Incheon's economic strategies put the city ahead of its time

Incheon's economic strategies put the city ahead of its time. Incheon created Korea's first free economic zone in 2003 with a focus on business and nationwide transformation. With 71 square miles, the Incheon Free Economic Zone (IFEZ) is larger than some European nations. The Korean government wants to draw in global companies and establish a business and tourist hub that is known across the world. Commercial, economic, and even residential projects will be built in Songdo, Yeongjong, and Cheongna, the three Incheon neighborhoods that make up the IFEZ.

Major industrial parks include Namdong Industrial Park, Juan Industrial Park, and Bupyeong Industrial Complex, which is home to the GM Incheon Plant (formerly known as the GM Daewoo Incheon Plant).

Biotechnology has recently begun to take off as the city's newest and fastest-growing industry. The city now shares the second spot in the world for manufacturing capacity with San Francisco, United States, with a combined production capacity of 330kl per year. The city will be the first in the world with a manufacturing capacity of 510kl after the capacity increase is finished in 2018. The fourth-ranked cargo airport in the world, Incheon Airport, and the development of Incheon Port have both contributed to the fast growth of the logistics sector.