Hub of Northwest Asia

Northeast Asia with a population of 1.5 billion, is expected to be one of the most economically dynamic regions in the 21st century. Annual GDP is expected to account for 30 percent of global GDP by 2020, making it one of the three major trading blocks that will fuel future economic growth. Korea alone will double in size by 2010 with forecasted GDP to be 1 trillion USD. Korea is graphically situated in the center of this Asian Northeastern hub. It’s proximity to China, Russia and Japan will generate enormous benefits in human and material resources. Fifty-one cities with populations of more than one million people are located within a 3.5-hour flight radius of Seoul. Put differently, 700 million people live within 1,200 km of Seoul, which is more than the populations of the United States and Europe combined. Korea's geographical advantage will be augmented, by linking Eurasian and Pacific Rim economies via the Trans Siberian and Trans China Railways. Korea offers “world-class” logistical infrastructure including it’s Incheon International Airport, Gwangyan and Busan seaports. Following the 2008 completion of the Incheon Expansion project, both the Incheon Port and Songdo Intelligent City, will be considered to be one of the leading logistical hubs in Northeast Asia. Busan New Port and Gwangyang Port and industrial sites in surrounding areas will be designated as both Customs-free and Free Economic Zones, which will rank them among the best sites for trade, finance and logistics . The investment environment in Korea is improving and will in the near future be second to none. All business-related regulations in Korea will be modified to meet global standards. Financial laws in particular will be made compatible with those in advanced countries. The new Korean administration focuses on economic competitiveness, transparency, and a fair, free and open market economic system, which will make it possible for Korea to attain per capita income of US $20,000 On September 4th the Government unveiled a labor relations reform plan which is designed to raise Korean labor practices to global standards and prevent indiscriminate strikes. According to the reform plan, management will have the discretion to close business operations during illegal strikes (currently only allowed during legal strike). This will create a more balanced labor-management relationship and reduce the possibility of illegal strikes. Public sector management will be allowed to use replacement workers to minimize public inconvenience and protect of property rights during legal strikes. State-of-the-art information technology (IT) and communications infrastructure, a highly educated workforce, and sophisticated manufacturing technology make business opportunities in Korea even more attractive. Korea will soon be the best site in the region for the R&D headquarters of logistical and cutting edge knowledge industry multinationals.

Incheon Free Economic Zone

Songdo Intelligent City, a 15-minute drive from IIA after the completion of the Second Airport Bridge, will be developed as a center for Asia-Pacific multinational headquarters, global business, and a high value-added knowledge-based and information industrial complex. The British construction firm AMEC has signed a memorandum of understanding with the city of Incheon to build a Second Airport Bridge that will link Songdo Intelligent City and IIA. The Second Airport Bridge will be completed by 2008

The US-based Gale Company (master developer and marketing agent) reached a real estate joint venture agreement with POSCO Engineering & Construction (construction manager),the second largest steel manufacturer in the world in March 2003, to develop Songdo Intelligent City as one of the world's largest urban centers to be built from the ground up.

The new partnership, called NSC, will be responsible for developing 1,364 acres of reclaimed land on the waterfront at a cost of more than US$12.7 billion. Songdo Intelligent City will be developed over an 8 year period. In the first phase, an international convention center and 60 story world trade center, 60 other office buildings, deluxe hotels, shopping malls, and golf course will be built by 2008. Currently under construction, "Techno Park" will be completed by 2004 and the Korean Institute of Technology along with other research centers and venture start-ups will begin moving there in 2003. A Knowledge and Information Industrial Complex (2.65), and Bio Complex where Celltrion, Inc. is resided will also be built by 2008.