Songdo Intelligent City will be developed as a centre for Asia-Pacific multinational headquarters, global business, and a high value-added knowledge-based industrial complex.
Songdo Intelligent City will be developed over an eight-year period. In the first phase, an international convention centre and 60-story world trade centre, 60 other office buildings, deluxe hotels, shopping malls, and golf course will be built by 2008.
Currently under construction, ‘Techno Park’ will be completed by 2004 and the Korean Institute of Technology along with other research centres and venture start-ups will begin moving there in 2003. A Knowledge and Information Industrial Complex (2.65), and Bio Complex will also be built by 2008. U.S.-based VaxGen, a company noted for its AIDS vaccine, signed a contract in February 2002 with Korea Tobacco and Gingseng Corp. and Nexol Biotech (also of Korea) to set up a domestic joint venture named Celltrion that started construction for a research and development centre and manufacturing facilities in May 2002.
The area surrounding IIA were designated a customs free zone in October 2003 and efforts are under way to encourage global logistics firm investments including express cargo. Sufficient runway capacity will pave the way for a high-value-added air logistics base where high-end parts air-freighted from production centres in neighbouring countries can be assembled. The freight terminal will be expanded from the current 132,000 to 429,000 square meters by 2020.