Economy of Incheon

foreign-invested enterprises and the living conditions for foreigners. The zone is a specially designated area to create the most favorable business and living environment where foreign nationals can live and invest freely and conveniently. Incheon's Free Economic Zone, the first in Korea, was officially designated by the Korean government in August 2003. 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.

New Songdo City

Songdo International City began development in 1994 and is being built on reclaimed land. It is designated to become a center of diverse international businesses, a hub for international trade, an area for knowledge-based technologies, and a place for eco-friendly urban living. Construction is due to be completed in 2020.

Development size: 13,162 acres (53.26 km)

Planned population: 252,000 persons

Construction duration: 1994~2020

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