David-Pierre Jalicon, chairman of the French Korean Chamber of Commerce and Industry, speaks during the 2024 Roundtable Meeting with Foreign Chambers of Commerce in Korea at Oakwood Premier Incheon, Tuesday. Korea Times photo by Choi Won-suk

INCHEON — Incheon should leverage its strategic location and advanced infrastructure to attract investment and elevate its status as a global business hub, competing with cities like Hong Kong and Singapore, foreign chambers of commerce in Korea said Tuesday.

During the 2024 Roundtable Meeting with Foreign Chambers of Commerce in Korea, representatives from international chambers of commerce and executives of global companies emphasized the need for Incheon to develop competitive strategies to attract more foreign investment.

David-Pierre Jalicon, chairman of the French Korean Chamber of Commerce and Industry, emphasized Incheon's potential as a global business hub, citing its location by the sea for international connectivity and advanced infrastructure, including research centers and universities, as key advantages.

"Incheon's position by the sea gives it excellent infrastructure and advantageous links to cities worldwide," he said.

He pointed to the city's growth in sectors like energy, sustainability and semiconductors, noting that these strengths have placed the French Korean Chamber ahead of its counterparts in Singapore and Hong Kong.

"This reflects Incheon's progress and demonstrates how things are changing for the better," he said.

Jalicon also highlighted that the availability of highly skilled human resources in Incheon is a significant advantage for attracting foreign industries seeking to enter Korea and expand globally.

"Many companies face challenges hiring skilled engineers overseas, but Incheon stands out with its strong talent pool supported by universities and research institutions within the city," he said.

While highlighting the city's assets, Jalicon advised Incheon to narrow its focus and concentrate on specific sectors rather than attempting to cater to a broad range of industries at once.

"A more targeted and comprehensive approach would be more effective," he said.

Gregory Hill, chief administrative officer at the University of Utah Asia Campus, talks about the university's unique program during the 2024 Roundtable Meeting with Foreign Chambers of Commerce in Korea at Oakwood Premier Incheon, Tuesday. Korea Times photo by Choi Won-suk

Speakers highlighted Incheon's leadership and robust educational infrastructure as key factors in its global appeal.

Gregory Hill, chief administrative officer at the University of Utah Asia Campus, mentioned the unique program offered by the University of Utah Asia Campus, which was launched a decade ago. This program allows students to earn degrees in English while studying for three years in Korea and one year at the university's home campus in the United States.

Hill noted that Incheon is the only location worldwide offering such a program.

He also underscored the state of Utah's will to invest in Incheon, citing recent efforts to strengthen business and travel partnerships.

"The state of Utah recently hired and placed members of the World Trade Center Utah in Korea full-time to explore business partnerships and development opportunities," he said.

Hill added that a partnership with Delta Airlines has led to the recent launch of a nonstop flight from Incheon to Salt Lake City.

"This development enhances business and travel connections, making these partnerships stronger than ever," he said.

Jeffrey Jones, chairman of Ronald McDonald House Charities Korea, expressed optimism about Inspire Resort's potential to establish Incheon as a premier tourism hub in Korea.

"Inspire Resort is an integrated development featuring hotels, shopping centers and a massive water park," he said.

Jones added that the resort will host various events highlighting Korean culture, including K-pop performances, positioning Incheon as a major destination for international and domestic tourists.

James Kim, chairman and CEO of the American Chamber of Commerce in Korea, listens to a presentation during the 2024 Roundtable Meeting with Foreign Chambers of Commerce in Korea at Oakwood Premier Incheon, Tuesday. Korea Times photo by Choi Won-suk

Hector Villarreal, president and CEO of GM Korea Company, noted Incheon's business-friendly environment as a key factor in the company's operations.

He shared the scale of GM Korea's engineering organization, noting that it is the company's second-largest outside the U.S.

Villarreal also underscored the significance of Korea's supply chain, pointing out that most of GM Korea's suppliers are Korean companies, reflecting the importance of the local market and its robust ecosystem.

James Kim, chairman and CEO of the American Chamber of Commerce in Korea, called on Incheon to provide more financial incentives and create a more favorable environment for foreign companies to operate.

"In the Trump era, there was a strong focus on business and trade," he said.

"It's critical to figure out solutions that open the market further and ensure Korea remains a welcoming destination for international businesses."

Regarding this, Incheon Mayor Yoo Jeong-bok emphasized the need for a strategic approach to boost exports.

"Incheon will focus on delivering strong administrative support, fostering a favorable business environment, and providing investment opportunities within the legal framework available to local governments," he said.