- Incheon Metropolitan City, Korean Air, and Panepinto have signed an MOU in New Jersey, USA -

- They will collaborate to attract aviation anchor companies and develop housing and cultural facilities for aviation workers -

A cultural facility within an aviation complex featuring foreign-invested developers and aviation anchor companies is set to be constructed in Incheon's Yeongjong Sky City.

The Incheon Free Economic Zone Authority revealed that Mayor Yoo Jeong-bok, who is currently on a business trip to the United States, inked a memorandum of understanding with Panepinto and Korean Air on May 29 (local time) in Jersey City, New Jersey to establish this aviation complex cultural facility.

<Incheon Mayor Yoo Jeong-bok poses for a commemorative photo following the signing of an agreement at the "Yeongjong Aviation Complex Cultural Facility Investment Business Agreement Ceremony" in Jersey City, New Jersey, USA on May 29 (local time).>

<Incheon Mayor Yoo Jeong-bok engages in discussions with attendees at the "Yeongjong Aviation Complex Cultural Facility Investment Business Agreement Ceremony" held in Jersey City, New Jersey, USA on May 29 (local time).>

The signing ceremony was graced by the presence of Incheon Mayor Yoo Jeong-bok, Chairman Joseph Panepinto Jr. of Panepinto Global Partners, officials from Korean Air, and the CEO of DP International who collectively signed the memorandum of understanding. 

With the MOU, the parties committed to attracting aviation anchor companies, constructing an aviation business hub, and establishing residential and cultural amenities for associated workers. Panepinto, which is serving as a foreign-invested developer, pledged active collaboration in the development of an international aviation hub city. Incheon Metropolitan City commits to providing comprehensive support for foreign-invested companies including administrative assistance for licensing procedures. 

As a renowned real estate development firm acclaimed for its successful revitalization efforts in downtown Jersey City, New Jersey, USA, Panepinto expressed its intent to invest USD $1 billion in urban development projects within the Incheon Free Economic Zone during Mayor Yoo Jeong-bok's visit to Europe last February. The memorandum of understanding signifies the delineation of this investment plan. 

A 100,000-pyeong site in the Yeongjong Sky City Special Planning Area is currently under consideration for the project. With the signing of the memorandum of understanding, collaborative efforts between the Incheon Economic Agency, Korea Land and Housing Corporation (LH), Incheon Metropolitan City Corporation, and other stakeholders will continue as they advance the business plan.

“Yeongjong International City boasts of world-class airport, robust ground transportation network, seamless connectivity to the port, as well as its status as a free economic zone, making it an ideal destination for attracting companies Through our collaborative efforts with Panepinto and Korean Air, we aim to propel ourselves forward as a premier aviation hub, shaping Yeongjong into a distinct aviation city intertwined with rich cultural elements,” Mayor Yoo Jeong-bok remarked.