The Number of Businesses and Sales in Incheon Free Economic Zone Steadily Increase... 1,658 Companies Settled in Songdo

Incheon Free Economic Zone Songdo International City
Photo by Incheon Free Economic Zone Authority

[Asia Economy Reporter Park Hyesook] The number of businesses and sales revenue in the Incheon Free Economic Zone have been steadily increasing.

According to the Incheon Free Economic Zone Authority on the 7th, a survey targeting businesses with five or more employees (one or more for foreign-invested companies) within the Incheon Free Economic Zone showed that as of the end of 2018, the number of businesses and employees were 3,039 and 92,751 respectively, representing an increase of 12.8% and 14.9% compared to 2017.

By region, the number of businesses was 1,658 in Songdo, 887 in Yeongjong, and 494 in Cheongna, increasing by 9.1%, 20.8%, and 12.0% respectively compared to the previous year.

Additionally, the sales revenue of companies in the Free Economic Zone amounted to 68.5248 trillion KRW, of which domestic sales (internal demand) accounted for 47.2821 trillion KRW, and exports were 21.2427 trillion KRW.

The sales revenue increased by 17.5% compared to 2017 (58.2949 trillion KRW), and export volume rose by 1.5% compared to 2017 (20.9284 trillion KRW).

Furthermore, compared to 2017, the number of foreign-invested companies increased by 8.1% to 146, and the number of employees rose by 22.2% to 29,124.

The satisfaction rate for the Incheon Free Economic Zone was 64.8% among domestic businesses and 81.8% among foreign-invested companies.

An official from the Incheon Free Economic Zone Authority stated, "We plan to utilize the analysis of industry-specific occupancy and key projects as basic data for policy development and investment attraction in the Incheon Free Economic Zone."

This content was produced with the assistance of AI translation services.