What is IFEZ?

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.
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/ Infrastructure 512,000 people / 21.45 trillion won
Period 2003 ~ 2020
Area Size 132.9㎢ - three times the size of Manhattan / 70 times 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 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 52.48㎢
Cheongna International City Seo-gu (Cheongna International City), Incheon Metropolitan City 17.81㎢