The Free Economic Zone (FEZ)
Refers to an area where business and economic activities of foreign investors are guaranteed by promoting systems and conditions that differ from other areas.
Thus The Free Economic Zone is an international city that offers taxation support, free economic activities, high quality administrative services, and a convenient living environment.
IFEZ is designated with area size of 132.9㎢ in August 2003 over Songdo, Yeongjong, and Cheongna International Cities including Incheon International Airport/ Ports as the hub for government’s strategy of making Northeast Asia’s economic central.
Incheon is where the country’s west coast originates, serving as the gateway to Seoul and a metropolitan area with 23 million people and the center of Korea’s economic, industrial, and land development. Located 8㎢ from downtown Incheon and 50㎞ from the center of Seoul, IFEZ, and its adjacent Incheon Port, are highly accessible, with major metropolitan areas only 60~90 minutes away.
|Designation||August 11th, 2003|
|Area Size||132.9㎢ - three times the size of Manhattan / 70 times of Yeouido|
|Expected Population/ Infrastructure||512,000 people / 21.45 trillion won|
|Period||2003 ~ 2020|
|Development Plan||Songdo (business IT ∙ BT), Yeongjong (logistics, tourism), Cheongna (business, finance, tourism and leisure, high-tech industry)|