Incheon City said on the 5th that it held the first meeting of the investment-attraction task force (TF) for Gyeyang Technovalley (Gyeyang AX Park) on the 4th.
The meeting, chaired by Vice Mayor for Global City Affairs Shin Jae-kyung, was attended by officials from Incheon City, Korea Land & Housing Corporation (LH), and Incheon Housing & City Development Corporation (iH) to discuss ways to foster Gyeyang as a core industrial hub in the northwestern Seoul metropolitan area.
Gyeyang Technovalley is being built across Gyeyang District in Incheon and Daejang-dong in Bucheon. It aims to be a high-tech urban industrial complex that blends housing, digital content, UAM (urban air mobility), robotics and other industries, and green space. The plan is to develop it into a next-generation industrial complex along with Magok District and Bucheon Daejang District.
The city cited the push to designate phase two of the industrial complex as the most urgent pending issue. It plans to kick off the phase-two designation in step with the approval timing in the first half of this year for the redevelopment of Piers 1 and 8 at the inner port. It will then lay the groundwork to leap into a future high-tech industrial complex based on artificial intelligence (AI).
After the industrial complex is designated, the selection of a managing institution and the establishment of a basic management plan will follow. The meeting also addressed the possibility of introducing various management systems and measures to improve management methods to enhance stable operations and accountability in the early stage. The city plans to strengthen a cooperative system among related institutions to build an efficient operational foundation.
Expanding the transportation network was also discussed as a key task. The city plans to continue consultations with relevant ministries so that a metropolitan railway line connecting the Gyeyang Technovalley urban rail and the Daejang–Hongdae Line can be finalized.
Institutional support measures to improve conditions for corporate investment were also fleshed out. The city will push consultations with the Ministry of Land, Infrastructure and Transport to prepare measures to ease floor area ratio regulations so that advanced research and development (R&D) facilities and high-density Knowledge Industry Complexes can be expanded within the limited site. Reviews will also continue on support measures that corporations can feel, such as reducing development costs and rationalizing sales prices.
Vice Mayor Shin Jae-kyung said, "Through follow-up meetings, we will check the progress and carry out consultations with central ministries without a hitch to develop the northwestern Seoul metropolitan area into a self-sustaining industrial city that represents the region."