Participants of 2024 Roundtable Meeting with Foreign Chambers of Commerce pose at Oakwood Premier Incheon, Tuesday. From front row left are BNC Global CEO Jaha Zoda, Italian Chamber of Commerce in Korea President Andrea Verazzi, British Chamber of Commerce in Korea Chairman Sean Blakeley, Incheon Chamber of Commerce & Industry Chairman Park Joo-bong, French Korean Chamber of Commerce and Industry Chairman David-Pierre Jalicon, Incheon Mayor Yoo Jeong-bok, American Chamber of Commerce in Korea Chairman & CEO James Kim, Korea Chamber of Commerce and Industry Executive Vice Chairman Park Il-jun and Korea Times President-Publisher Oh Young-jin. From second row left are Incheon Free Economic Zone Investment Inducement Bureau Director General Kim Jong-hwan, GM Korea Company President & CEO Hector Villarreal, Ronald McDonald House Charities Korea Chairman Jeffrey Jones, University of Utah Asia Campus Chief Administrative Officer Gregory Hill, Finland Chamber of Commerce and Industry in Korea Chairman Heikki Ranta, Incheon Free Economic Zone Commissioner Yun Won-sok, Singapore Chamber of Commerce in Korea Chairman Justin Yong and Swedish Chamber of Commerce in Korea Managing Director Alex Ha. From back row left are Incheon Free Economic Zone investment special adviser Choi Jong, Turkish Chamber of Commerce in Korea Board of Directors member Taha Saran, Australian Chamber of Commerce in Korea Deputy Director Arnold Lee, Incheon Metropolitan City Global City Department Director General Kim Jun-sung, European Chamber of Commerce in Korea Vice Chairperson Per Stenius, Invest KOREA Commissioner Kim Tae-hyung, South African Chamber of Commerce in Korea Chairman Timothy Dickens and Incheon Free Economic Zone policy special adviser Kim Jung-beck. Korea Times photo by Choi Won-suk

INCHEON — Incheon is establishing itself as a rising global business hub in Korea as leaders from foreign chambers of commerce in the country highlighted the western coastal city's potential to drive future international trade at a roundtable discussion, jointly hosted by the city government and The Korea Times, Tuesday.

Presidents of chambers of commerce representing countries, including the United States, France, the United Kingdom, Australia and Italy met with Incheon Mayor Yoo Jeong-bok, Korea Times President-Publisher Oh Young-jin and directors overseeing the city's business policies.

Discussions at the Roundtable Meeting with Foreign Chambers of Commerce in Korea centered on the city's extensive global trade and transport infrastructure, key industries nurtured under strategic initiatives, and the mayor's vision to elevate Incheon into the ranks of the world's top 10 global cities.

Yoo, in his welcoming remarks, touted Incheon as the best city for foreigners to invest in Korea. Highlighting its strategic assets — including Incheon International Airport, Incheon Port, the Incheon Free Economic Zone (IFEZ) and a large-scale local industrial complex — the mayor said the city is well-equipped with the infrastructure necessary to support robust global trade and economic activity.

Incheon Mayor Yoo Jeong-bok gives a welcoming speech during the 2024 Roundtable Meeting with Foreign Chambers of Commerce in Korea at Oakwood Premier Incheon, Tuesday. Korea Times photo by Choi Won-suk

"With a population of about 27 million — over half of the nation's entire population — the city boasts a vast consumer market. The Incheon airport connects to over 100 global cities, all within just a three-hour flight radius. Companies based in Incheon last year showed an average growth rate of 6.5 percent, way above the nationwide average of 2.7 percent. Incheon is also the only metropolitan city in Korea, which saw an increase in population. While an average population change nationwide in the last year was (negative) 0.3 percent, Incheon grew by over 6 percent," Yoo said.

The mayor mentioned that although U.S. President-elect Donald Trump has spread concerns throughout Korea with his "America First" policies, the city government views this as a make-or-break opportunity.

"We will maximize the opportunity and minimize the risks, shaping win-win policies for both countries," Yoo said. "To draw corporate investments, we'll provide the highest level of administrative supports, business platforms and investment conditions within the country's legal framework."

American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim also downplayed the emerging concerns about possible economic risks to Korea following Trump's election earlier this month. Emphasizing that the Seoul-Washington relationship is "stronger than ever" as seen during his current tenure that has continued for the past two decades, he said there are hopeful signs with the incoming U.S. administration.

American Chamber of Commerce in Korea Chairman James Kim gives congratulatory remarks during the 2024 Roundtable Meeting with Foreign Chambers of Commerce in Korea at Oakwood Premier Incheon, Tuesday. Korea Times photo by Choi Won-suk

"I believe that Trump's America First approach shouldn't be seen negatively," Kim said.

"Just as Mayor Yoo has put Incheon First policies to develop this city as a thriving hub, America First simply focuses on creating the best possible outcomes domestically. This approach, when combined with a commitment to global partnerships, can strengthen both our nations and open up new avenues for collaboration."

He noted that AMCHAM's role is to serve as the bridge between the two countries, by working together with the governments of both to foster a stable policy environment, especially as it is navigating the shifts following the recent election.

"AMCHAM's vision is to help make Korea a regional headquarters for foreign companies," Kim said. "Look at the numbers. Singapore has 5,000, Hong Kong has 1,400 and Shanghai has 900. With Korea having less than 100, this is a great opportunity. With the right policies and commitment, Korea can become a leading hub for regional headquarters in the Asia Pacific region."

Kim Jong-hwan, director general of Investment Inducement Bureau at the IFEZ, highlighting Incheon's dramatic growth from a war-torn village following the Korean War to one of Korea's key growth engines, said the city's geographical location serves as an ideal condition for global trade.

Located on the city's former mudflats, now landfilled, at a coastal region, IFEZ is currently inhabited by over 443,000 people — including nearly 9,000 foreigners — which is 17 times that of its 2003 population. Foreign-invested companies in the zone have increased in number to over 220 and the foreign direct investment amount has increased by $15 billion during the same period.

Kim Jong-hwan, director general of Investment Inducement Bureau at the Incheon Free Economic Zone, gives a presentation about investment opportunities in the city during the 2024 Roundtable Meeting with Foreign Chambers of Commerce in Korea at Oakwood Premier Incheon, Tuesday. Korea Times photo by Choi Won-suk

"We have concluded free trade agreements with 59 nations, with trade volumes approximately $860 billion, forming the world's third-largest economic territory," the IFEZ director general said.

"Fifteen international organizations including the U.N. and Green Climate Fund have moved into the IFEZ, where we currently operate the Songdo bio cluster, high-tech industrial cluster, aviation industrial cluster and a global cluster for robot, automobiles and hydrogen."

He also shared the IFEZ's ongoing projects to develop southern Ganghwa Island and Yeongjong Island, expanding the city's strategic economic grounds with future industries including smart farms, advanced bio and living-friendly industries like theme parks and residential towns.

"Incheon will lock horns with Singapore, Hong Kong and Dubai as a new global business hub," Yoo said, to which AMCHAM chairman James Kim responded, "You can count on AMCHAM."