The Incheon Free Economic Zone (IFEZ), located in

Incheon Incheon is a city located in northwestern South Korea, bordering Seoul and Gyeonggi Province to the east. Inhabited since the Neolithic, Incheon was home to just 4,700 people when it became an international port in 1883. As of February 2020, ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

is a Korean Free Economic Zone that consists of the three regions of Songdo, Cheongna, and the island of Yeongjong and has a total area of . The goal of the IFEZ is to transform these three areas into hubs for logistics, international business, leisure, and tourism for the Northeast Asian region. Incheon's Free Economic Zone was officially designated by the Korean government in August 2003.Free Economic Zone(FEZ)
, Invest Korea IFEZ is planned to be a self-contained living and business district featuring air and sea transportation, a logistics complex, an international business center, financial services, residences, schools and hospitals, and shopping and entertainment centers. In February 2024, Dr. Yun Won Sok was named the new Commissioner of the Incheon Free Economic Zone (IFEZ). Dr. Yun previously served as the Executive Vice President of KOTRA and has held key trade positions in Los Angeles, Vancouver, and Nairobi. As the new head of IFEZ, he will be responsible for developing the Incheon Free Economic Zone and surrounding areas, including Songdo, Cheongna, and Yeongjong International City, as well as attracting foreign investments. Dr. Yun notes, “Over the next three years, I will aim to attract foreign and domestic investment in pharma and healthcare, tourism and leisure, and high-tech industries to create a ‘world-class city’.

Purpose

The Incheon Free Economic Zone (IFEZ) was established with the intent of opening South Korea to

Foreign Direct Investment A foreign direct investment (FDI) is an ownership stake in a company, made by a foreign investor, company, or government from another country. More specifically, it describes a controlling ownership an asset in one country by an entity based i ...

(FDI) and becoming one of the top economic zones in the world. The time period for the Infrastructure Development stage was from 2003 to 2009, and the time period for the Project Development stage was from 2010 to 2014. The first stage is for building infrastructures, and the second stage is for "expanding the infrastructure for education, health, and leisure, and attracting domestic and international businesses" The final stage is ongoing and to realize the goal of the project of building a top three economic zone in the world.

Songdo International City

The Songdo district development began in 1994 and was built on

reclaimed land Land reclamation, often known as reclamation, and also known as land fill (not to be confused with a waste landfill), is the process of creating new land from oceans, seas, riverbeds or lake beds. The land reclaimed is known as reclamatio ...

. It is a

smart city A smart city is an urban area that uses digital technology to collect data and operate services. Data is collected from citizens, devices, buildings, or cameras. Applications include traffic and transportation systems, power plants, utilities ...

and a hub for international trade, an area for knowledge-based technologies, and a place for living. Today, Songdo is a community of 167,000 residents located within one of three Free Economic Zones (IFEZ) in Incheon, South Korea. The project has been approximately 86% completed. Aside from residential areas, the location is also home to a Global Campus, Pharma Hub, Startup Center, and international organizations such as the

Green Climate Fund The Green Climate Fund (GCF) is a Funding, fund for climate finance that was established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC). Considered the world's largest fund of its kind, GCF's objective ...

Yeongjong Island

Yeongjong International City’s centering on the

Incheon International Airport Incheon International Airport is the main international airport serving Seoul, the capital of South Korea. It is also one of the largest and busiest airports in the world. This airport opened for business on 29 March 2001, to replace the old ...

has been developed as an eco-friendly airport city and

aerotropolis An aerotropolis is a metropolitan subregion whose infrastructure, land use, and economy are centered on an airport. It fuses the terms "aero-" (aviation) and "metropolis" and is similar to the concept described as an airport city. Like the tradi ...

. It is a functional city with residential amenities for airport staff and visitors, as well as logistics, commercial and distribution facilities. Yeongjong provides an optimal environment for logistic, tourism and leisure in conjunction with the

Cheongna

The Cheongna district, on the mainland adjacent Yeongjong Island. Plans call for Cheongna, as part of the IFEZ to become a business area specially designed for international finance, entertainment, tourism, and gaming.

References

{{reflist Geography of Incheon Korean Free Economic Zones