Incheon Metropolitan City announced on Feb. 27 that European global investment firms had delivered letters of intent to Mayor Yoo Jeong-bok, expressing their intention to invest a total of US$6 billion in the city.
On Feb. 26, Mayor Yoo received letters of intent for investments in Paris, France, from One World Impact (OWI) Partners, a global investment firm from the United Kingdom, and Panepinto Global Partners, a real estate development company from the United States. The investment amounts were US$5 billion and US$1 billion, respectively.
Mayor Yoo first met with Rabelin Tchoumi, the chairman of OWI Partners, and received a commitment of US$5 billion in investment for various projects, including large-scale land development within the city of Incheon as well as energy and agriculture-related initiatives. Additionally, mutual cooperation was requested.
Chairman Rabelin Tchoumi’s submission of the investment intention letter was prompted by OWI Partners’ inquiry into investing in large-scale government-led projects in Incheon. He is progressing investment in various asset management and commodity fields, leveraging networks in Africa and the Middle East.
Mayor Yoo then met with Joseph Panepinto Jr., the CEO of Panepinto Global Partners, and received the letter of intent for investment.
Panepinto Global Partners expressed its intention to invest US$1 billion in urban development projects within the Incheon Free Economic Zone (IFEZ) and requested mutual cooperation.
Since the inauguration of the 8th popularly elected municipal government, Incheon has been in ongoing discussions with Panepinto Global Partners regarding the resumption of investment attraction projects. This recent receipt of the letter of intent for investment marks a significant milestone in these discussions.
Mayor Yoo Jeong-bok stated, “In the process of transforming Incheon into a world-class city, we anticipate that globally renowned investment firms with diverse experiences in development projects will be able to contribute significantly.” He continued, “I am grateful for the submission of the letters of intent and will provide the best support to ensure that they translate into substantive investment projects.”