Incheon sees a growing inflow of domestic and overseas companies.

A total of 2,549 Incheon-based companies were reported to have shut down or been relocated to other regions while 3,444 companies to have started operation in Incheon during the 2010-2012 period, according to Incheon-si (City) Sunday.

The city hit a record high of USD 3.282 billion in foreign direct investment (FDI) during the cited period, prompted by a spate of companies making inroads into Incheon, which is the second largest FDI in Korea only behind that of the Seoul Metropolitan City.

Samsung BioLogics plans to start the construction of the bio medical production plant No. 2 in Songdo International City, Incheon this year, following the first one established in last December, with the total 2.1 trillion won-investment.

The Tokyo Ohka Kogyo., Ltd. (TOK) and Amkor Technology will complete the construction of their manufacturing facilities in Songdo in June and in the second half of this year, respectively.

In Cheongna District, LG V-ENS will finish the construction its research and test-bed facilities for electric vehicles’ components and Hana Financial Group Inc. plans to build its headquarters, research center and human resource development center by the first half of 2016.

“We are rolling up our sleeves to lure more investors to create a virtuous circle for the regional economy,” said an Incheon official. “Our efforts have led to more and more Japanese and Chinese companies advancing into Incheon.”

Source: Yonhap News (Feb. 17, 2013)

** This is the translation of a Korean article.