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As the site of General Douglas McArthur's famed landing operations during the
1950-1953 Korean War, Inchon is also remembered as the city where freedom was
reclaimed for the Korean people. Due to its merits of relatively cheaper land as a result
of reclamation and its efficient handling of raw material and commodities, Inchon
overcame the devastation of the Korean War and emerged as the second-largest port
city in Korea after Pusan. Recently, Inchon has become the center of public interest
because of its geographically strategic adjacency to the emerging market of China with
its more than 1.2 billion population, and to Seoul with its population of 11 million. Boosted by China's open-door policy and rapid economic development, plus the establishment of diplomatic ties between China and Korea, the volume of bilateral trade sharply increased from $740 million in 1986 to $23.68 billion at the close of last year. Well aware of the growing importance of trade with China, the Korean government has begun to develop the western coastal areas opposite its giant neighbor. The West Coast Expressway and the Inchon International Airport slated for completion in 2002 are representative examples in this regard, while the growth of trade and the upgrading of regional infrastructure are serving to make Inchon a natural target for investment. Inchon's attractiveness as a location for investment is multi-faceted, said Lee Byung-Rok, the energetic director of Inchon Metropolitan City's Media Valley project. "Primarily, Inchon can play the role as bridgehead in preparation for national reunification and advancement into the Chinese market," he said. "Secondly, the city has well-developed infrastructure in terms of air, sea and land transportation." He pointed out the projected Inchon International Airport is expected to become a hub for air traffic in Northeast Asia because it will likely offer cheaper airport utility fees compared with the other regional airports such as Kanshai in Japan and Chek Lap Kok in Hong Kong. Only 14 kilometers away from Inchon Airport, Songdo New Town is emerging as a state-of-the-art port city. "Inchon also has the advantage of other traffic infrastructure facilities," continued Mr. Lee, "like Inchon New Port, the First, Second and Third Seoul-Inchon Expressways, the West Coast Highway, the Inchon Subway and the Seoul-Inchon Railway". Mr. Lee also listed Inchon's proximity to the 20 million-strong metropolitan area consumer market within a 40- kilometer radius, and its easy access to Seoul's well-qualified labor force as further incentives for investment. To seize the opportunities presented by new advances in transportation and telecommunications, a series of massive projects have been launched. An international airport to be built on two artificially-connected islets will have a capacity of handling 27 million passengers per year. Some $11.8 billion is scheduled to be spent on the project by 2020. Inchon City will also construct a world-class facility port which can swiftly accommodate ultra-large sized container ships. Inchon plans to invest $350 million in the construction of the port which will have a capacity in excess of 25 million tons of cargo per year. Together with Songdo New Town, Inchon City plans to build a high-technology scientific complex modelled on California's famed Silicon Valley. To be known as Media Valley, planners intend the complex to be the focus of the nation's computer, communications and multimedia industries. To spur development the city has recently requested the Ministry of Commerce, Industry and Energy designate specific areas as free investment zones for foreigners. They include Inchon International Airport, Songdo New Town, the Kyongin Canal area and the Inchon coastal region. In time for the 2002 World Cup, Inchon is currently seeking foreign investment partners to build hotel/casinos and golf courses on Kangwha Island, plus hotels and sea sports facilities in the Ongjin area. Another of the city's major projects is the building of a world trade center in the Songdo area. As part of its drive to more effectively attract foreign investors, Inchon has designated six different categories of investment: the service industry, industrial production, distribution, research, housing and tourism. Furthermore, the city will establish an administrative unit to provide a one-stop service for potential foreign investors. The Korean government has also reiterated its intention to emulate Hong Kong as a regional center of technology, transportation and commerce in its development of Inchon. It is the city's aim the international airport will establish Inchon as the hub of the Northeast Asian region, exploiting its natural advantage as the center of major concentrations of population and industry in the surrounding countries of Japan, China, Taiwan and Russia. Once the gateway to the nation in the late 19th century, a facilitator of the first waves of modernization, then the prime mover in the nation's drive toward industrialization in the 1960s, Inchon is now poised to take on a new role in the progress of Korea: that of a "tri-port" combining the functions of an airport, seaport and, with the advent of Media Valley, a teleport for the coming information age.
