Increase in Businesses and Sales Revenue in Incheon Free Economic Zone... 156 Foreign-Invested Companies

As of 2019, 3,275 Companies... 78 Trillion KRW in Sales
Foreign-Invested Companies Up 6.8%, 22 Trillion KRW in Sales

Incheon Free Economic Zone Songdo International City

[Asia Economy Reporter Park Hyesook] The number of resident companies, including foreign-invested enterprises, employees, and sales in the Incheon Free Economic Zone (IFEZ) have been steadily increasing.

According to the Incheon Free Economic Zone Authority on the 28th, as of the end of last year, the number of foreign-invested companies in Songdo, Yeongjong, and Cheongna International Cities was counted at 156, a 6.8% increase from 146 in 2018. By district, there are 97 in Songdo International City, 55 in Yeongjong International City, and 4 in Cheongna International City.

The total sales of these foreign-invested companies last year amounted to 22.6358 trillion KRW, and the number of employees increased by 4% from 29,124 in 2018 to 30,296.

Additionally, the total number of businesses in the Incheon Free Economic Zone, including foreign-invested companies, was 3,275, a 7.8% increase from 3,039 in 2018, and the number of employees rose by 11.8% to 103,693.

By district, there are 1,692 businesses in Songdo, 945 in Yeongjong, and 638 in Cheongna, representing increases of 2.0%, 6.5%, and 29.0% respectively compared to the previous year.

Furthermore, the total sales volume of resident businesses increased by 13.9% from 68.5248 trillion KRW in 2018 to 78.0449 trillion KRW. Of this, domestic sales (domestic demand) accounted for 55.7608 trillion KRW, and exports amounted to 22.2841 trillion KRW.

Also, according to the first basic plan for the Free Economic Zone, the key industries attracted by each economic free zone are ▲ Aviation and complex logistics with 276 companies ▲ Knowledge services with 150 companies ▲ Bio-health with 68 companies, totaling 494 companies, which account for 42.1% of corporate businesses (1,358 companies).

This survey was conducted over four months starting in September, targeting businesses with five or more employees residing in the Incheon Free Economic Zone (foreign-invested businesses with one or more employees). The Incheon Free Economic Zone was designated as Korea's first free economic zone in 2003.

An official from the Incheon Free Economic Zone Authority stated, "Based on the survey results, we plan to utilize the analysis of business conditions and economic activities by industry 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.