Incheon is one of the largest South Korean cities with a population of more than three million. The city does not only attract thousands of tourists and expatriates from around the world, but also investors wanting to get a piece of the lucrative business opportunities and flexibility in regulations for investment.
The economy of Incheon
Incheon's convenient location at the Yellow Sea and only a short distance from Seoul has led to a high economic value of the region in South Korea. Today, Incheon's economy contributes up to 20% to South Korea's Gross Domestic Product (GDP). The free economic zone opened in 2003, and it's the first in the country. The Incheon Free Economic Zone has significantly boosted logistics, international trade, tourism and leisure, maritime transport, and financial services. The whole project is expected to reach its final phase by 2020 with countless new architecturally advanced commercial and residential buildings.
The Korean government has realised Incheon's potential and plans to turn the city into a global finance and logistics centre in Northeast Asia. Incheon's port and industry sectors also bring a significant contribution to the city's GDP, as well as the information and communication technology sectors.
Job-hunting in Incheon
This economic development is especially attractive to foreign investors and expatriates. Therefore, Incheon puts great emphasis on infrastructure and real estate to accommodate foreign investors and their business undertakings. This has also created a healthy job market for foreign nationals wanting to come to Incheon and work in one of its many successful fields at international and multinational companies. You can find a job in various sectors, including logistics, trade, financial services, as well as the rapidly growing information, and communication technology sector.
Jobs in Incheon are also available in the leisure and tourism field given the important developments in infrastructure and real estate. Construction, as well as foreign language teaching, also generate countless jobs in the region.
Some of the major companies located in Incheon include Samsung, Ecomass Korea, Konad, Sungwon Heavy Machinery, and J&C Global.
The Green Climate Fund, an international organisation addressing environmental issues, is also headquartered in Incheon. This fund was established within the framework of the UNFCCC and aims at assisting developing countries with climate change issues. This initiative also shows Incheon's incentive to act as a role model of green urbanisation in Asia and the world.
Incheon International Airport, the largest airport in South Korea, is also situated here. It opened in 2001 and replaced the older Gimpo International Airport. Today, Incheon Airport has been ranked the best airport in the world for 11 consecutive years by the Airports Council International and has been named the world's cleanest and the world's best international transit airport by Skytrax.
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