Archive for April 2009

789: Incheon Global Fair and Festival

Incheon

Incheon Global Fair and Festival

By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger

Last year, I learned about 789–the  August 7, 2009 kick-off date for the Incheon Global Fair and Festival. With many activities centered in and around Songdo IBD, I follow the event. This Korea Times article notes some of the fair’s planning.

With nearly 100 days left before the kick off of the Global Fair and Festival 2009, host city Incheon’s preparations for the 80-day business fair for corporations and cities around the world have been shifted into high gear.

Songdo International City, in the west of the coastal city, and its adjacent area, is shaping up for the event, which aims at envisioning futuristic urban models, digital technologies, green energy and urban lifestyles. It will start Aug. 7 and continue until Oct. 25.

Mayor Ahn Sang-soo said, “Incheon has had few opportunities to promote itself elsewhere. This event will lay the groundwork for the city to grow into one of the 10 global cities one must visit.”

The organizing committee for the festival said construction of every venue will be completed by May. “All preparations are on track,” a committee official said.

Despite the ongoing economic slump, the committee said it’s attracting investment and raising funds as planned.

Incheon aims to draw more than seven million people from home and abroad ㅡ nearly one third of the combined population of Seoul, Gyeonggi Province, and Incheon and the committee has run various promotional campaigns in cooperation with civic groups and companies.

The festival will become a venue for global firms, scholars, policymakers and urban planners to gather and discuss important issues regarding urbanization, futurism and the environment.

Incheon will continue to expand publicity for the fair via the Internet, TV and other media. “We’ll step up the promotional campaign,” the official said. “World-class cultural events will take place, various leisure activities will be available in an environmentally friendly manner and executives of multinational corporations will flock here. It will be a festival you won’t want to miss.”

The committee expects admission ticket sales to exceed 40 billion won ($33 million).

The festival will appeal to foreign tourists as the city is upgrading accommodation, transport, roads and other infrastructure for them to enjoy the festival more comfortably. “We aim to draw half a million foreign tourists, particularly from Japan, China, and the United States,” the official said.

It has formed business partnerships with travel agencies at home and abroad to attract foreign travelers and developed travel programs with itineraries including the venue.

The committee is pinning its hope on a weaker won against the dollar and other major currencies, which will help attract foreign tourists.

The city also aims to use the festival as a springboard to attract more investment into the free economic zones in the districts of Songdo, Cheongna and Yeongjong. During the festival, foreign urban planners and policymakers will be able to learn more about Incheon’s development models. The city itself will be an exhibition site, the official said.

Cisco Systems Signs MOU with Songdo IBD

John Chambers Cisco Chairman, Mayor Ahn, Sang-soo, Stan Gale, Gale International Chairman

John Chambers, Mayor Ahn Sang-soo, and Stan Gale

By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger

Korea media notes that Cisco Systems, the world’s No. 1 network equipment maker and the Songdo IBD have signed a MOU to develop  the Cisco Global Center for Intelligent Urbanization (CGCIU). The U.S. network equipment maker will provide technologies for energy saving and urban management.

Cisco Chairman John Chambers pointed out that the Songdo IBD project would launch Cisco’s vision of advanced integrated urban management network technology, which goal is to improve the quality of living.

Gale International Chairman Stan Gale shared that Cisco’s decision to select Songdo IBD for the CGCIU world headquarters highlights Songdo IBD’s ability to attract leading global companies to South Korea, which in turn will spur growth and create jobs.

Incheon International Airport Scores High in Passenger Satisfaction…Again

Incheon International Airport

Incheon International Airport

By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger

Anyone who travels frequently knows that airports vary greatly. Some are better than others. I have always found Incheon a positive experience. It’s really no surprise that year-after-year they rank top in passenger satisfaction.  When the new bridge linking the airport to Songdo IBD is completed later this year, the travel experience to Korea will be even better.

Global media notes…Incheon International Airport in South Korea won the coveted Best Airport Award, according to a survey conducted by Airports Council International. Passenger satisfaction with the new Terminal 3 promoted Singapore Changi Airport into 2nd place this year, with Hong Kong International Airport coming in at a close 3rd place. Airports Council International announced the top performing airports in the Airport Service Quality Survey.

Incheon Free Economic Zone: An Update

Songdo IBD

Songdo IBD

By Don Southerton, Songdo IBD CityTalk Editor and Chief Blogger

The Korean press frequently shares Incheon Free Economic Zone’s (IFEZ) amazing progress. At the heart is Songdo IBD. This Korea Herald article does a great job pointing out that within the greater IFEZ, Songdo is one of three districts. Within Songdo is the international hub–Songdo IBD–which includes among a number of high profile projects,  the International School, Jack Nicklaus Golf course and community, Central Park, 1st World  Towers, and the Northeast Trade Center.

Korea Herald notes:

The Incheon Free Economic Zone has begun to take shape as a new global financial and logistics hub in Northeast Asia with the first phase of its development project scheduled to be completed this year.

The planned city, some 30 kilometers west of Seoul, features a working and living environment built to meet the standards of global companies.

The first phase of the project included reclamation work that has created 12.11 million square meters of coastal land and completion of infrastructure facilities for mass transportation and quality living.

Once this new infrastructure is established this year, Incheon aims to create new jobs by attracting multinational companies.

The IFEZ, an hour’s drive from Seoul, will bring a shift in the region from being manufacturing-based to knowledge-based, and foster a value-added industry by establishing a service-oriented infrastructure, the IFEZ Authority said.

The IFEZ will be comprised of three major districts, each taking on a special function. Songdo will serve the biomedical field and global education institutions; Yeongjong will function as a transportation and logistics hub; and Cheongna will host a robot-themed amusement park. Since its establishment in 2003, the IFEZ has signed a total of 41 memoranda of understanding for a combined $57.9 billion in foreign direct investment, the IFEZ Authority said.

Songdo has been selected by the government to be developed into a state-of-the-art medical and welfare complex by 2020 – a project worth 3 trillion won in government investment. Songdo is aiming to build top-notch infrastructure that would make it a people-friendly and health-oriented district.

Songdo sits on more than 13,047 acres and it is expected to be developed into six main clusters: international business center [commonly referred to as Songdo IBD], knowledge-based industry complex, biotech complex, information technology cluster, international academic complex and the Incheon new port.

Starting July this year, underground trains will start to connect Songdo and Incheon. Songdo International School, which will run kindergarten, elementary, middle and high schools is scheduled to open in September.  A 405,000-square-meter central park located in the center of Songdo International Business District will be completed in June.

In addition, with the 12.3-kilometer bridge to be completed in October this year, the IFEZ will be only 15 minutes away from Incheon International Airport. The Incheon Bridge currently being built by a construction unit of Samsung C&T is to be the world’s fifth longest cable-stayed bridge. The construction will cost 2.5 trillion won, the authority said.

Even with the blueprints for the IFEZ, the lack of government support in building infrastructure and remaining regulations is making it hard for the IFEZ Authority to lure foreign investment, especially in times of economic decline, the office said.

“FEZs are supposed to offer a business-friendly environment as well as favorable tax breaks and other benefits to foreign investors. But not in FEZs in Korea,” an official of the IFEZ Authority said.

“The government also needs to simplify all the administrative work suitable for foreign investors,” he added.