What is IFEZ?
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 8km 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.
A Free Economic Zone (FEZ) is a special economic area designated in order to attract higher levels of foreign investment by a) improving business and residential conditions for foreign investment companies; and b) by relaxing various regulations to secure the freedom to engage in economic activities and offer attractive investment incentives as much as possible. In addition, FEZs provide a wide range of tax benefits, reduce regulations to ensure the freedom to engage in economic activity, establish convenient living conditions and easy-to-use administrative services for free-flowing and diverse business endeavors.
Outline of IFEZ
|Designated Date||August 11th, 2003|
|Expected population / Project cost||545,803 / 81.333 trillion won|
|Period||2003 ~ 2030|
|Area Size||122.42km² - three times the size of Manhattan / 42 times the size of Yeouido|
|Development Direction||Songdo (business IT·BT), Yeongjong (logistics, tourism), Cheongna (business·finance, tourism and leisure, cutting-edge industries)|
|Target Development Area||Yeonsu-gu (Songdo International City), Jung-gu (Yeongjong International City), Seo-gu (Cheongna International City) - all located in Incheon Metropolitan City|
|Songdo International City||Yeonsu-gu (Songdo International City), Incheon Metropolitan City||53.36㎢|
|Yeongjong International City||Jung-gu (Yeongjong International City), Incheon Metropolitan City||51.26㎢|
|Cheongna International City||Seo-gu (Cheongna International City), Incheon Metropolitan City||17.80㎢|