Incheon Free Economic Zone (“IFEZ”) was the first FEZ designated area in Korea, in August 2003, on the 169.5㎢ area comprising Incheon International Airport, Incheon Port, Songdo, Yeongjong, and Cheongna International City. The Korean government selected IFEZ as a global business outpost promoting free economic activities. It is now developing into an international urban central hub.
Since the designation, IFEZ has successfully constructed remarkable urban infrastructures under the systematic and active development scheme. When the development plan is completed, IFEZ will become a mega-city containing extensive business districts, leisure and education facilities and pleasant residential areas.
|Summary of Incheon FEZ|
|Designation||- 2003. 8. 11|
|Area||- Total 169.5㎢ (3 times Manhattan/70 times Yeoido)|
|Anticipated Population||- 512,000|
|Development Period||- 2003 ~ 2020|
|Development||- Songdo (Commerce, ITㆍBT),
- Yeongjong (Logistics, Tourism),
(Business/Finance, Tourism/Leisure, Cutting-edge technology industry)
Now, the Incheon Free Economic Zone has caught the attention of world business leaders. From here you can visit 61 megacities in 3.5 hours flying time and do business with more than 1/3 of the world’s population. The city in a good position for those who want to enter the Chinese market due to close proximity to major cities in China such as Beijing and Shanghai.
With the city’s strategic location just a 20 minute drive from Incheon International Airport, which has been consecutively rated as number one in the world in airport service and emerged as the main hub of Northeast Asia, and the Incheon port with the most advanced infrastructure, keeping the pace of business humming along. Plus, the transportation network allows you to get Seoul and the metropolitan area within one hour.
Korea is recognized for its high level of education by the major industrialized nations of the world. The Incheon Free Economic Zone can indeed maximize the use of highly educated manpower in high-tech industries including IT, BT, and NT due to its close proximity to the metropolitan area of Korea.
Strategy 1 Attracting Investment
- Invite corporations, attract superior manpower, and enliven tourism with a view to becoming a global city
Strategy 2 Urban Development
- Create a Compact, Smart City by implementing the U-City and Eco-City master plan
Strategy 3 Investment Support
- Relieve regulations and burdens
|Stages||Contents of Strategy|
(2003 ~ 2009)
Building the foundations
- To establish the foundations of an ultra-modern international city, with a focus on the initial
vitalization of the FEZ
(2010 ~ 2014)
- To realize the vision of Global & Company Start City by continuing the construction of the
reclamation infrastructure (U-City, parks/green spaces, waste processing, energy, new
transportation etc.), consolidating the infrastructure for educational, medical, cultural,
leisure facilities and attracting domestic and overseas corporations and R&D institutes.
(2015 ~ 2020)
- To attain the status of one of the world’s top 3 free economic zones