Introducing incheon free economic zone ifez youtube. Special economic zones open knowledge repository world. This paper concentrates on the incheon free economic zone ifez. Midan city development project, located in the northeast yedanpo area of the yeongjong district, is the free economic zone s first. Panepinto global partners has focused its efforts on the incheon free economic zone ifez located in the city of incheon on the northwest coast of the korean peninsula. Oct 27, 2017 huge sustainable plan in the incheon free economic zone will unite north and south korea via worlds longest bridge. Mayor ahn also described the future songdo international city as the crowning jewel of ifez. The incheon free economic zone and its commodity cities are interfaces and conduits into networks linked to other territories. Green development versus habitat preservation the case of incheon, south korea article pdf available in environment science and policy for sustainable development 53. Byoung jo min, established as a joint venture companyin incheon free economic zone, under the strategic collaboration partnership agreement son biosimilarbetween meiji and donga signed in september 2011. 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. Designation of 8 zones including incheon free economic zone. In india, they are called special economic zones sezs.
The kfezs have become even more attractive to global investors who knock on the korean door first when seeking opportunities in asia. 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. There will be three main sites within the free trade zone of incheon. Free economic zone designation of 8 zones including incheon free economic zone number of resident companies. Free trade zones aim to attract foreign investment, promote trade and international logistics and. The purposes of this paper are to introduce the korean fez system and to suggest factors to be deployed for improving fezs management in korea. Surfaces, coatings and interfaces conference setcor. Oakwood premier incheon is located in songdo international business district. The incheon free economic zone global ip cooperation. Incheon free economic zone, korea curriculum press.
Gateway to korea wide open to the world incheon is turning itself into the business hub of northeast asia. The actual mechanism of songdo free economic zone in incheon, south korea, has been provided. The incheon free economic zone has gained momentum through attracting foreign investment and international firms to the area, stepping closer to its goal of becoming a major northeast asian. Northeast asia trade tower is a largescale mixeduse development designed to attract top tier global and korean companies as tenants to this new international free trade zone. As a result, china has succeeded in attracting a great deal of foreign direct investment. International business district through attraction of the united states gale company investment capital to the free economic zone, 50%2. Incheon free economic zone is renewing its efforts to become a new global financial and logistics hub in northeast asia. Incheon free economic zone ifez international city.
Internationally renowned academic institutions with worldclass academic infrastructure, ecofriendly parks where people can enjoy relaxing breaks, and a variety of livingcultural amenities in ifez help. Incheon, busanjinhae and gwangyang bay as free economic zone. Incheon free economic zone, northeast asia economic. The sez scheme introduced by the government of india in april 2000 has its genesis in the export processing zone epz scheme, which was introduced way back in 1965. With more and more top companies at the vanguard of our global economy and unaffiliated international organizations heading over to incheon, ifez is emerging rapidly as a global business hub. Leading value creator of the global airport industry. Incheon is where the countrys west coast originates, serving as the gateway to seoul.
The incheon free economic zone, established in 2003, consists of the regions of songdo also known as the city of the future, cheongna, and yeongjong. With the completion of the first phase of its development project last year. Incheon free economic zone in south korea incheon free economic zone was the first fez designated area in korea, in august 2003, on the 169 km2 area comprising incheon international airport, incheon port, songdo, yeongjong, and cheongna international city. Incheon s free economic zone, the first in korea, was officially designated by the korean government in august 2003. New cities foundation names songdo, incheon, south korea as. William lee, director of tourism for the incheon free economic zone, outlined plans for opening a huge new casino within a few minutes of the incheon international airport on. Dec 05, 2014 william lee, director of tourism for the incheon free economic zone, outlined plans for opening a huge new casino within a few minutes of the incheon international airport on land reclaimed from. During the measured period, the area of the incheon free economic zone in south korea amounted to approximately 123. Incheon free economic zone,015 likes 15 talking about this 987 were here. Michael hibbard chair, donald holtgrievethis study aims to draw lessons from experiences with the development of a free economic zone in pudong, china, and based on those lessons, to provide implications for the development of incheon free economic zone ifez, korea. The 2017 summit will be organized by the new cities foundation in partnership with incheon metropolitan city and incheon free economic zone ifez.
Sheraton incheon hotel celebrates its opening this week with a number of industry. Korean free economic zones by region 2017 statista. Incheon has since led the economic development of korea by opening its port to the outside world, ushering in the modernization of korea as a center of industrialization. Incheon free economic zone authority in 2005 when it comes to comparing foreign direct investment fdi between korean and china, china has many benefits such as tax incentives to attract foreign direct investments. Figure 1 songdo international business district under. Impact of special economic zones on employment, poverty and. As one of the central focuses of the korean governments northeast asia economic centralization strategy, the incheon free economic zone ifez was first nationally designated in.
Incheon free economic zone authority listed as ifeza. A study on the development plan of incheon free economic zone. Kaupungin kehittamisessa tarkean osan on saanut incheonin vapaa talousalue ifez eli incheon free economic zone, joka perustettiin vuonna 2003 ja johon kuuluvat sataman ja lentoaseman lisaksi songdon uusi kansainvalinen business ja tietotekniikkakaupunki, yeongjeongin logistiikka ja matkailualue seka cheongnan kaupunginosa. Huge sustainable plan in the incheon free economic zone will. The city has a wellestablished transportation network including incheon international airport which was ranked first in airport service quality by the airports council for 10 consecutive years incheon port and the international business complex. A study on the development plan of incheon free economic. Complexsejong dong, 402 hannuridaero, sejong, korea. Korean free eco zones gamble on casino to lure rich. Aug 31, 2017 introducing incheon free economic zone ifez. The tower embodies the planning principles of new songdo city, a 607 hectare 1,500 acre, masterplanned community on the incheon, korea, waterfront. We will inform you about various information needed for your life. The incheon free economic zone ifez was designated as an area of 2. Oct 07, 2019 during the measured period, the area of the incheon free economic zone in south korea amounted to approximately 123.
Factors to be considered for improving free economic zone in. This study aims to draw lessons from experiences with the development of a free economic zone in pudong, china, and based on those lessons, to provide implications for the development of incheon free economic zone ifez, korea. As the republic of koreas first free economic zone and as a center of industrialization, incheon has been a leader in the nations economic development. Incheon s potential of becoming a successful free economic zone is notably high given its ideal geographic location, dedication of highly qualified labor force, and the strong support of the south korean government. It serves as the hub for the governments strategy of making northeast asias economic central. In 2003, the city was designated as koreas first free economic zone.
Major lessons from experiences of pudong free economic zone pudong fez are as follows. Incheon free economic zone authority how is incheon free. This is a city that, like the seventeenth century utopia of bacons imagination, is purported to support the future of science, art, and commerce. Korean free economic zones contents introduction 4 investment merits 6 the seven kfezs in operation incheon free economic zone ifez 18 busanjinhae free economic zone bjfez 20 gwangyang bay area free economic zone gfez 22 yellow sea free economic zone yesfez 24 daegugyeongbuk free economic zone dgfez 26 east coast free economic zone efez 28. Huge sustainable plan in the incheon free economic zone. Korean free economic zones are specially designated areas created to improve the business and living environment for foreigninvested firms in korea. Republic of korea incheon free economic zone ifez plans. Incheon free economic zone, we build success brochure there is a new new atlantis rising from the sea. Songdo will be the first new city to host the new cities summit as the event returns to asia after jakarta hosted in 2015. Retrieved march 2007 from incheon free economic zone. Apr 09, 2016 south korea started opening new international free economic zone ifez incheon free economic zone next to incheon international airport to create a most advanced city with environment friendly.