Foreign chambers of commerce eye Incheon for optimum business opportunities

By Ko Dong-hwan, The Korea Times - Incheon is establishing itself as a rising global business hub in Korea as leaders from foreign chambers of commerce in the country highlighted the western coastal city’s potential to drive future international trade at a roundtable discussion, jointly hosted by the city government and The Korea Times, Tuesday.

Presidents of chambers of commerce representing countries, including the United States, France, the United Kingdom, Australia and Italy met with Incheon Mayor Yoo Jeong-bok, Korea Times President-Publisher Oh Young-jin and directors overseeing the city’s business policies.

Discussions at the Roundtable Meeting with Foreign Chambers of Commerce in Korea centered on the city’s extensive global trade and transport infrastructure, key industries nurtured under strategic initiatives, and the mayor’s vision to elevate Incheon into the ranks of the world’s top 10 global cities.

Yoo, in his welcoming remarks, touted Incheon as the best city for foreigners to invest in Korea. Highlighting its strategic assets — including Incheon International Airport, Incheon Port, the Incheon Free Economic Zone (IFEZ) and a large-scale local industrial complex — the mayor said the city is well-equipped with the infrastructure necessary to support robust global trade and economic activity.

“With a population of about 27 million — over half of the nation's entire population — the city boasts a vast consumer market. The Incheon airport connects to over 100 global cities, all within just a three-hour flight radius. Companies based in Incheon last year showed an average growth rate of 6.5 percent, way above the nationwide average of 2.7 percent. Incheon is also the only metropolitan city in Korea, which saw an increase in population. While an average population change nationwide in the last year was (negative) 0.3 percent, Incheon grew by over 6 percent,” Yoo said.

The mayor mentioned that although U.S. President-elect Donald Trump has spread concerns throughout Korea with his “America First” policies, the city government views this as a make-or-break opportunity.

“We will maximize the opportunity and minimize the risks, shaping win-win policies for both countries,” Yoo said. “To draw corporate investments, we’ll provide the highest level of administrative supports, business platforms and investment conditions within the country's legal framework.”

American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim also downplayed the emerging concerns about possible economic risks to Korea following Trump’s election earlier this month. Emphasizing that the Seoul-Washington relationship is “stronger than ever” as seen during his current tenure that has continued for the past two decades, he said there are hopeful signs with the incoming U.S. administration.

“I believe that Trump’s America First approach shouldn’t be seen negatively,” Kim said.

“Just as Mayor Yoo has put Incheon First policies to develop this city as a thriving hub, America First simply focuses on creating the best possible outcomes domestically. This approach, when combined with a commitment to global partnerships, can strengthen both our nations and open up new avenues for collaboration.”

He noted that AMCHAM’s role is to serve as the bridge between the two countries, by working together with the governments of both to foster a stable policy environment, especially as it is navigating the shifts following the recent election.

“AMCHAM’s vision is to help make Korea a regional headquarters for foreign companies,” Kim said. “Look at the numbers. Singapore has 5,000, Hong Kong has 1,400 and Shanghai has 900. With Korea having less than 100, this is a great opportunity. With the right policies and commitment, Korea can become a leading hub for regional headquarters in the Asia Pacific region.”

Kim Jong-hwan, director general of Investment Inducement Bureau at the IFEZ, highlighting Incheon’s dramatic growth from a war-torn village following the Korean War to one of Korea’s key growth engines, said the city’s geographical location serves as an ideal condition for global trade.

Located on the city’s former mudflats, now landfilled, at a coastal region, IFEZ is currently inhabited by over 443,000 people — including nearly 9,000 foreigners — which is 17 times that of its 2003 population. Foreign-invested companies in the zone have increased in number to over 220 and the foreign direct investment amount has increased by $15 billion during the same period.

“We have concluded free trade agreements with 59 nations, with trade volumes approximately $860 billion, forming the world’s third-largest economic territory,” the IFEZ director general said.

“Fifteen international organizations including the U.N. and Green Climate Fund have moved into the IFEZ, where we currently operate the Songdo bio cluster, high-tech industrial cluster, aviation industrial cluster and a global cluster for robot, automobiles and hydrogen.”

He also shared the IFEZ’s ongoing projects to develop southern Ganghwa Island and Yeongjong Island, expanding the city’s strategic economic grounds with future industries including smart farms, advanced bio and living-friendly industries like theme parks and residential towns.

“Incheon will lock horns with Singapore, Hong Kong and Dubai as a new global business hub,” Yoo said, to which AMCHAM chairman James Kim responded, “You can count on AMCHAM.”

Source: https://koreatimes.co.kr/www/tech/2024/11/129_386760.html

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