Incheon Free Economic Zone (IFEZ) was established in 2003 near Incheon International Airport. Interestingly, the region originally had no land; it involved reclaiming land from the sea by pumping seawater and restoring the coastline, taking seven years to develop infrastructure and create new land.
At that time, when the economy was in a difficult state, the project funding was shared equally between the Korean government and the United States. Currently, Incheon Free Economic Zone has grown into a smart city with a population of over 540,000 and more than 200 international and foreign companies operating there.
During the meeting, Commissioner Won-sok Yoon emphasized the importance of Mongolia studying and effectively utilizing its strengths in air transport and urban planning. He also pointed out the need for optimal land use and planning. Additionally, he mentioned that attracting investment is the most critical and challenging part of developing the free zone.
He noted that although Incheon Free Economic Zone faced many mistakes over its 20-year development period, it also accumulated valuable experience, know-how, and technological advancements. He expressed his willingness to share this knowledge and support to help Mongolia’s efforts.
