singapore, where they develop a wide range of products.
Many are engaged in a range of 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, formal stability, 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.
This means there is a need for a nearby airport and port for transporting chilled goods and frozen logistics.
And we find again standouts–Korea with the Incheon International Airport and Singapore home to the Changi Airport—both with their state-of-the-art logistics.
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.
To conclude, it is expected that within the next decade, the clusters in Korea, Singapore, and APAC will double to meet the growing global demand. Additionally, local governments will provide new support and incentives for domestic and international partnerships.
I have a long history supporting Songdo, an urban business community on the West Coast of South Kore
I recall an early visit to Incheon and what would be Songdo and looking out at acres of land reclaimed from the sea. Over time buildings, parks, and infrastructure soon emerged from the sand. The photo was a view from my Songdo office in 2018.
Stepping back some… the community, now called Songdo International City, was developed with Western amenities and covers roughly 1500 Acres complete with a Central Park, an international school, and a Jack Nichols-designed golf course–all within a short distance of the Incheon shipping port and the international airport.
It was also an early adopter of buildings with LEED certification, which provides a framework for healthy, highly efficient, and cost-saving green buildings. Plus, Songdo was seen as a frontrunner as a Smart City innovator. Today, it is one of 3 districts of the Incheon Free Economic Zone and home to the Incheon Global Campus.
Today, I am happy to continue to share and highlight Songdo
Chemulpo to Songdo
Circa 2009. Photo by The Korean Daily and Nathaniel Taeho Yu, Ph.D.
With my considerable work today in support of South Korea, the City of Incheon, the Incheon Free Economic Zone (IFEZ), and Songdo, I’m reminiscing about my 2009 release and signing of the book, “Chemulpo to Songdo IBD: Korea’s International Gateway.” Media coverage was extensive in local U.S. and Incheon news. Thanks, Nathaniel Taeho Yu, Ph.D. for the great photo.
The event attracted over 100 attendees, including Mayor Ahn Sang Soo, American officials from the Songdo IBD project, members of the press, and local dignitaries.
Looking back, Incheon and Songdo have a rich international business history, and today, one that continues to adapt and draw global attention and opportunity.
I’ll be talking and writing about that more, so stay tuned.
Meanwhile, to view a complimentary copy of Chemulpo to Songdo IBD: Korea’s International Gateway. Sparing no effort, I wrote in both English and Korean.
Many of the photos were published for the 1st time.
And, the book is cited frequently, and the photos are amazing…
Go here to view the book https://play.google.com/books/reader?id=mUPfc5Z72IAC&pg=GBS.PP1