Incheon Free Economic Zone

The Incheon Free Economic Zone (IFEZ), located in Incheon, South Korea is a Korean Free Economic Zone that consists of the three regions of Songdo, Cheongna, and the island of Yeongjong and has a total area of 51,739 acres (209.38 km²).^[1] 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. Incheon's Free Economic Zone was officially designated by the Korean government in August 2003.^[2][3] 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 centers.

In February 2024, Dr. Yun Won Sok was named the new Commissioner of the Incheon Free Economic Zone (IFEZ).

Dr. Yun previously served as the Executive Vice President of KOTRA and has held key trade positions in Los Angeles, Vancouver, and Nairobi.

As the new head of IFEZ, he will be responsible for developing the Incheon Free Economic Zone and surrounding areas, including Songdo, Cheongna, and Yeongjong International City, as well as attracting foreign investments.

Dr. Yun notes, “Over the next three years, I will aim to attract foreign and domestic investment in pharma and healthcare, tourism and leisure, and high-tech industries to create a ‘world-class city’.^[4]