Songdo New Town A technology center designed to accommodate mainly bioengineering and biochemical
industries will be built at the proposed 300,000 square-meter area Songdo
Techno-park. Representing an investment by the city of 32 billion won, Inchon plans to
attract leading research facilities to stimulate the development of venture businesses in
this field. The park is scheduled for completion in 2000. The nation's biochem industry
has repeatedly achieved growth rates of more than 50 percent annually and is expected
to have sales of 3.2 trillion won by 2000. The world market, which stood at $10 billion
in 1992, is similarly forecast to increase to $100 billion by 2000.
Yongyu-Muwi Islands International Resort Complex Inchon City will develop a massive international tourism and resort complex covering 6.40 million square meters on three separate areas on Yongyu and Muwi islands. To attract foreign investment to the project, the city held presentations in Japan and the United States in August. The project will encompass three sub-developments, tentatively named Alice Land, Marine World and Dragon City. The 2.8 square-kilometer Alice Land will focus on international gaming and entertainment, and will consist of five world-class casino and hotel complexes. Support facilities include condominiums, a shopping mall and convention center, a luxurious oceanfront culture and art space involving a museum and cultural center, and an 18-hole membership golf course and lodge, all of which will be designed to be in harmony with the natural, scenic environment. Marine World will be a nature-friendly resort. Some 1.9 square kilometers in extent, it will showcase the traditional folk cultures of China, Japan, Russia and Korea. Its centerpiece will be Marina Park, built on an area of coastal landfill. Occupying 1.7 square kilometers, Dragon City will consist of hotels, condominiums, upscale shopping and other public amenities, a beautifully landscaped park designed to be in keeping with the coastal environment, and large shopping plaza for tourists. Inchon's goal is for Yongyu and Muwi Islands to become international tourist landmarks incorporating top-class accommodation, shopping, gaming, and leisure facilities geared to domestic and overseas visitors and with a special eye to the large Chinese and Japanese tourist markets. The city wants to distinguish it from other resorts by harmonizing the development with its natural surroundings and promoting its identity as a focal point for Northeast Asia. The government will provide a number of special investment incentives including relaxed restrictions on land use, special tax reductions and other administrative services especially tailored to foreign investors. The Korean real estate market including golf course operation has recently been fully
opened to foreign investors. With the revision of the foreign investment promotion law,
the climate for foreign investment has been greatly enhanced to the point where no
country in the East Asia region can claim any advantage over Korea. In addition, the
casino business is scheduled to be open to foreign investment in May, 1999. By
initiating the Yongyu/Muwi project, Inchon has proved itself ready to capitalize on both
the bold moves Korea has made to compete in the marketplace for international
investment, and on the rising expectations of the world's foremost emergent regional
economy. Inchon Metropolitan City
Media Valley
Media Valley Inc.
Some 52 kilometers west from downtown Seoul and 15 kilometers from Inchon Port, the site of the future Inchon International Airport is located within Yongjong Island on what will be 56 million square meters of reclaimed land. The reclamation will link several nearby islets and allow the development to be protected by the construction of a 17.3 kilometer-long embankment. By virtue of its proximity to the Seoul metropolitan region which generates 40 percent of the country's gross domestic product, and the fact it is centrally located relative to a host of major Northest Asian cities such as Tokyo, Beijing and Shanghai, planners are aiming the airport will play a commanding role in emerging regional transportation patterns of the 21st century. The construction of the airport began November, 1992 and land development for the runways and passenger terminal was completed at the close of last year. Construction of ground facilities is now underway. Sixty-two percent of related construction is expected to be wrapped up by the end of this year. The airport is scheduled to open in an initial stage in 2001. Under the first phase of the project, which costs a total of 5.7 trillion won, two airstrips, the first passenger terminal and other related facilities will be constructed. Private sector funding to the value of 1.1 trillion won will go to construct a new airport highway, scheduled for completion by the end of 2000. Once the first phase of the project is completed, the airport will have a annual capacity of 170,000 flights, 27 million passengers and 1.70 million tons of cargo. With the final phase completed, the airport will be able to handle 530,000 flights involving 100 million passengers, plus seven million tons of cargo per year. The reputation of an airport lies in its record of safety and punctuality. To ensure prospective users of the utmost reliability of its service, the airport will be equipped with CAT-IIIa security facilities which permit flight when visibility is reduced to 200 meters, as well as an advanced satellite flight system which will safely guide take-offs and landings despite round-the-clock bad weather conditions. Planners are also aiming for