According to Yonhap News,

Incheon-si is pushing forward with plans to develop the Incheon Free Economic Zone (IFEZ), including Songdo, Cheongna, and Yeongjong International Cities, into a K-content hub by bringing together global content companies.

On January 23rd (local time) during his business trip to the United States, Incheon Mayor Yoo Jeong-bok received a letter of investment (LOI) from the MBS Group to participate in content-related projects being developed in IFEZ.

MBS Group, based in California, is a global studio development and operations company that offers production services and studio-based rental services to world-renowned content creators.

Incheon-si explained that MBS Group’s studio assets are valued at over USD 7.5 billion.

During a meeting with Mayor Yoo, MBS representatives highly uated the potential of Incheon’s content industry.

An official from MBS Group said, "We considered participating in the Cheongna Visual Culture Complex project three years ago, but due to local union strikes in California at the time, we couldn’t take part. However, we are still very interested in expanding into Incheon."

On the same day, Mayor Yoo also received LOIs from Hollywood media companies and investors wishing to enter Incheon at a meeting held at KOTRA's Los Angeles office.

Incheon-si plans to establish a “K-Con Land” that will concentrate content companies around IFEZ and focus on producing and exporting content abroad, aligning with the government's strategy to make K-Content one of global 4 top players.

Stargate Studios, which submitted the LOI, is based in California and has branches in Toronto, Atlanta, and London. The company specializes in special effects and virtual production, offering advanced virtual production solutions based on its own technology.

Stargate expressed interest in entering the growing special effects market in South Korea, with IFEZ as a base.

Additionally, The Jim Henson Company, known for its expertise in animation and puppetry, also submitted a letter of intent to enter Incheon.

Incheon-si plans to expand its collaboration with domestic and international content companies, strengthening its position as a central hub for the K-content industry.

The city also received a letter of intent for significant investment amount from the global financial investment firm Ametrust.

Ametrust, a real estate development and asset management company, submitted an LOI for a financial investment of USD 2 billion in cultural industry projects being promoted in IFEZ, as well as new development projects in the southern part of Ganghwa Island. They plan to select investment target projects soon.

Mayor Yoo stated, "Through collaboration with global media companies, we will support more creators and businesses to take an interest in and participate in the development of K-Con Land that Incheon is pushing forward."

smj@yna.co.kr

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Source: Yonhap News (January 24, 2024)

** This article was translated from Korean.