IFEZ

AcronymDefinition
IFEZIncheon Free Economic Zone (region in South Korea encouraging foreign investment)
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In November 2016, Merck signed a memorandum of understanding with IFEZ to support the building of a bio cluster in Songdo, which led to the development of the companys cell culture facility in Songdo.
The agreement was made between Merck Korea Managing Director Glenn Young and IFEZ Commissioner Kim Jin-yong, under which Merck will invest 22.
Merck's cooperation with the IFEZ to nurture the bio cluster dates back to October 2016, when it opened its ninth M-Lab Collaboration Center as a channel to boost business ties with biopharmaceutical companies in Korea.
One month later, the two sides signed an MOU, under which Merck would expand investment to help the IFEZ build the bio cluster, while the IFEZ will provide support for Merck's investment in Songdo.
Merck's network of experts, support and capability have contributed to the IFEZ building the bio cluster in Songdo and, furthermore, boosting the nation's life science industry," the IFEZ Commissioner Kim said.
As a representative free economic zone in Korea, IFEZ has been turned into a renowned global city that leads the regional and national economy.
Accumulated foreign direct investment (FDI) in IFEZ reached $10.
When the third Samsung BioLogics factory capable of producing about 180,000 liters of biomedicines annually is completed this year, IFEZ will also be a leader in the industry.
The agreement is a perfect example of a collaboration between the Korean government, a local company like BRC and a global company like GE," said Sang-soo Ahn, the mayor of the Incheon Metropolitan City in which IFEZ is located.
The Korean government and IFEZ see the establishment of the center as an opportunity to gain advanced clinical knowledge, build professional skills and create jobs through healthcare IT, which is a mainstream green industry.
Incheon Free Economic Zone (IFEZ) has been designated as the first Free Economic Zone in Korea and the IFEZ is an organization that supports the development of Incheon City to become the hub of international business and a global city with self-sufficiency, enabling optimal business activities.
The official added that IFEZ is a smart, compact green business district reputed for its ubiquitous broadband network environment, eco-friendly parks spread across the area and its location near the airport in Incheon City.