IFEZ Starts 4th Reclamation Work to
develop Int'l Business City Songdo

Prior step to developing an eco-friendly business complex

On March 13, the Incheon Free Economic Zone (IFEZ) started reclaiming a mudflat area covering 6.34 sq. km in Songdo, one of IFEZ's three distinct areas. International Business City Songdo will cover 53 sq. km-wide reclaimed area in total. Currently, IFEZ has completed mudflat reclamation on an area of 13 sq. km. Another reclamation work on a mudflat area of 6.5 sq. km is currently well under way, with the completion scheduled for no later than December 2007. The reclamation this time constitutes the fourth reclamation work and will be finished by May 2010.
Once the reclamation is completed, Portman Holdings, Samsung Corp. and Hyundai E&C ('Portman Consortium') will construct business, living and playing facilities in this area, with a total development cost of USD 11 billion. The consortium has designed this area as a world-class, eco-friendly business complex including beautiful greenery and waterfront. Among others, it will build the 151-story Incheon Tower, which will be the second highest building in the world.
In addition, the consortium will offer the Human Square surrounding the tower, where people will enjoy walking to and from business, living and playing facilities.
With the commencement of the reclamation work, Songdo has made one step closer to becoming the best international business city in Northeast Asia. Currently, Gale International and POSCO are jointly developing a high-intense international business complex on a reclaimed area of 5.5 sq. km with a total development cost of USD 25 billion. The eco-friendly business complex by the Portman Consortium will be located right on the left side of the Gale-POSCO complex. In addition, Songdo is developing an advanced IT and BT complex and a world-class container seaport. With these mega development projects, Songdo will become a self-sufficient business city to readily meet the demands of dynamic international business in the Northeast Asian region.

IFEZ and HP Accelerate Moves to Build World's First 'Cool Town'At a forum titled the 'HP Technology Seminar',
on March 27, HP announced its proposal that it will build its first 'Cool Town'in the Incheon Free Economic Zone ('IFEZ') in cooperation with IFEZ Authority. This announcement came after both parties'signing of a cooperation agreement in December 2006 and HP's submission of a Letter of Intent in January 2007. In addition, this announcement will give way to an acceleration of the joint efforts to build the advanced IT valley.
The Cool Town will be an advanced IT valley where a ubiquitous wireless network system will be built into offices, homes, streets and other public institutions. IFEZ Authority has long planned to provide this advanced business and living environment to international business people, one of the major development strategies making IFEZ unique and distinctive among many similar business cities. IFEZ Authority plans to establish the Cool Town in the Songdo area, a reclaimed business land of IFEZ.
HP, which is taking the lead in this project,
has prepared the Cool Town project in cooperation with world-known future and sociology scholars since 1999. Currently, HP operates a Cool Town test center in Singapore. IFEZ will be the first place where HP's Cool Town model, equipped with HP's advanced IT solutions, is materialized in reality.
In order to create the world's best IT valley, IFEZ Authority plans to include not only HP but also other world-leading IT companies and research institutions in the project: they may join this project either by establishing their offices or making investments.

World-Class Cancer and Diabetese Research Center in IFEZ
On March 26, Gacheon University of Medicine and Science ('Gacheon University', one of Korea's leading medical schools, had the ground-breaking ceremony for the construction of the Cancer and Diabetic Research Center of Gacheon University in IFEZ. Covering a total floor area of 15,702m2, the research center will become one of the world-leading medical research institutions focused on genetic metabolic abnormality. Gacheon University will invest a total of USD 54 million, with the completion scheduled for October 2007.
Of a special note is that Gacheon University has appointed Sung-Jin Kim, who was one of the distinguished senior researchers of the National Institute of Health of the United States, as the dean of the research center. In addition, 22 renowned U.S and Japanese researchers have joined the researcher center. They will carry out a wide range of research activities using highly advanced medial technology. Among them is the mouse metabolism laboratory where the researchers will examine human metabolic abnormality using genetically modified mice. This is the first of its kind in Asia, and there are only four research centers equipped with such laboratories in U.S.
The establishment of the Cancer and Diabetic Research Center of Gacheon University will accelerate IFEZ's effort to become an advanced bio and medical hub in Asia. Bio and medical technology is among the advanced technologies that IFEZ is targeting as an engine for future growth. Starting with Celltrion, a U.S-Korean joint venture to provide medical R&D and products, IFEZ has successfully attracted many domestic and foreign bio and medical institutions. IFEZ will continue its effort to provide advanced medical infrastructure and businesses in fields such as brain science, genome and regenerative medicine. nw

Incheon Free Economic Zone Authority Commissioner Lee Hwan-kyun

Dignitaries, including DPM-Minister of Finance and Economy Kwon O-kyu, Incheon Mayor Ahn Sang-soo, Stanly C. Gale, chairman of Gale International, attend the ground-breaking ceremony of the 65-story Northeast Asia Trade Center, Hotel and Central Park.

Prominent figures, including officials from Gacheon University and IFEZ, participate in a ground-breaking ceremony of the university's second campus in New Songdo City on March 6.

John B. Hynes, III, president and CEO of Gale International, and other officials from IFEZ listen to Incheon citizens'views during a meeting.