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Exclusive: IFEZ a logistics and transportation center

CCTV.com

05-13-2016 00:36 BJT

Our reporter Su Yuting sat down with the mayor of Incheon City, Yoo Jeong-bok, and asked him about a Free Economic Zone in Incheon, as well as what he expected from the governor's forum.

Su: "How can China benefit from the Incheon Free Economic Zone?

"The Incheon Free Economic Zone, or IFEZ, is a center for logistics and transportation businesses. It has the world class Incheon International Airport and Incheon Port. You can reach Seoul and other metropolitan areas within an hour from IFEZ. This allows you to obtain raw materials easily, saving costs. Many global firms are already doing business here in IFEZ. Investors will be able to buy land below construction costs, and the rent is also very low. Companies can be exempt from income and corporate taxes for 3 years. After that, the taxes will be halved for an additional two years. Tariffs will also be exempted for an additional 3 years," Yoo said.

Su: "As the host of the governors' forum, what purpose do you want to achieve? How will the forum help promote exchanges between the two countries?"

"The forum will be held in Incheon from June 7 to 9. The forum will focus on how to stimulate local governmental exchanges, on the first anniversary of the Korea-China Free Trade Agreement. Becoming close partners in areas of economy, tourism and culture, and the building of trust is most important. At the center of this cooperation are the local governments of both nations. I look forward to the forum serving as meaningful occasion for practical cooperation. Despite the active exchanges between the local governments of South Korea and China, we have not held a governors' forum yet. Through this forum, I expect that our cooperation, which has been active at a local level, can lead to further developments. In addition, I believe this governors forum will provide an opportunity to initiate various cooperation programs which can result in practical outcomes for the local government of both nations," Yoo said.

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