Abstract
The Korean government designated three districts in the Incheon Metropolitan City as the first “Free Economic Zone” in August 2003. This paper discusses recent developments of and challenges to the Incheon FEZ, and proposes future tasks to accomplish Korea’s goal to be a business and logistics hub in Northeast Asia. The master plan of the Incheon FEZ encompasses all elements of “Quad Ports and Quad Parks” in major development projects in three districts. Developing “Quad Ports and Quad Parks” in the newly introduced Incheon FEZ is expected to take on critical significance in the next decades by completely transforming the Korean economy and society. However, the success of the Incheon FEZ relies on massive reforms, which requires major and fundamental changes in both mindsets and strategies. First, the Korean government must develop its full potential by maximizing the strengths of the Capital Region. Second, the Incheon International Airport must be a principal driver of economic growth by improving accessibility to regional and global markets. Third, the New Incheon port should be developed in time for the Incheon FEZ to maximize its potential.
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