According to South Korea's Chosun Ilbo, a large number of Chinese e-commerce products are gathered at the logistics center in Weihai, Shandong, and then enter South Korea through west coast ports such as Incheon, Pyeongtaek, and Gunsan, before being airlifted to North America and Europe via Incheon Airport. The sales volume of Chinese e-commerce companies influences South Korea's overseas air cargo volume.
Data from Incheon International Airport Corporation shows that in 2023, the total weight of "sea-air intermodal cargo" arriving at Incheon Airport by sea and then airlifted to third countries reached 98,560 tons, an increase of 43.1% compared to the previous year. Of these shipments, 99.6% originated from China.
In addition to logistics, Incheon has established industries in the three high-end manufacturing sectors that the South Korean government is continuously investing in: bio-health, new energy future vehicles, and semiconductors.
Incheon is the center of South Korea's biopharmaceutical industry, leading the country's life health industry to become a new growth point. Statistics show that in 2023, the market value of South Korea's biopharmaceutical market reached 25 billion USD, making it an indispensable biomanufacturing center in the global supply chain.
Data indicates that Incheon's biopharmaceutical production capacity reaches 1.16 million liters, the largest scale for a single city globally. Incheon's bio-industry cluster is concentrated in Songdo, which currently has 11 industrial parks, gathering leading local bio companies such as Samsung Biologics, Lotte Biologics, Celltrion, and SK Biopharmaceuticals, as well as global raw material companies like Merck, Sartorius, Cytiva, and Thermo Fisher Scientific.
Incheon's photovoltaic energy storage battery industry chain is also quite complete, covering the development of energy storage technologies, including lithium-ion batteries, vanadium redox flow batteries, and sodium-sulfur batteries, as well as the production and services of supporting equipment such as photovoltaic modules, inverters, and mounting systems.
Recently, the Incheon City Government released the "Incheon Future Industry Map," stating that in the future, four major advanced industrial belts will be constructed: a "Bio-Semiconductor-Materials, Parts, Equipment Belt" in Songdo, Namdong, and Yeongjong; a "Robotics-Mobility-Advanced Medical Belt" in Cheongna; an "Eco-Friendly-Future Energy Belt" in Geomdan and Yonghyeong; and an "ICT Convergence Belt" in Juan, Bupyeong, and Gyeyang. By 2050, the four economic belts are expected to create a market value of 73 trillion KRW (approximately 381.8 billion RMB).
Against the backdrop of adjustments in the China-South Korea trade structure, Incheon will take on more responsibilities for industrial exchange, and more Chinese companies are beginning to establish a presence in Incheon, involving sectors such as logistics, new energy, real estate, e-commerce, and retail.
For example, Hong Kong's Chow Tai Fook Group submitted a letter of intent to the South Korean government to establish a presence on Yeongjong Island, Incheon; Alibaba is also negotiating with the Incheon city government to invest in building a large shopping center, hotel, logistics center, etc., in the Incheon Yeongjong Island Free Economic Zone; China Travel Service Hong Kong Holdings and Weihai Baima Yun Warehouse Supply Chain Management Co., Ltd. plan to establish overseas warehouse projects in Incheon; Ganzhou Cycle Power Technology Co., Ltd. invested $87,400 (approximately 600,000 RMB) to set up a new subsidiary in Incheon to engage in lithium battery recycling technology services, trade, and other businesses; the Mexican Chinese enterprise Qilin Group once co-invested with Incheon City, South Korea, to build the first Chinese commercial city in South Korea—"Incheon Chinatown"…
This time, the AsianFin Global Business Leaders Club, jointly initiated by TMTPost and the American AsianFin, will be led by representatives of star companies in four major fields: biotechnology, automotive and autonomous driving, clean energy, and smart logistics from China, to engage in two-way deep exchanges with representative companies in South Korea's four major fields.
Additionally, participants can fully engage in key activities of Incheon Tech Week, exchanging with dozens of South Korean policymakers and leaders of key industries; conduct in-depth visits to the Incheon Yeongjong Logistics Industrial Park, Songdo Bio Industrial Park, and Seoul Pharmaceutical Base, and engage in deep exchanges and learning with South Korean giants such as Samsung Biologics, CJ Logistics (under CJ Group, South Korea's largest logistics company), Hyundai Group, as well as global companies established in South Korea, to explore globalization experiences and uncover cooperation opportunities.
There are limited seats available for this delegation. Interested company executives are welcome to scan the code to register. (Author｜Yang Xiujuan, Editor｜Wang Lu)
