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.
Source: https://www.ifez.go.kr/journaleng/eng/view.do?jrnl_pst_sn=346
For more information, contact: Dsoutherton@bridgingculture.com
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.