Korea's Inchon - Free Trade Zone

Authorities responsible for the construction of the Incheon Free Economic Zone (IFEZ), the nation's first free economic zone, unveiled five major missions to better promote the business-specialized region on its fifth anniversary Wednesday.

To upgrade the self-contained commercial zone, it plans to establish a robust package of incentives to attract foreign investments and build research and medical clusters through partnerships with colleges, companies as well as major foreign-based hospitals.
It will also attract various culture and tourism centers as a next-generation strategic business, build state-of-the-art infrastructure in the city by introducing a new public transportation system and secure communication and decision making channels between residents of Incheon and local and central governments, in an attempt to achieve a projected goal of $36.4 billion in investment by 2020.

In spite of the accomplishments so far, some things still leave something to be desired in their operation, IFEZ said.
Not enough public consensus with residents of Incheon have been made regarding development plans, and a lack of infrastructure often gave the business a tough time.
It also expressed its regret over less-than-expected governmental support and deregulations to prop up the economic zone.

"There are still a lot of obstacles to get over, including lukewarm support from the central government and the recent global financial crisis. After five years, it's time for even more commitment and effort," said Lee Heon-seok, CEO of IFEZ.
Since its foundation in 2003, the economic zone, consisting of three areas of Songdo, Yeongjong and Cheongna, has attracted a total of $395 million in investment in 39 projects.
Songdo International City is specialized in high-tech industries and Yeongjong Island in logistics, tourism and leisure businesses. Cheongna is fostered mostly as a place for entertainment and theme parks.

In its major projects of late, construction of a 151-story skyscraper has kicked off within the Songdo area and a 12.5-kilometer new bridge, the nations longest, named Incheon Bridge, is under construction and due October next year.