Incheon Strives to Be an
Economic Hub of Northeast Asia

Tries to simultaneously nurture high-tech and traditional industries

Incheon, a gateway of the Seoul Metropolitan area but once a backward, suburban area of the capital, is poised to emerge as an economic hub of Northeast Asia and a driving force behind the development of the national economy.
The Incheon Metropolitan Government under the helm of Mayor Ahn Sang-soo is pushing ahead with a two-step strategy: developing the Incheon Free Economic Zone (IFEZ) and renovating the existing urban areas.
The metropolitan city will be outfitted with urban infrastructure of international standards in 2009 when high-rise structures will spring up and Incheon Grand Bridge will be dedicated to link Incheon International Airport and Songdo New City.
Incheon's efforts to attract foreign investments into the IFEZ have been picking up speed. The renovation project plan calls for the implementation of 24 leading projects, including the Gajeong Ogeori Renovation project and 55 ward and county projects for balanced urban development.
The municipality plans to host such mega-events as the 2009 International City Expo and the 2009 "Visit Incheon Year"to show off its remarked development to the world.
On the local economical front, the municipal government is adopting a strategy designed to simultaneously nurture high-tech and traditional industries as part of its efforts to invigorate the local economy.
As part of its efforts to nurture high-tech industries, the Incheon Metropolitan Government has set aside 10.8 billion won to build up automotive parts innovative industrial cluster and R&D infrastructure for GM Daewoo Auto & Technology. GM Daewoo announced plans for the establishment of the GM Daewoo Cheong-Na Tech Center in the Incheon Free Economic Zone. The facility will include an advanced vehicle test track and research and development facilities. The test track is scheduled to open in mid-2007. Related R&D facilities will open over the following two to three years.
INCHEON BUILDS UP IHP. Incheon has already designated the Cheongna area covering about 443,000 pyeong (1.46 million sq. meters), part of the Incheon Free Economic Zone, under a project designed to build up Incheon Hi-Tech Park (IHP). The total area of IHP breaks down to 160,000 pyeong for building an advanced vehicle test track and research and development facilities; 112,000 pyeong for R&D activities in advanced automotive parts, electrical/electronics and accommodating R&D centers of global IT companies; 161,000 pyeong for attracting foreign investments into high-tech industries and 10,000 pyeong for the construction of a theme park.
The municipal government has earmarked 12.8 billion won to promote the development of intelligent robotics and design industries and host Music Korea. It is now seeking to play host at 2009 Design Korea. If Incheon becomes the venue of the exhibition, to be sponsored by the Ministry of Commerce, Industry and Energy is expected to attract about 100,000 spectators.
The government is striving to build up infrastructure for fostering the bio-technology industry and software industry.
The municipality has earmarked 10.5 billion won to operate a fund for helping start-up ventures while striving to foster business incubators.
As part of its efforts to create high-quality jobs and promote the welfare of workers, the municipal government has implemented diverse on-the-job training programs for youths, including a pilot internship program for helping public institutions hire youths while providing support services for helping the jobless.
THE NATION's FIRST UN AGENCY. APCICT is a UN agency designed to resolve the "information divide"in Asian and Pacific countries, and is the first international agency established in Korea.
With the establishment of the nation's first international agency under the auspices of the UN. The city's international profile will be enhanced. APCICT will also prompt the spread of the nation's technologies across nations in the Asia and Pacific region, thereby promoting the nation's stature globally. Many nationals from the region are expected to receive training and education on information and communication technologies here in Korea, the world's strongest IT powerhouse and contribute to the ICT development of their respective countries.
The local GNP for Incheon is 37.6 trillion won, 4.6 percent of the national GNP. More than 1.27 million people in the region are participating in various economic activities. Incheon displays an urban-type industrial structure, which is characterized with the tertiary industry relatively larger than the primary or secondary industry. There are seven industrial complexes in the region, including Namdong and Bupyeong, which host more than 7,400 companies altogether. Incheon has set up the Incheon Dandong Industrial Complex in Dandong, Liaoning Province, China to cash in on China's rich resources and cheap labor and establish a bridgehead in its entry into the Chinese market. nw

Incheon Mayor Ahn Sang-soo