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Constructions in Full Swing to Build Incheon Free Economic Zone

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저작자 미상 (저작물 2267374 건)

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공표년도

창작년도

2006-05-18

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Now to give an added boost to the Korean economy‚ the government came up with an idea to create free economic zones three years ago.
To learn more about the progress made so far‚ our Eun Jung sat down with the chief authority of the Incheon Free Economic Zone.
Construction works are in full swing in Incheon‚ some 40 kilometers west of the capital Seoul‚ to create a 209-kilometer-wide city.
The country's longest bridge‚ the world's second highest twin towers standing 151 storeys tall‚ will be set up here‚ next to parks and green areas‚ taking up one-third of the entire zone.
LEE HWAN-KYUN‚ CEO OF IFEZ AUTHORITY: "We're planning to finish the first phase of necessary construction by 2010. That's about 60 percent of the zone. Initially we were forecasting the complete establishment by 2020‚ but we're moving to shorten that period by five years. So you'll see our zone up and running by 2012 to 2013. Based on our statistics‚ we have inked 11 business deals amounting to 15 billion U.S. dollars‚ and if we include MOUs and letters of intent‚ the number goes up to 28 deals at 28 billion dollars."
Incheon Free Economic Zone or IFEZ is comprised of three different areas.
Songdo is designed to be an international business city‚ equipped with a digital cluster of research and development facilities.
Yeoungjong‚ which include the country's main gateway Incheon International Airport‚ will focus on air freight handling‚ while Cheongna will be developed into an upscale resort and a financial center.
LEE HWAN-KYUN‚ CEO OF IFEZ AUTHORITY: "We give tax breaks to foreign investors operating here. 100 percent tax exemption for the first three years‚ and 50 percent for the following two years. Properties are leased at lower prices too. Also‚ we broker finances to those who need them‚ while establishing roads and infrastructure around new facilities. For administrative convenience‚ the IFEZ authority allocates project managers for every single company."
In addition to these incentives‚ the IFEZ head is working to create a more trustworthy environment for foreign investors.
He is currently consulting with the central government‚ to offer benefits to Korean businesses as well‚ so that world-renowned Korean conglomerates will consider moving into Incheon.
Eun Jung‚ Arirang News.
If you want to find out more about Incheon Free Economic Zone‚ tune into Friday's edition of Biz Today. Reporter : ejcho@arirang.co.kr

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