According to Yonhap News,

(INCHEON=Yonhap News) Incheon Free Economic Zone (IFEZ) Authority marks its 14th anniversary on October 13.

Designated and publicly announced as Korea's first free economic zone on August 11, 2003, IFEZ has completed the first two development stages of 'forming an international city framework' and 'attracting investment,' and is currently going through the final stage, set to end by 2022.

Under the goal of 'Building a Central Hub for Business in Northeast Asia', the IFEZ Authority has pushed forward with various various development projects, and through them has achieved significant results.

Of the three districts that make up IFEZ, the Songdo International Business District has completed 72.1 percent of its landfill project and 79.1 percent of the urban development project.

Meanwhile, the Yeonjong and Cheongna Districts have completed landfill construction, and 80.8 percent and 100 percent of urban development efforts, respectively.

Since 2003 to the first half of 2017, IFEZ accounted for 66.6 percent of the total amount of foreign direct investment (FDI) reported by all eight FEZs across the country.

For the past 14 years, IFEZ has attracted USD 10.302 billion in FDI and 77 foreign-invested companies.

Nine organizations affiliated with the United Nations, including the Green Climate Fund, World Bank, the Association of World Election Bodies (A-WEB) and the Economic and Social Commission for Asia and the Pacific (ESCAP), as well as six other international organizations have moved into the IFEZ.



smj@yna.co.kr

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