Deputy PM gets acquainted with Incheon Free Economic Zone

2018-06-29 18:02:16
Ulaanbaatar /MONTSAME/ Deputy PM met with Incheon Free Economic Zone Commissioner Kim Jin-yong, as a Cabinet member in charge of trade and economic free zones and held other meetings.

Deputy Prime Minister of Mongolia U.Enkhtuvshin met with South Korean Minister of the Interior and Safety Kim Boo-kyum during the 13rd JEJU Forum. Deputy PM emphasized that the Government of Mongolia is working to organize the second Asian Ministerial Conference on Disaster Risk Reduction jointly with the UN Office for Disaster Risk Reduction on July 3-6, 2018.

Ministers of Emergency Affairs of the two countries exchanged views on the opportunities for deepening further cooperation and sharing experiences between Mongolia and Korea on disaster prevention and risk reduction. Prior to this meeting, Deputy PM met with the Foreign Minister of South Korea Kang Kyung-wha, emphasizing that deepening friendly relations and cooperation with the Republic of Korea is one of the Mongolian foreign policy priorities.

Chairman of the Presidential Committee on Northern Economic Cooperation of South Korea Song Young-gil also received the Deputy PM. During the meeting, both sides expressed pleasures at the expansion of Mongolia and South Korea's comprehensive partnership in all sectors. "The Republic of Korea is Mongolia's a major foreign trade and investment partner. We have a lot of opportunities to expand economic cooperation, trade and investment combining Mongolia’s natural resources with South Korea’s assets, financial opportunities, modern technology and know-how" said the Deputy PM, which Mr Song Young-gil concurred with.

During his meeting with Incheon Free Economic Zone Commissioner Kim Jin-yong, Deputy PM expressed interest to share experience of the free zone and cooperate. "It is my pleasure to cooperate in the development of Mongolian free zones” said Mr Kim Jin-yong. Also, according to the commissioner, Ecuador, Panama, the Philippines and India have come to study the experiences of the free zone.

The plan for the establishment of the Incheon Free Economic Zone (IFEZ) was approved in 1989 and its infrastructure development ran from 2003 to 2009. The free zone, which cost USD 6 billion makes a huge contribution to the country’s economy.

IFEZ operates in the fields of business, finance, tourism and logistics. More than 80 companies from Belgium, France and some other countries are investing in the free zone, which has introduced Smart City or Smart Town concept as its development goal. It aims at encouraging businesses with special tax conditions, increasing jobs and attracting academic and research centers.