The Incheon Free Economic Zone (IFEZ), located in Incheon, South Korea is a Korean Free Economic Zone that consists of the three regions of Songdo, Cheongna, and the island of Yeongjong and has a total area of 51,739 acres (209.38 km2).[1] The goal of the IFEZ is to transform these three areas into hubs for logistics, international business, leisure, and tourism for the Northeast Asian region. Incheon's Free Economic Zone was officially designated by the Korean government in August 2003.[2][3] IFEZ is planned to be a self-contained living and business district featuring air and sea transportation, a logistics complex, an international business center, financial services, residences, schools and hospitals, and shopping and entertainment centres.
In Febuary 2024, Dr. Yun Won Sok was named the new Commissioner of the Incheon Free Economic Zone (IFEZ).
Dr. Yun previously served as the Executive Vice President of KOTRA and has held key trade positions in Los Angeles, Vancouver, and Nairobi.
As the new head of IFEZ, he will be responsible for developing the Incheon Free Economic Zone and surrounding areas, including Songdo, Cheongna, and Yeongjong International City, as well as attracting foreign investments.
Dr. Yun notes, “Over the next three years, I will aim to attract foreign and domestic investment in pharma and healthcare, tourism and leisure, and high-tech industries to create a ‘world-class city’.[4]
The Incheon Free Economic Zone (IFEZ) was established with the intent of opening South Korea to Foreign Direct Investment (FDI) and becoming one of the top economic zones in the world.[5] The time period for the Infrastructure Development stage was from 2003 to 2009, and the time period for the Project Development stage was from 2010 to 2014.[5] The first stage is for building infrastructures, and the second stage is for "expanding the infrastructure for education, health, and leisure, and attracting domestic and international businesses" [5] The final stage is ongoing and to realize the goal of the project of building a top three economic zone in the world.[5]
The Songdo district development began in 1994 and was built on reclaimed land. It is a smart city and a hub for international trade, an area for knowledge-based technologies, and a place for living.[6]
Today, Songdo is a community of 167,000 residents located within one of three Free Economic Zones (IFEZ) in Incheon, South Korea. The project has been approximately 86% completed. Aside from residential areas, the location is also home to a Global Campus, Pharma Hub, Startup Center, and international organizations such as the Green Climate Fund.[6]
Yeongjong International City’s 34,183 acres (138.33 km2) centering on the Incheon International Airport is being developed as an eco-friendly airport city. It will be a functional city with residential amenities for airport staff and visitors, as well as logistics, commercial and distribution facilities. Yeongjong will provide an optimal environment for logistic, tourism and leisure in conjunction with the Incheon International Airport.
The Cheongna district, on the mainland adjacent Yeongjong Island, will focus on entertainment and will feature a world class theme park. It will also be a residential area with sports facilities, a floriculture complex, and a business area specially designed for international finance.