IFEZ emerges as preferred international investment hub

A major global business and logistics hub in northeast Asia, the Incheon Free Economic Zone (IFEZ) is positioned to become one of the world's top hubs by 2020. With a geographically advantageous location connecting 61 cities, attractive tax incentives and a highly educated workforce, it continues to draw in record-high foreign direct investment (FDI) - peaking at US$2.07 billion in 2012 in less than 10 years since its inception.

"We believe that IFEZ is a key economic growth engine powering the Korean economy," says Lee Seung-joo, IFEZ business promotion bureau managing director. "Having successfully cultivated hi-tech business clusters such as information technology and biotechnology during our last five years, our investor strategy is moving towards integrated resorts and service industries - shopping, leisure, tourism and integrated resorts."

Officially designated as the country's first free economic zone by the South Korean government in August 2003, IFEZ covers 209.38km of land encompassing Songdo, Cheongna and Yeongjong. 

Its strategic logistics network - comprising Incheon Port and Incheon International Airport - brings foreign investors in close proximity with vital northeast Asian trade junctures such as Beijing, Shanghai, Seoul and Tokyo. 

South Korea's advanced knowledge-based industries and research and development resources are also critical factors stimulating IFEZ's growth.

IFEZ envisions itself as an intelligently designed global eco-city. Its infrastructural blueprint integrating sustainable design - from parks and automated waste collection services to energy-efficient transit systems - has been successfully exported to other countries including Ecuador. IFEZ is negotiating a memorandum of understanding with Indonesian free trade zone Batam.