Free Economic Zone
The Incheon Free Economic Zone consists of the three regions of Songdo, Cheongna, and the island of Yeongjong, and has a total area of 51,739 acres (20,938 ha). The goal of IFEZ is to transform these three areas into hubs for logistics, international business, leisure, and tourism for the Northeast Asian region. The term 'Free Economic Zone' applies to the development in these three areas with the aim of improving the business environment for 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.
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