What is IFEZ?


The Free Economic Zone (FEZ)

Refers to an area where business and economic activities of foreign investors are guaranteed by promoting systems and conditions that differ from other areas.

Thus The Free Economic Zone is an international city that offers taxation support, free economic activities, high quality administrative services, and a convenient living environment.

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.

Location
  • Regions of Yeonsu-gu (Songdo International City), Jung-gu (Yeongjong District), Seo-gu (Cheongna International City)
  • Located in the west coast, adjacent to Seoul
  • Stronghold connecting China and Japan, and an entry point to North Korea
Area
  • Total 132.9㎢
  • Songdo International City(53.45㎢), (Yeongjong District(61.7㎢), Cheongna International City(17.8㎢)
Accessibility
  • Approximately 50㎞ distance from downtown of Seoul
  • Major metropolitan cities, such as Suwon, Anyang, Gwangmyeong, and Bucheon accessible in under an hour
  • Bridge role between China and Japan, both countries 1~2 hours away
Potential Market
  • Population of 2.9 million in Incheon Metropolitan City
  • 23 million people in Seoul and its surrounding metropolitan regions (48% of the national population)
  • 147 foreign cities with a population of 1 million or more within the distance of 3 flight hours away, large consumption market of 2 billion people

Designation August 11th, 2003
Area Size 132.9㎢ - three times the size of Manhattan / 70 times of Yeouido
Expected Population/ Infrastructure 512,000 people / 21.45 trillion won
Period 2003 ~ 2020
Development Plan Songdo (business IT ∙ BT), Yeongjong (logistics, tourism), Cheongna (business, finance, tourism and leisure, high-tech industry)

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