Incheon, officially the Incheon Metropolitan City, is a city located in northwestern South Korea, bordering Seoul and Gyeonggi to the east. Inhabited since the Neolithic, Incheon was home to just 4,700 people when it became an international port in 1883. Today, about 3 million people live in the city, making it S Korea’s third most-populous city after Seoul and Busan. The city’s growth has been assured in modern times with the development of its port due to its natural advantages as a coastal city and its proximity to the South Korean capital. It is part of the Seoul Capital Area, along with Seoul itself and Gyeonggi Province, forming the world’s fourth largest metropolitan area by population.
Incheon has since led the economic development of Korea by opening its port to the outside world, ushering in the modernization of Korea as a center of industrialization. In 2003, the city was designated as Korea’s first free economic zone. Since then, large local companies and global enterprises have increasingly invested in the Incheon Free Economic Zone, including Samsung which chose Songdo International City as its new investment destination for its bio industry.
As an international city, Incheon has held numerous large scale international conferences, such as the Incheon Global Fair & Festival in 2009. The 17th Asian Games Incheon 2014 was also held in Incheon on 19 September 2014. Incheon has established itself as a major transportation hub in northeast Asia with the Incheon International Airport and Incheon Port. The city is also home to the Green Climate Fund, an international organization addressing environmental issues.
Incheon forms the heart of Capital Industrial Region. During the industrialization of South Korea, several industrial complexes were built throughout the city, and as a result, the city was largely dependent on manufacturing industry. But with the designation of Incheon Free Economic Zone in 2003, the city is now making an effort to foster new growth industries. Major industrial parks include Bupyeong industrial complex, which hosts GM Incheon plant(formerly a GM Daewoo Incheon plant), Juan industrial complex, and Namdong Industrial complex. In recent years, bio industry is emerging as a new growth industry of the city. Currently, with the total production capacity of 330kℓ per year, the city ranks 2nd in the world by production capacity along with San Francisco, United States. The capacity is under expansion, and after completion in 2018, the city will rank 1st with the production capacity of 510kℓ. Also, logistics industry is also experiencing a rapid growth, thanks to Incheon Airport, which was ranked fourth in the world by cargo traffic, and the expansion of Incheon Port.
