IFEZ Still Undecided on This Year’s FDI Target

The Incheon Free Economic Zone has yet to designate its FDI reporting target for this year. Incheon Metropolitan City says the authority initially proposed a target of 600 million dollars for 2026, but withdrew the proposal saying further review was needed. Despite exceeding last year’s foreign direct investment results, the authority is now considering lowering is foreign direct investment target, citing a shortage of industrial land within the Incheon Free Economic Zone available for attracting new investment.

Incheon Completes Integrated Design and Pilot Project for Incheon Islands 

Incheon Metropolitan City has announced it held a final briefing for the successful completion of a project to develop an integrated design covering the identities of all 192 Incheon islands. With a total budget of one billion won, the project established a unified brand and design system unique to Incheon islands and carried out a pilot project on Deokjeok island. The city plans to apply the system step by step across various fields to enhance the brand value and lay the groundwork for sustainable island development.

Incheon Bills 12.8 Billion Won in License Registration Tax for 2026

Incheon Metropolitan City says it has issued invoices for 396,262 cases of regular license and registration tax for 2026, totaling 12.8 billion won. The amount is up 200 million won from last year, mainly due to an increase in licenses for radio stations and online retail businesses. Regular license registration tax is levied every January on those holding permits, approvals, or registrations valid for more than one year as of January first, with amounts varying by license type and business site size.

City Urges Drivers to Apply for Vehicle Tax Prepayment Program

Incheon Metropolitan City is accepting applications for its vehicle tax prepayment program, which offers tax reductions for paying the whole annual amount in advance. Applications will be accepted until February 2nd. Vehicle tax is normally billed twice a year, in June and December, but drivers can receive a discount by paying the full year’s amount in January. Those who pay in January receive a five-percent discount on the portion covering February through December, effectively reducing the total annual tax by about 4.6 percent.

Fisheries Inspection Center Launched to Strengthen Food Safety Management

The Incheon Metropolitan City Institute of Health and Environment says it has begun operating a dedicated fisheries inspection center to strengthen constant monitoring of seafood safety. The new center was established to ease public concerns over radioactive contamination of seafood and to create a safer food environment. Since the 2023 decision to release treated water from the Fukushima nuclear plant, Incheon has continuously expanded seafood inspection functions at the institute.

Incheon Companies See Bleak Outlook for 2026

Business outlooks among companies in Incheon are showing signs of pessimism for the new year. The Incheon Chamber of Commerce and Industry says a survey of 208 local companies found that 50.5 percent expect business conditions to worsen compared with last year. Many companies said they expect sales to either remain flat or decline this year.

SOC Urgent in New Incheon Districts as Population Rises

Incheon Metropolitan City’s newest administrative districts, Yeongjong-gu and Geomdan-gu, are expected to continue growing in population. As both districts are set to launch in July, expansion of daily-life social infrastructure, or SOC, is urgent. According to an Incheon Research Institute report on SOC supply measures, populations in the Yeongjong and Geomdan areas have increased by 536 percent and 385 percent respectively over the past 21 years, and are forecast to reach 160,000 and 280,000 by 2030. The report says expanded childcare and youth facilities will be essential in the new districts.

Sources: https://news.ifm.kr