the airport to be world-class in terms of its intra-port traffic facilities, passenger terminal capability and cargo dealing systems. With a view to enhancing its setting, the proportion of the project given to green areas has been set at more than 30 percent and plans already exist for its landscape architecture. By adopting a comprehensive approach to environmental matters, the airport will be managed according to environment-friendly policies. Safety and efficiency have been top priority in the construction of the airport's facilities. The simultaneous departure and landing of large-scale carriers will be possible with the provision of four 4,000-meter runways. It will be possible to park 153 planes at once, and a comprehensive traffic center, integrating and controlling all flights to and from the airport will be installed in the first and second passenger terminals. A 165,000 square-meter international business complex accommodating residential, shopping and resort facilities will also be established on an adjacent area, while plans exist for an even more ambitious related commercial project. A virtual international city will be built on 27.4 million square meters within a 10-kilometer radius of the airport. The development will provide residential, commercial, business, distribution, educational and research facilities, and will accommodate a population of 200,000. The drive to attract foreign investment to the airport area has already begun. The leasing-out of the international business zone commenced in November of last year; leasing of its dormitory/auxilliary zone to Korean corporate, public and private bodies began in August of this year. Of this zone's 2.18 million square meters, 820,000 will be allotted to housing, commercial facilities, religious organizations, schools, and parking lots. The Korea Airport Construction Authority is anticipating strong foreign participation in the development of the international business area in which a 500-room deluxe hotel, a commercial service building and six office buildings will be built. Asia Pacific Investment Group, an American real estate developer, is planning to invest $100 million in the construction of an international hotel adjacent to airport, jointly with Yongjong Development. Under the terms of the deal, Yongjong will provide 20,830 square meters of land for the 20-story Holiday Inn Crown Plaza, while APIG will provide the financing. Paramount to the Korean government's goal of developing the Inchon airport as the center of international traffic in Northeast Asia is the desire to capitalize on the rising demand for air flights in the region. Traffic in the Asia-Pacific region has doubled that of other regions of the world since the start of the decade. Moreover, the Asia-Pacific region's share of the world air market is expected to increase to 31.8 percent in 2010. Northeast Asia, comprising Korea, China, Japan, Hong Kong, Taiwan, and the Philippines has emerged as one of the world's three prime economic regions along with Europe and North America. Located at the center of Northeast Asia, Inchon International Airport will be able to connect with 43 major regional cities of more than one million population within 3.5 flight hours. Linked to Inchon Port, Inchon airport is also expected to develop as a regional cargo
center and function as a 24-hour city within a city to serve the leisure and business
needs of the international traveller. In recognition of these needs, the Korea Airport
Construction Authority plans to install international-standard information and
communications and other business and resort facilities in the airport complex. Korea Airport Construction Authority
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In the late 19th century, the industrialized nations competed
fiercely with each other to gain footholds in East Asia as they had a
generation before in other regions. Korea was no exception to their
interest. At the time when Western powers together with Japan
attempted to open the Korean market and establish diplomatic ties,
Inchon played the role of the gateway to the country and its capital,
Seoul. This example of the importance of Inchon's geographic
location has other parallels in history. When the Korean peninsula
was divided into three kingdoms, Shilla (57BC-935AD) was
regarded as the weakest of the three. However, Shilla had
established diplomatic relations with the Tang dynasty of China
(618-907AD). It held a corridor of land which territorically separated the other two
kingdoms and connected it to Inchon, located strategically close to China and through
which it communicated diplomatically with the Tang Court. After forging an alliance
with Tang, Shilla was able to draw on military assistance from its Chinese ally and so
defeat its two rivals and unify the peninsular.
Inchon expects Media Valley
will attract 2,100 domestic and
foreign enterprises by 2005
employing a total of 33,000
specialists and generating nine
trillion won in turnover and
$1.5 billion in exports. The
project is now being led by
Media Valley Inc., a
coordinating body formed
jointly by 17 domestic leading
communications companies
and banks including Daewoo
Telecom, Trigem Computer,
and Hyundai Electronics &
Industrial Co. Inchon City's
contribution to the project is in
terms of land development and
the formation of basic
infrastructure facilities. A total of 553 companies have expressed their intention to
locate in the complex including 30 multinationals like Hewlett Packard, Intel, CISCO
Systems, SUN Microsystems and leading domestic manufacturers including LG
Electronics, Daewoo Telecom and Hansol PCS.
