IFEZ pushes new zone in southern Ganghwa

The Incheon Free Economic Zone (IFEZ) Authority is in the final stages of an administrative process to designate the southern part of Ganghwa Island as an additional free economic zone, aiming to expand and strengthen the IFEZ for long-term sustainability.

The location of the newly planned Incheon Free Economic Zone in southern Ganghwa / Courtesy of IFEZ

According to the authority Thursday, it will collect public opinions on the proposal through June 23. Meanwhile, the Ministry of Trade, Industry and Energy is set to hold a third preliminary consultation on Monday to gather expert feedback.

Following these consultations, the IFEZ Authority plans to revise the proposal and submit an official application to the ministry by the end of the month. If approved, the government is expected to officially designate southern Ganghwa as part of the IFEZ in the second half of this year.

Southern Ganghwa is regarded as a strategic location within the airport economic zone due to its proximity to Incheon International Airport and its potential connections with existing IFEZ areas, including Songdo, Yeongjong and Cheongna. The region’s rich cultural heritage and natural attractions along the West Sea also enhance its appeal as a tourism destination.

The development plan envisions transforming southern Ganghwa Island into a global hub for future industries. It includes creating a sustainable city centered on advanced industries and artificial intelligence (AI); a K-culture city that blends history, culture and nature; and an eco-friendly, livable future city.

Aligned with Korea’s national bioindustry transformation strategy, the plan aims to establish an integrated K-bio cluster that encompasses red, green, blue and white biotechnology sectors.

Additionally, the proposal calls for a manufacturing cluster leveraging advanced technologies such as smart factories, robotics, AI and mobility solutions. Tourism demand will be generated by combining experiential tourism content that utilizes natural, historical and cultural resources with accommodations and leisure facilities.

The new free zone is expected to cover 6.32 square kilometers, with total project costs estimated at around 3.2 trillion won ($2.4 billion).

“The designation of southern Ganghwa as part of the IFEZ is a key project to secure Incheon’s future growth engine,” said IFEZ Commissioner Yun Won-sok. “We will transform it into a hub for advanced industries and global tourism, elevating this border region to a national policy focal point.”