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The Incheon Free Economic Zone (IFEZ), located in Incheon, South Korea consists of the three regions of Songdo, Cheongna, and the island of Yeongjong and have a total area of 51,739 acres (209.38 km²). The goal of the 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 of 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.

Contents 1 New Songdo City 1.1 International Business Center 1.2 Incheon Tower 1.3 Incheon Bridge 1.4 Incheon International Hospital 2 Yeongjong Island 3 Cheongna 4 External links

[edit] 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.

In August 2009, Incheon will host the Global Fair & Festival 2009 Incheon, Korea in the New Songdo City for a period of 80 days.

• Development size: 13,162 acres (53.26 km²)
• Planned population: 252,000 persons
• Construction duration: 1994~2020

[edit] International Business Center

This project consists of the Songdo Convencia convention centre, the North East Asia Trade Tower (NEATT), many office buildings, and a Jack Nicklaus Golf Course on 1,364 acres (5.52 km²). The projected budget is approximately 22 billion dollars. The developer is NSIC, a joint venture company between GALE and POSCO.

Songdo Convencia has been under construction since March 2005 and is due to be completed by early 2009. NEATT has been under construction since February 2007, and the first phase will be finished by the end of 2009. It will contain 65 stories to a height of approximately 300 meters. A central park is also under construction that will be 10% the size of Songdo International City. It will contain a museum, a botanical garden, an artificial lake and will open in June 2009.

[edit] Incheon Tower

Incheon Tower will be located in Construction Area 11. It is proposed 151-floor, 610 meter tower. When completed, it will be the tallest building in east Asia and the second tallest in the world after the Burj Dubai (818 m).

[edit] Incheon Bridge

Incheon Bridge is a large bridge that will connect Songdo International City and Yeongjong Island. Upon completion, the bridge will be 12.3 km (7.4 mile) long, and will be 5th longest bridge in Asia with the longest being the Hangzhou Bay Bridge at 35.6 km (22 mile) long.

[edit] Incheon International Hospital

Incheon will have a world-class hospital in its new Songdo City complex in 2014, after representatives signed an MOU with Seoul National University Hospital and Johns Hopkins Medicine International (JHI), Thursday December 10th, 2009.

According to the MOU, the hospital with 500 beds will be the first profit-making medical institute in Korea, with a sizable foreign investment. It is estimated to cost 400 billion won.

The hospital will be built on an 80,000 square-meter site, and construction will be completed by 2013. The hospital will be fully operational in 2014.

[edit] Yeongjong Island

Yeongjong International City’s 34,183 acres (138.33 km²) centering on the Incheon International Airport will be developed as an eco-friendly airport city by 2020. It will be a functional city with residential amenities for airport staff and visitors, as well as logistics, commercial and distribution facilities. Yeongjong will provide an optimal environment for logistic, tourism and leisure in conjunction with the Incheon International Airport.

• Development size: 34,183 acres (138.33 km²)
• Planned population: 144,800 persons
• Duration: 2002~2016

[edit] Cheongna

The Cheongna district, on the mainland adjacent Yeongjong Island, will focus on entertainment and will feature a world class theme park. It will also be a residential area with sports facilities, a floriculture complex, and a business area specially designed for international finance.

• Development Size: 4,394 acres (17.78 km²)
• Planned population: 90,000 persons
• Duration: 2004~2008

[edit] External links

• Official website
• Fair & Festival