The Incheon Free Economic Zone: Korea's Second Economic Miracle

Optimism filled the last open spaces in the room-crowded as it was with CEOs, consultants and portfolio managers-as Ahn Sang-Soo, the mayor of Incheon, reported on the promise and progress of Incheon's Free Economic Zone. The zone consists of three new cities, in various stages of development, on Incheon's periphery-each specially built to become the center of a target industry. The most ambitious is New Songdo City, a project that is being spearheaded by The Gale Company. Designed complete with highways, canals, malls and a crowning 65-story office tower, when it's complete New Songdo City will have 25,000 residents and be a hub of business services and IT. Ahn's aides predicted it would be a hot spot for the front-office functions of companies with manufacturing facilities in Northeast China. The Gale Company was represented in this program by its chairman, Stanley Gale. In his remarks, Gale reported that the ground has already been broken for some of the city's shopping complexes. "This is really happening," he said, "it's not just something people are talking about." As the program drew to a close, Gale brought New Songdo City even closer to reality by presenting Mayor Ahn with a tee-shirt proclaiming him the city's first citizen.