Incheon Free Economic Zone (IFEZ) celebrates its 20th anniversary on Oct. 15, marking two decades of steering South Korea’s economic growth.
Incheon Free Economic Zone (IFEZ), composed of Songdo, Cheongna, and Yeongjong International Cities, was designated as South Korea’s first free economic zone on Aug. 11, 2003. The Incheon Free Economic Zone Authority commenced its operations on Oct. 15 the same year. It transformed tidal flats into towering skyscrapers and attracted foreign companies, positioning IFEZ as a global city.
The foreign direct investment (FDI) attracted by IFEZA so far amounts to US$14.756 billion, accounting for 70.9% of the US$20.8 billion drawn by the nine free economic zones across the nation. International organizations like the Green Climate Fund (GCF), headquartered in Songdo’s G Tower, further enhance IFEZ’s stature, along with 14 other entities.
Within the Songdo Biocluster, an ongoing project spanning 2 million square meters across Songdo zones 4, 5, 7, and 11, major bio-companies like Celltrion, Samsung Biologics, and SK biosciences are continuing their investment in R&D and manufacturing facilities. This area also sees the presence of global raw material companies like Merck and Sartorius. The Incheon Global Campus and Incheon Startup Park are leading the enhancement of educational environments and the entrepreneurial ecosystem, respectively.
Centered in Cheongna, there’s an ongoing project to establish G-Tech City, aiming to nurture the gaming industry. Other ventures like the construction of a multi-stadium dome and the establishment of the Starfield Cheongna shopping complex are also progressing smoothly. Meanwhile, Cheongna Medical Complex, in collaboration with Seoul Asan Hospital, is under construction and will boast 800 beds in its first phase.
In Yeongjong, the Inspire Resort is nearing completion. This facility is part of a comprehensive resort project connected to Incheon International Airport. Paradise City opened its hotel and convention center in April 2017, followed by a plaza and spa in September 2018, solidifying its position as a premier hotel representing Incheon.
Currently, the IFEZ development rates are 86.6% for Songdo, 93.6% for Cheongna, and 80.8% for Yeongjong. IFEZA plans to lead the IFEZ development centered around key strategic industries like bio and healthcare until 2032, as per the third basic plan for the free economic zone.
Kim Jin-yong, commissioner of the Incheon Free Economic Zone Authority, commented on Oct. 11, “Building a city at such a rapid pace is a rarity in the history of world cities. We are now set to lead as a city on the global stage.”