Incheon Free Economic Zone (IFEZ) has been frequently described as Northeastern version of Dubai based on that both overcame the geological challenges and political difficulties by providing business- and investment- friendly environment to investors as well as residents in the city.
Despite the global economic downturns, the port city Incheon is now looking the year 2009 as another chance to be more than just similar city to Dubai and take one step closer to a dream of being the world’s best business hub since the first phase of its long journey will be completed this year.
Located at the heart of northeast Asia, Incheon has started its grand projects since 2003 in order to deliver a favorable business environment for global enterprises by 2020.
From the beginning of the scheme, IFEZ on the western coast of Korea has unbeatable advantages: it is only a short distance from China and Japan with their huge economies and markets of 1.5 billion people, and its close proximity to the high-tech manufacturing complexes gives the city access to excellent human resources, particularly in the information and biotechnology sectors.
The development plan for the IFEZ comprises three different areas: Songdo, Yeongjong and Cheongna, with a total area of 51,756 acres and a projected population of 500,000. Construction work is scheduled to be completed by 2020 at a total cost of $ 150 billion.
To attract more investments and attention, the city’s 2009 plan is to build more facilities including a branch of Gugenheim Museum, the Chung Myung Hoo Art Centre, and a Milan Design Centre.
A better education environment is also one of targets Incheon is pursuing for 2009. For instance, Songdo International School, the first foreign educational institution operating in Korea, will open in September in the IFEZ with cutting-edge facilities.
However, even with endless and consistent efforts to bring about improvements in the region, Incheon would not be easily able to escape the global economic attacks.
That is why IFEZ authority commissioner Lee Heon Seok urged the central government in Korea to ease regulations ranging from a variety of development restrictions imposed on the capital zone covering Seoul, Gyeonggi Province and Incheon to various reverse discriminations against domestic companies.
He asserted, "Once weathering the difficult times, Incheon will be a winner out of winter by making a better ground to create Asia's newest business city, rivaling Shanghai, Hong Kong and Singapore."
By Shin Kirim
신기림 기자 kirimi99@ajnews.co.kr
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