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The Incheon Free Economic Zone (IFEZ), located in
Incheon Incheon (; ; or Inch'ŏn; literally "kind river"), formerly Jemulpo or Chemulp'o (제물포) until the period after 1910, officially the Incheon Metropolitan City (인천광역시, 仁川廣域市), is a city located in northwestern South Kore ...
,
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
is a
Korean Free Economic Zone Korea Free Economic Zones (KFEZ) are designated to strengthen national competition for businesses and promote balanced regional development by improving living conditions and business environments for foreigners in South Korea. Korea's economic zo ...
that consists of the three regions of Songdo,
Cheongna {{advertisement, date=April 2019 Cheong-na International City (also pronounced Cheongla) is a development project in Seo-gu, Incheon, Korea. Cheong-na International City is built on a nearly two million square foot plot of land (5.38 million Ko ...
, and the island of
Yeongjong Yeongjong Island is an island off the west coast of the city of Incheon, South Korea, which contains Incheon International Airport as well as small villages, farms, and beaches. The previously separate Yongyu, Sammok, and Sinbul Islands have ...
and has a total area of . 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.Free Economic Zone(FEZ)
, Invest Korea 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.


Purpose

The Incheon Free Economic Zone (IFEZ) was established with the intent of its becoming one of the future top three economic zones in the world. 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. The final stage is expected to be completed by 2020. 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" The final stage is to realize the goal of the project of building a top three economic zone in the world.


Investment incentives

In order to attract many domestic and international businesses, three types of incentives are given: tax reductions, estate support, and subsidies. No taxes are levied on corporate and individual income for few years. The regional government does not impose the acquisition tax over 15 years and the property tax over 10 years. After 10 years of operation without any property tax levied, the business entities are imposed only 50% of the property taxes for three years. The period of corporate and individual income tax levied by the national government varies by the size and the types of the business moving into the district.


New Songdo City

Songdo International City Songdo International Business District (Songdo IBD) is a smart city or "ubiquitous city" & " Private town " built from scratch on of reclaimed land along Incheon's waterfront, southwest of Seoul, South Korea and connected to Incheon Internat ...
began development in 1994 and is being built on
reclaimed land Land reclamation, usually known as reclamation, and also known as land fill (not to be confused with a waste landfill), is the process of creating new Terrestrial ecoregion, land from oceans, list of seas, seas, Stream bed, riverbeds or lak ...
. It is designated to become a center of businesses, a hub for international trade, an area for knowledge-based technologies, and a place for living. In August 2009, Incheon hosted the
Global Fair & Festival 2009 Incheon, Korea Incheon (; ; or Inch'ŏn; literally "kind river"), formerly Jemulpo or Chemulp'o (제물포) until the period after 1910, officially the Incheon Metropolitan City (인천광역시, 仁川廣域市), is a city located in northwestern South Kore ...
in the New Songdo City for a period of 80 days. * Development size: * Planned population: 252,000 persons * Construction duration: 1994~2015 * a new city on * The 68-story
Northeast Asia Trade Tower The Posco Tower-Songdo or Northeast Asia Trade Tower (Korean: 포스코타워-송도) is a skyscraper in Songdo International City, the world's most expensive private real estate project in the Incheon Free Economic Zone, South Korea. The buildin ...
, which will stand as Korea's tallest building. * The Songdo Convensia, operating as Incheon's primary convention center, is Korea's largest column-free interior space. * of open space including a Central Park. * The Incheon Arts Center, a cultural complex housing a concert hall, opera house, museum of Asian contemporary art, a music conservatory, design school, artist in residence housing, and a library. * Public and private schools including the International School Songdo (ISS) for students kindergarten through high school.


International Business District

This project consists of the Songdo Convencia convention centre, the North East Asia Trade Tower (NEATT), many office buildings, and a Jack Nicklaus Golf Course on . The projected budget is approximately 22 billion dollars. The developer is NSIC, a joint venture company between GALE and
POSCO POSCO (formerly Pohang Iron and Steel Company) is a South Korean steel-making company headquartered in Pohang, South Korea. It had an output of of crude steel in 2015, making it the world's fourth-largest steelmaker by this measure. In 2010, i ...
. Songdo Convencia was under construction since March 2005 and was completed by early 2009. It is Songdo's first LEED certified project. NEATT has been under construction since February 2007, and the first phase will be finished by the end of 2009. It will contain 65 stories to a height of approximately 300 meters. A central park is also under construction that will be 10% the size of Songdo International City. It will contain a museum, a botanical garden, an artificial lake and was scheduled to open in June 2009.


Incheon Tower

Incheon Tower The 102 Incheon Tower was a supertall twin tower proposed for construction in Songdo International City, Incheon, South Korea. The design consisted of two 151 floor, supertall skyscrapers connected by three skybridges. The building would have bec ...
will be located in Construction Area 11. It is proposed 151-floor, 610 meter tower but the Incheon government cancelled the plan due to financial problems.


Incheon Bridge

Incheon Bridge The Incheon Bridge () is a reinforced concrete cable-stayed bridge in South Korea. At its opening in October 2009, it became the second bridge connection between Yeongjong Island and the mainland of Incheon. The Incheon Bridge is South Korea's ...
is a long bridge that connects Songdo International City and Yeongjong Island. Construction was completed in 2009


Incheon International Hospital

Incheon will have a hospital in its new Songdo City complex in 2014. According to the MOU, the hospital with 600 beds will be the first profit-making medical institute in Korea, with a sizable foreign investment. It is estimated to cost 400 billion won. The hospital will be built on an 80,000 square-meter site, and construction will be completed by late 2016.


Yeongjong Island

Yeongjong International City’s centering on the Incheon International Airport will be developed as an eco-friendly airport city by 2020. 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. * Development size: * Planned population: 144,800 persons * Duration: 2002~2016


Cheongna

The
Cheongna {{advertisement, date=April 2019 Cheong-na International City (also pronounced Cheongla) is a development project in Seo-gu, Incheon, Korea. Cheong-na International City is built on a nearly two million square foot plot of land (5.38 million Ko ...
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. * Development Size: * Planned population: 90,000 persons * Duration: 2004~2008


References

{{reflist Geography of Incheon Korean Free Economic Zones