Commencement of Feasibility Study for Designation of Incheon Inner Port Area as Economic Free Zone

The Incheon Free Economic Zone Authority announced on the 28th that it has commenced a service project to designate the Incheon Inner Port area as a free economic zone.

Through this service project, the Incheon Free Economic Zone Authority will review the feasibility of designating a 6.06㎢ site in the Incheon Inner Port area as a free economic zone by May 2026, and establish development plans and metropolitan transportation improvement measures. This project is based on the 'Jemulpo Renaissance Master Plan' commissioned by Incheon City, aiming to designate the Inner Port area as a free economic zone and formulate development plans to promote balanced development of the old downtown and strengthen urban competitiveness.

The Jemulpo Renaissance, a core pledge of Incheon City's 8th term and a project to revitalize the old downtown, is a project to transform the Incheon Inner Port (formerly Jemulpo), which led Korea's modernization, and the surrounding old downtown into a cultural, tourism, and industrial convergence city.

Aerial View of Jemulpo Renaissance [Provided by Incheon City]

Based on the results of this service project, the Incheon Free Economic Zone Authority plans to apply for designation as a free economic zone to the Ministry of Trade, Industry and Energy in the second half of 2025. In this regard, the Ministry recently approved the 3rd Basic Plan for Free Economic Zones at the 138th Free Economic Zone Committee meeting, which includes 'demand-based total volume management system operation (within 360㎢)' and 'expansion of authority for development plan changes to local governments,' which the Incheon Free Economic Zone Authority expects will have a positive impact on additional free economic zone designations.

An official from the Incheon Free Economic Zone Authority stated, "At the service project commencement briefing, we also discussed measures for relocating cargo volumes from Inner Port Piers 2 to 7, plans for relocating the Incheon Maritime Defense Command, relocation of existing industrial facilities, and whether to retain large new logistics facilities." He added, "We will proceed with the service project without delay to develop the Incheon Inner Port area into a harbor city where history and culture coexist, and secure the driving force for the development of the old downtown through the Jemulpo Renaissance project."