Incheon Free Economic Zone Sales Increase by 15.6%... Significant Growth in Foreign Investment Businesses

Incheon Free Economic Zone Songdo International City
[Photo provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone continues its growth trend with an increase in the number of resident companies, sales revenue, and foreign-invested enterprises.

The Incheon Free Economic Zone Authority recently completed the "2021 Survey on Resident Companies in the Incheon Free Economic Zone," conducted since June under the Ministry of Trade, Industry and Energy. The survey targeted businesses with five or more employees residing in the zone (one or more employees for foreign-invested enterprises).

According to the survey results, the total number of companies in the Incheon Free Economic Zone reached 3,481 as of the end of last year, a 3.4% increase from 3,365 in 2020. Foreign-invested enterprises also rose by 20.5%, from 171 in 2020 to 206 last year. The number of employees was 96,641, a slight decrease of 7.2% compared to 104,114 the previous year.

By district, the number of companies is 2,169 in Songdo International City, 706 in Yeongjong International City, and 606 in Cheongna International City. The number of employees is recorded as 61,922 in Songdo, 22,879 in Yeongjong, and 11,840 in Cheongna.

Additionally, the total sales revenue of resident companies reached 90.0017 trillion KRW, a 15.6% increase from 77.8473 trillion KRW the previous year. Of this, domestic sales (domestic demand) amounted to 68.2771 trillion KRW, and overseas sales (exports) totaled 21.7245 trillion KRW, showing a clear growth trend.

Key targeted industries include 261 companies in aviation and integrated logistics, 113 in knowledge services, and 57 in biohealth and care, totaling 451 companies, a steady increase of 22.6% from 368 companies the previous year.

Furthermore, the status of core strategic industries includes 123 companies in aviation and integrated logistics, 95 in smart manufacturing, 54 in biohealth, and 36 in knowledge and tourism services, totaling 307 companies, a 34.6% increase from 228 companies the previous year.

An official from the Incheon Free Economic Zone Authority stated, "We plan to use the results of this survey as basic data for policy development and investment attraction to realize an international business and advanced service industry hub, and a desirable city with the best living conditions and competitiveness."

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