- Met with Korean American business leaders in LA to introduce Incheon’s initiatives for overseas Koreans -

- Secured LOIs from LA-based video media and financial firms, marking the first step in establishing K-Con Land -

Incheon Metropolitan City (Mayor Yoo Jeong-bok) announced that Mayor Yoo visited Los Angeles, CA on his return journey after his overseas schedule, including the attendance to the presidential inauguration of U.S. President Donald Trump.

Mayor Yoo held discussions with key Korean American business leaders in LA on Jan. 23 to explore ways to boost trade and investment amid escalating trade pressures from the U.S. He also expressed his sympathies to Korean American residents affected by the recent wildfires. In the meeting, Mayor Yoo outlined crucial initiatives aimed at overseas Koreans, including the World Korean Trade Complex and Global Koreatown (Phase 3) construction projects, both of which have been in progress following the successful establishment of the Overseas Koreans Agency’s settlement in Songdo, Incheon. The attendees showed noteworthy interest in these initiatives and expressed their willingness to participate in various ways.

World Federation of Overseas Korean Traders Associations (World OKTA) Chairman Lee Yeong-jung advocated Incheon’s project directions and suggested support for numerous businesses from across the country, including Incheon, in the upcoming Korea Business Expo set for later this October in Incheon. In response, Mayor Yoo stated, “I urge you to create more export opportunities for small and medium-sized enterprises through this event,” pledging his full support. He added, “As Mayor of Incheon, home to the Overseas Koreans Agency, I am committed to enhancing business and living conditions for overseas Koreans and positioning Incheon as a global hub for Koreans living overseas.” 

As the center of the global cultural industry, LA also served as the venue for investment attraction efforts aimed at revitalizing Korean content. Mayor Yoo presided over a ceremony where letters of intent (LOIs) were exchanged with Hollywood-based video and media companies and investors hoping to expand their presence in Incheon.

Aligning Incheon's municipal policies with the Korean government’s strategy for the country to rank in the global top 4 powerhouses with Korean content, Incheon plans to consolidate content companies within the Incheon Free Economic Zone (IFEZ) and establish K-Con Land, a dedicated hub for content production and export. With this move, the city government seeks to contribute to national development and reinforce Incheon’s position as a global top 10 city.

The signing ceremony for the letters of intent was held at KOTRA LA Trade Center, attended by Mayor Yoo, IFEZ Authority Commissioner Yoon Won-seok, and representatives from four global media and investment companies. The agreement outlined the participating companies’ commitment to the K-Con Land project and established a framework for comprehensive cooperation between Incheon and its partners.

MBS Group, a global leader in studio development and operations headquartered in California, provides production services and studio rentals to top-tier content creators worldwide. The company’s studio assets are valued at over $7.5 billion. During discussions with Mayor Yoo, MBS Group acknowledged Incheon’s potential in the content industry and expressed its intent to participate in content-related projects in the IFEZ. Following the signing ceremony, the company invited the Incheon delegation to visit Amazon Studios in Culver City, CA to observe its operations.

Stargate Studio is a premier post-production company specializing in special effects and virtual production. The studio combines its mobile LED walls and self-developed ThruView technology to offer cutting-edge virtual production solutions. Stargate expressed its interest in entering South Korea’s growing special effects market, using IFEZ as its base of operations. Additionally, The Jim Henson Company, renowned for its children’s animation and puppetry content, including Sesame Street and The Muppets, submitted an LOI for potential collaboration.

The event also received an LOI of an immense investment from Ametrust, a global financial investment firm dedicated to real estate development and asset management. Ametrust committed to investing a total of $2 billion in financial capital toward new development projects, including cultural industry initiatives in the IFEZ and new development projects in areas such as the southern Ganghwa region. Ametrust plans to finalize its investment targets soon.

“This agreement marks a crucial milestone in Incheon’s journey to becoming the global-tier hub for cultural content production and consumption on par with Hollywood,” said Mayor Yoo. “Through ongoing collaborations and investments with world-class video media production companies and AI-driven technology firms, we will continue to promote the K-Con Land project and attract international participation.”

Incheon remains committed to expanding partnerships with domestic and global content enterprises, solidifying its role as a Korean content production and consumption centerpiece.