Cultural differences can create misunderstandings and stress, impacting productivity and smooth business operations. Cross-cultural education is recognized as the chief solution to workplace challenges.
We have a long history of training executives and teams in a wide range of Korea-focused mentoring, coaching, and strategy services.
We offer a six-week Korea 101 Korean Business Culture program for teams. The theme is “Working within the Cultures.” The cost is US $4800.00.
Additionally, we provide situational mentoring and coaching as needed on issues that surface, focusing on negotiations and meeting expectations.
The workshops and mentoring aim to build upon the team’s experiences while providing new understandings.
We invite you to schedule a time to discuss the details using our Calendar.
Again, this is Don Southerton wishing you all the best.
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.
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.
It is no small effort to stay current on key issues with the many moving parts within a Korean Group and with Korea in general.
Knowing there are gaps in communications, I do my best to keep teams and leadership updated. I’d like to share some thoughts ….
From time to time, there are concerns in the overseas workplace over communications.
This can range from a perception of disconnect and being the last to know as global announcements are made or finding out important news second-hand.
This information gap can include working teams but is also felt by local leadership.
Team members may even feel that information was being deliberately withheld.
While there may be some truth in the disconnection, the feeling that Koreans are withholding information deliberately is most often not reality. What may be a surprise for Western overseas teams is that Korean staff in their home offices must make quite an effort to stay informed.
As one entry-level employee of a major Korean group lamented,
“If I did not spend an hour daily networking with fellow workers, I would be in the dark on issues major and minor that could have a significant impact on my work assignment and projects.”
For my work with Korea-based companies, nightly chats, frequent emails, and Kakao texts are required, or I too, would be “in the dark.” Still, I often find breaking news issues when checking my Kakao or running an early AM Google search. It is common when I ask a Korean colleague and even leadership on the news, their response is one of surprise—not in me asking, but this may be the first they had heard about, too.
This implies that silos within the company limit the sharing of information. More so, those not well connected are out of the loop or rarely given an advance heads up.
I find it interesting that colleagues within a company often remark and see me as well-connected—a very positive trait. As a caveat, teams try to keep their trusted friends, colleagues, and management well informed—even on sensitive and confidential issues. Savvy management continually seeks news on issues, projects, and forthcoming announcements from their colleagues and networks. This is not only to stay informed but to avoid being caught off guard or blindsided.
This network can play a critical role in one’s career and advancement. That said, for most Koreans facing international operations, the communication channel—informal and formal—between the Korean HQ and local subsidiaries is through expatriates.(The same goes for Western companies located in Korea, as Westerners there serve as expats.)
Roles vary within each company, but most frequently with Korean global business an expat’s primary role is to be the liaison between Korea and the local subsidiary.
Frankly, some expats are more open to sharing information than others.
Regardless, I feel this is less a deliberate withholding of news than a “filtering”—that is, a review of communications from the mother company and then a doling out of appropriate information. Filtering becomes an issue when information is withheld until the last moment, whether for clarity, to avoid confrontation, or to decide to best address a delicate situation.
Delaying communication often forces local operations to drop everything and deal with an issue that would have been less demanding and disruptive for the teams if conveyed promptly. In other situations, I found that information is often held back until a 100% certainty is reached on an outcome or upcoming event.
What appears to be silence on important news is often an attempt based on their years of experience working with the mother company to spare local teams from concerns that could and probably would change over time.
So instead of constantly having to return to the local team with a shift in plans, an expat may stay quiet until the last moment and have a firm confirmation.
This can mean little advance notification, as it is common for announcements first to need legal, PR, and then leadership’s “final” approval.
Workarounds
There are workarounds, and one needs to recognize that much is strongly rooted in a company’s culture. Culture matters.
For starters, my best practices include: 1) Building a strong professional network—including colleagues local and overseas. Have set times to chat even nightly with Korea… I suggest by Kakao.
2) Maintain a reputation as one who can share and be shared information—with a high degree of trust and confidentiality when appropriate
All said, outside issues deemed as private, sensitive, and confidential, few will dispute the need for strong internal communications and updates—shared across the organization. Here as always.
If you have a question or inquiry on this topic or another, let’s set a time to chat.
I’m also available by Kakao at 310-866-3777 and Don Southerton, so join me…
(Kakaotalk is free, and best to download the app on your phone and access it).
(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.
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)
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.
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.