The Incheon Free Economic Zone Authority (IFEZ) held a “Business Networking and Investment Promotion Seminar (IR)” on June 21 at the Incheon Economic Agency Business Center, marking a significant step in fostering international business relationships and technological exchange. The event saw the participation of 22 companies, including leading firms in the advanced manufacturing sector from the UK and promising companies residing in IFEZ.
The seminar aimed to introduce the investment environment of IFEZ and expand exchanges and cooperation between South Korea and the UK. Innovate UK, a British technology advisory body and government agency, played a pivotal role in this event by selecting 11 UK firms like Microbritt Ltd, an ultra-precision machining company, in the manufacturing services and software sectors to participate.
The event featured active business meetings for technology exchange and cooperation, providing a platform for companies to explore potential collaborations. The agenda included an introduction to the investment environment of IFEZ, technology exchange networking between UK and IFEZ companies, and visits to companies within IFEZ.
During the session introducing the investment environment of IFEZ, the Incheon Free Economic Zone Authority emphasized the global competitiveness of IFEZ by highlighting its locational advantages, excellent global business environment, and investment incentives. Yoon Won-seok, Commissioner of the Incheon Free Economic Zone Authority, underscored the importance of adopting advanced technologies in the manufacturing sector.
“Currently, many manufacturers are adopting smart manufacturing technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), robotics, and digital twins to enhance efficiency and productivity. The adoption of advanced technologies that can increase the competitiveness of manufacturing in the global market is expected to accelerate,” Yoon stated. He added, “IFEZ will do its utmost to attract investment by strengthening exchanges and business networking in the advanced manufacturing sector, which will innovatively change the future of manufacturing.”
Yoon also announced that in mid-November, IFEZ will host the World Health City Forum and Smart City Forum during IFEZ Week. These forums will bring together experts in the bio-healthcare, advanced industries, and smart city sectors, which IFEZ is leading in the global market. “It will be a great opportunity for advanced technology companies supported by Innovate UK to enter the Korean market,” Yoon noted.
The Incheon Free Economic Zone (IFEZ), established in 2003, is a special economic zone in South Korea designed to attract foreign investment and promote economic growth. It offers various incentives, including tax breaks and relaxed regulations, to encourage international businesses to set up operations. Innovate UK provides funding and support to help businesses develop new technologies and bring them to market, playing a crucial role in fostering innovation and collaboration between UK companies and international partners.
The seminar’s success highlights the growing economic and trade relations between South Korea and the UK, particularly in the technology and manufacturing sectors. The event not only showcased the innovations of participating companies but also underscored the strategic importance of IFEZ as a hub for global business and technological advancement.
As the world moves towards smart manufacturing, integrating advanced technologies such as IoT, AI, robotics, and digital twins into manufacturing processes is becoming increasingly vital. These technologies aim to improve efficiency, productivity, and competitiveness in the global market. The Incheon Free Economic Zone Authority’s efforts to promote IFEZ’s investment environment and foster international business relationships are crucial steps in positioning IFEZ as a leader in these fields.
The upcoming World Health City Forum and Smart City Forum during IFEZ Week are expected to further enhance IFEZ’s reputation as a global leader in bio-healthcare, advanced industries, and smart city sectors. These forums will provide a valuable opportunity for advanced technology companies supported by Innovate UK to explore the Korean market and establish meaningful collaborations.