Incheon Free Economic Zone Authority (IFEZA) held an advisory committee meeting in Songdo on Nov. 25. There, 31 experts in various fields were appointed as advisors, former first IFEZA Commissioner Lee Hwan-kyun was appointed as the head of the committee, and Inha University business administration professor Kim Hyeon-jeong was appointed as the deputy head of the committee.
The new advisory committee is different from the previous committee in that the numbers of subcommittees and advisory members have increased from one to four and from 10 to 31, respectively.
The committee is to provide advice related to the long-term development of the IFEZ, system improvement and investment attraction. The planning and policy subcommittee is going to provide policy advice on system improvement and vision strategy and the investment attraction subcommittee will provide advice on how to attract more investment and improve the authority’s IR sessions. The urban development subcommittee will be in charge of advice concerning development projects and the culture and tourism subcommittee will cover festivals, programs and promotion strategies.
“The IFEZ became South Korea’s first free economic zone in 2003 and has shown a remarkable growth for 16 years, and yet it now has to seek new development strategies amid fast-changing external conditions such as trade protectionism and the ongoing global economic recession,” said IFEZA Commissioner Lee Won-jae, adding, “I hope the committee will play an important role so that the IFEZ can achieve more innovation and function better as a new growth driver of the South Korean economy.”