Incheon Free Economic Zone (IFEZ) Authority is planning to build a bio-industry cluster with an area of 2,381,000 square meters by 2030 so that 560,000 liters of biopharmaceuticals can be produced a year in Songdo.
The target amount is more than twice the annual production volume of Singapore and the largest among those of cities around the world. In addition, the authority is planning to be home to more global biotech and healthcare companies. At present, Songdo is home to about 50 such companies, including Celltrion and Samsung Biologics.
IFEZ Authority disclosed the plan at a meeting on free economic zones held by the Ministry of Trade, Industry and Energy on Nov. 19.
Busan-Jinhae Free Economic Zone Authority said it is planning to focus on the growth of the regional green car industry and create international logistics infrastructures. An electric vehicle (EV) parts manufacturing cluster will be built there with compact EV manufacturing facilities. The construction of a logistics center is scheduled to be completed next month in Changwon, South Gyeongsang Province.
Gwangyang Bay Area Free Economic Zone Authority is going to build a secondary battery material cluster, the East Coast Free Economic Zone Authority is working on advanced materials and components, and the Chung Buk Free Economic Zone Authority will build a biotech and healthcare cluster in Osong.
Yellow Sea Free Economic Zone Authority is planning to build a business district in Pyeongtaek and the Daegu Gyeongbuk Free Economic Zone Authority is working on a smart city for IoT and information and communications technology development in the Suseong Medical District.