Incheon free economic zone attracts 418 foreign, local companies

INCHEON, Feb. 2 (Yonhap) -- South Korea's Incheon Free Economic Zone (IFEZ) has
attracted 418 laboratories and foreign and local companies so far as it strives
to become a Northeast Asian business hub, the administrative authority for the
region said Tuesday.
The Incheon Free Economic Zone Authority said companies and laboratories that
have invested in the region had provided work for 35,000 employees as of late
last year.
Of the total that have established operations in the open economic region 40
kilometers west of Seoul, 274 are local companies, and 64 are foreign-invested
firms.
There are also 72 laboratories that have been set up by domestic companies and
think tanks at the IFEZ, along with four foreign research institutions. In
addition, the region is home to four United Nations-run institutions and a
disaster prevention training center.
By 2014, the IFEZ authority hopes to attract 1,200 companies and laboratories.
The IFEZ, which has been attracting investments since 2003, is made up of the
Songdo International City and the Yeongjong Aeropolic and Cheongna Leisure City
regions. It is the most successful of South Korea's free economic zones (FEZ).
Yeongjong Island is home to South Korea's largest airport and is fast becoming an
important international air and logistics hub for the region.
Once development is complete around 2020, the IFEZ will cover a combined 209
square kilometers -- roughly a third of the size of Singapore.
Seoul said it will inject US$41 billion into building infrastructure and offer
extensive benefits for overseas investors.
yonngong@yna.co.kr
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