World journalists explore Incheon Free Economic Zone
Delegates explored the Incheon Free Economic Zone (IFEZ) during the 2026 World Journalists Conference, gaining firsthand insight into South Korea’s premier investment hub.
Participants to the recent World Journalists Conference (WJC) 2026, including Manila Bulletin, visited Songdo Central Park and G-Tower, where they were briefed on IFEZ’s role in attracting global investments in biotech, semiconductors, and renewable energy.
IFEZ has been attracting investments since its inception.
It was designated as Korea’s first economic free zone in 2003 and has three investment zones: Songdo International City, Yeongjong International City and Cheongna International City, each with a different business focus.
At the IFEZ Promotion Center located at the 33-floor G-Tower, the journalists were briefed on IFEZ and traffic management.
IFEZ covers a total area of 122.34 sq. km. and has a planned population of 543,653. Its development period spans from 2003 to 2040.
Incheon serves as the gateway to South Korea and is home to the Incheon International Airport.
“Situated within a three-hour flight from 147 major cities with populations exceeding one million, Incheon has established itself as a central hub in Northeast Asia. lncheon is also located in the capital area where 50% of the Korean population is concentrated, thereby enabling quick access to the resource-rich greater Seoul area with a population of 26 million,” according to the Incheon Metropolitan City government.
During a dinner hosted by the Incheon Metropolitan City at Ramada Songdo Hotel, Shin Jae-kyung, vice mayor for Global City Affairs of Incheon, said Incheon has embraced cultures since opening its port in 1883 and is a city of inclusion and communication. .
“As I witness the passion of all of the journalists dedicated to truthful reporting across the globe, I am reminded once again that the challenges we must confront together are by no means trivial,” he said.
Shin added, “Today we gather under the important theme Democracy and Journalism at a Crossroads: The Role of Media in Times of Crisis. At a time when the very foundations of democracy are being threatened by rapidly evolving digital technologies and the spread of fake news, truthful fact-based reporting with material is urgently needed now more than ever. In today's flood of information where it is often hard to discern the truth, the media stands as the final safeguard of social balance and a powerful shield protecting democracy.”
“Since the opening of its port in 1883, the city has embraced new ideas and cultures and served as a driving force behind Korea's development and transformation. As host to the world-class Incheon International Airport, Incheon Free Economic Zone, and the Overseas Koreans Agency connecting seven million Koreans living abroad, Incheon is now leaping forth as a global top 10 city,” he said.
He emphasized, “Incheon’s spirit of turning the impossible into the possible resembles your dedication to fulfilling the mission of journalism and striving for a better future even in times of crisis. I hope that this conference has provided an opportunity to further strengthen solidarity among journalists transcending borders.”
Foreign-invested companies in Korea’s Free Economic Zones enjoy incentives, including a 100 percent exemption from tariffs on imported capital goods for five years. They are also fully exempted from acquisition tax for up to 15 years, in accordance with local ordinances.
Additional benefits include property tax reductions for up to 15 years.
Last February, it was announced that foreign direct investment (FDI) in IFEZ had reached more than 90 percent of its annual goal by the third quarter of 2025.
The IFEZ Authority announced $553.5 million in declared FDI as of the third quarter, achieving 92.3 percent of its $600 million target for the year.
The total includes $494.7 million from the first half of 2025 and an additional $58.8 million in the third quarter.
IFEZ’s strong performance was credited to biotech, semiconductors, and renewable energy.
Among these were $250 million deal from biopharmaceutical materials Sartorius Korea Operations; $28.7 million from Lotte Biologics; $24.6 million from semiconductor materials producer TOK Advanced Materials; $119.6 million from Danish renewable energy company Ørsted; and $61.4 million from Costco Cheongna for retail expansion.
Songdo International City “is being developed as a global hub for the IT, BT, knowledge and service industries. The second development phase of Songdo Convensia, which would accelerate high value-added MICE sector, is successfully being implemented. Also, Songdo brought together a cluster of 15 international organizations and prestigious foreign institutions.”
Landmarks in the area include the 71-story Posco Tower, Songdo Convensia, Chadwick Songdo International School, Jack Nicklaus Golf Club, Central Park, and G-Tower.
The Incheon International Airport is located in Yeongjong.
“Along with the glamorous title ‘Korean Las Vegas,’ Yeit is being developed as a sophisticated leisure and tourism resort complex that features casinos, hotels, convention centers, and shopping malls, among others exclusively for foreigners,” according to IFEZ.
Cheongna is being promoted “as the center of international finance and logistics.” Its development projects include the Starfield Cheongna, Cheongna Dalton School, Incheon Robot Land, Hana Financial Town, Infinity Tower, International Business (Financial Complex) and Incheon High-Tech Park.
Since its start, IFEZ has recorded a total of $16.72 billion in declared FDI.
IFEZ is aiming to attract investment in medical and biotech industries, high-tech and strategic sectors, and tourism, leisure and cultural content.
The WJC 2026 was organized by the Journalists Association of Korea (JAK) headed by its president, Park Jong-hyun, with the support of Korea’s Ministry of Culture, Sports and Tourism, Ministry of Foreign Affairs, and the Korea Press Foundation.
