With the hosting of the 2014 Asian Games, Incheon will enter the list of the world's top 10 cities, An Sang-soo, mayor of the Incheon Metropolitan City, said.
The hosting of the international sports games will provide Incheon with a good chance to develop into a world class city, An said in an interview with the Korea IT Times.
"The Asian Games is expected to bring about 13 trillion won in economic income [US$14 billion], 5.6 trillion won [US$6 billion] in effects on value added inducement and 270,000 persons in effects on employment inducement," said the city mayor.
"The more important fact is that we will nearly complete the Incheon Free Economic Zone Development Project centering on Songdo international city in 2014. Accordingly, the international publicity effect of Incheon stemming from the hosting of the 2014 Asian Games will be great," he said.
"For instance, huge amounts of overseas capital will flow into Incheon, the international brand value of Incheon will go up higher in keeping with the globalization era, and Incheon will build its image as a futureoriented new city equipped with the hub airport of Northeast Asia," said An.
Asked about the most important tasks Incheon has to do to become a hub of Northeast Asia, the mayor said: "As Incheon is adjacent to Seoul, citizens' degree of desire for living conditions, including education, culture and residential environment in Incheon is higher than other cities. However, the degree of citizens' satisfaction is very low.
"Accordingly, we are striving to come out with systematic measures to improve living conditions and satisfy citizens' rising demands," he said.
Meanwhile, the opening of Incheon International Airport, rapid emergence of China on the international stage, active development of the western area and emergence of knowledge-based economic system have been enhancing the importance of Incheon.
On the blueprint of the Incheon Free Economic Zone, the mayor said that it is the national project to build a top-class business city in Northeast Asia by 2020.
Noting that three districts -- Songdo, Yeongjong and Cheongna -- will be intensively developed in the Incheon Free Economic Zone, he said: "We aim to develop the IFEZ into the best business center city of Northeast Asia by creating most attractive business environment and living conditions."
The Songdo district on a land of 16 million pyeong (52.8 million m2) will be developed into advanced industrial city housing, a convention center, the Asia Trade Center, a foreign hospital and a luxurious hotel.
The Yeongjong district on a land of 41 million pyeong (135.3 million m2) will be fostered as the core base of aviation and logistics. And the Cheongna district on a land of 5.3 million pyeong (17.4 million m2) will be developed into an international tourism and leisure estate housing an Asian village, a theme park, a golf course and an R&D center.
"In 2002 when the economic zone development project is finished, Incheon will enjoy 53.4 trillion won [US$57.6 billion] in production inducement amount, 22.4 trillion won [US$24.2 billion] in value added inducement amount and 130,000 new jobs, playing a key role as a top-class economyoriented city in Northeast Asia," he said.
As for the present achievements and problems facing the development of the Incheon Free Economic Zone, An said: "The Songdo district will be developed into an advanced industrial city centering on international business, IT and BT. For example, we are now constructing an international business estate, a knowledge information industry estate, an advanced bio estate and a residential estate."
"In particular, in the international business estate, we are constructing a convention center for completion in April, 2008, the Songdo international school for opening in September 2008, and the 65-floor Asia Trade Center for completion in 2010," said the mayor.
"We started the construction of Incheon Bridge connecting the Songdo district and the Yeongjong district in June 2005 and finished 39 percent of the whole process, aiming to complete the project in October 2009," he explained.
Incheon Bridge to be built through an advanced construction method of AMEK of Britain and Samsung is expected to greatly contribute to attracting foreign investment in the Incheon Free Economic Zone, while improving access of users of Incheon and the metropolitan area to the Incheon International Airport.
The Yeongjong district is being developed into a core base of international tourism, aviation logistics and industry. Related to this, it received due approval for construction of the Unbuk Complex Leisure Estate on an 830,000 pyeong (2.73 million m2) plot of land in August 2005 and the Yongyu, Muui Tourism Estate on a 2.13 million pyeong (6.39 million m2) plot in September 2006.
Meanwhile, the Cheongna district will be developed into an international financing and leisure estate consisting of financial & leisure estate, floricultural estate and GM Daewoo R&D Center. The construction work for the GM Daewoo R&D Center, which started in September 2005, will be completed in 2012.
As for the difficulties facing the Incheon Free Economic Zone Development Project, An pointed out easing of regulations, including the laws regulating the metropolitan area, financial assistance and system reform.
"To compete with neighboring cities such as Hong Kong, Singapore, Pudong, Shanghai and Dubai, we should push for efficiency-centered theory such as selection and concentration, away from the theory of equality for balanced regional development.
At the same time, we keenly need institutional supports for free economic zone," said the mayor.
