IFEZ 인천경제자유구역 로고

On Monday, March 7, 2005, Incheon Metropolitan City and the Incheon Free Economic Zone Authority (IFEZ) signed a joint venture agreement at Lotte Hotel in Sogong-dong, Seoul, to establish PH Korea, the project company for the Songdo New Port development project. On the same day, the PH Port Consortium and nine participating domestic construction companies announced that, under the agreement, they would operate PH Korea by paying in capital of USD 25 million (approximately KRW 26 billion) in three installments. The agreement was regarded as laying the foundation for fostering Songdo New Port into a Northeast Asian hub port.