인천경제자유구역 (Incheon Free Economic Zone)

South Korea · Government Administration

The “Free Economic Zone”, unlike other regions in Korea, is one which, through careful establishment of conditions and systems, promotes and secures foreign investment in industry and economics.The Free Economic Zone is an international industrial city which guarantees tax support, free economic activity, high-quality administrative service, and a comfortable and convenient living environment. As one of the central focuses of the Korean government’s ‘Northeast Asia Economic Centralization Strategy’, the Incheon Free Economic Zone (IFEZ) was first nationally designated in August, 2003, and includes Incheon International Airport, Incheon Port, Songdo, Yeongjeong, and Cheongna areas, for a total area of 209㎢. - Designated : August 11, 2003 - Area : Total 169.5㎢– 3 times the size of Manhattan; 70 times the size of Yeouido - Estimated population size and infrastructure allocation : 512,000 people/ 21.4500 trillion won - Period of operation : 2003 ~ 2020 (First phase: Completed in 2009, reclamation and infrastructure construction costs: 41 trillion won) - Development course : Songdo (business IT·BT), Yeongjong (logistics, tourism), Cheongna (business/finance, tourism and leisure, advanced industry)