[Sponsored Report] Big plans for free economic zone

IFEZ has signed a MOU for a project in Ecuador

Incheon Free Economic Zone (IFEZ) was designated for the first time in Korea on August 11, 2003. It includes a 169.5 square-kilometer site and plans to have 640,000 people in the area.

The Songdo area of the IFEZ aims to attract international businesses, high technology industries (IT, BT, R&D) as well as education facilities like foreign schools and medical industry facilities such as hospitals.

The Yeongjong area aims for industrial and logistical complexes, an airport, a free trade zone and tourism and leisure areas, including a theme park and Cheonga area aims to develop R&D. With this development plan, IFEZ is aiming to attract 1,200 companies and create 120,000 new jobs by 2014.

Recently the IFEZ took charge of the IFEZ Ecuador knowledge based new city development project with Ecuador Senplades. The total project is worth 5.5 trillion won and will be built on the 2,975,206 square meter site in Urcuqui, near Ecuador’s capital Quito.

The project is focusing on knowledge based industries of research and education centers, ICT and bio industry-based free economic zone development. IFEZ is planning to participate in the consulting for the ‘Ecuador knowledge based new city development project’ that will take place from 2011 to 2016.

The consulting and project conducting is divided into 4 phases of feasibility studies, master plan, action plan and construction and operation.

For this IFEZ signed an MOU on October 7, 2010 and after discussing the details of the construction contract, it will sign the final consulting contract in October.

With Ecuador consulting, IFEZ showed globalization of its brand and through exporting its successful development model and know-how it expects there will be an investment value improvement of IFEZ to world investors. In addition, IFEZ plans to export its IFEZ development model to Egypt, Iran and more.

Besides the Ecuador new city development project, IFEZ is planning many new projects. First of all, it plans to activate the Yeongjong and Cheongna areas and achieve a balanced development phase of the IFEZ. Since Yeongjong area and Cheongna area are showing slow progression attracting investment and development compared to Songdo area, IFEZ came up with a special remedy to boost it. IFEZ will lead investment by investing greatly in those two areas and offer an extreme investment incentive as well.

For this IFEZ is working on the ‘Two plus two Initiative’ plan by investing in Yongyu-Muui (complex development area), Yeongjong area and Cheongna area. And to add more speed to the development of Cheongna area, it will organize a new department within the authority to be in charge of city development and enter the international Bit-Port business and create Incheon’s Hi-Tech Park. Based on these activities it plans to find a way to promote the development of Cheongna area’s.

IFEZ is also busy planning and creating a global education and medical environment. To achieve this goal it plans to open overseas universities and global campuses and attract foreign medical institutes. SUNY Korea (State University of New York), is planning to open in February 2012, Cheongna Dalton School is planning to open on September 1, 2011 and Chadwick International School opened on September 7, 2010.

And to attract foreign medical institutes, IFEZ is working closely with citizen groups, the national assembly and the main government, discussing and cooperating to select the operating units and to kick off the business by organizing a blue print.

To operate an efficient financial management system the authority plans to create a department that will be in charge of the budget, selling the land and raising and managing funds.

These projects include continuous and sustainable development support for Yeongjong area, where the development is getting delayed, and participating in Cheongna area development projects and attracting private capital.

The future plan of IFEZ is to differentiate each area and activate them separately. For this Songdo area is working to attract local and overseas companies with international standardized manufacturing systems and research facilities for Biosimilar or medical equipment and it is also working on becoming the only Bio-Complex of Korea that is connected with Songdo Global University Campus and Songdo International Hospital that can work with academic industrial network.

The Yeongjong area will be developed as an aviation MRO industry hub and strengthen the Unbuk Leisure Complex with better tour systems and turn Yongyu-Muui Tourism Complex inot an international complex with many more tourism and leisure facilities.

And finally Cheongna area is working to attract foreign investment by being designated as an advanced Industry Complex (IHP) and getting local and overseas companies to invest in the area.

Also the City Tower construction is aiming to be completed before the Asian Games 2014, scheduled in September and they are also creating the international business town and the robot land in the area.

The international business complex located in the Songdo area of the IFEZ.