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What is IFEZ?

IFEZ was designated in August 2003 with a total area of 122.42km² covering Songdo, Yeongjong and Cheongna as the government’s strategy of becoming the business hub for Northeast Asia’s economy, including Incheon International Airports and Ports.

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.
What is a Free Economic Zone?

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

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

District
District Name Location Area(㎢)
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㎢