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Songdo Expected to Attract More Foreign Investment Updated: 2012-10-31 12:00:00 KST

Songdo Expected to Attract More Foreign Investment
"This is Songdo, a district the city of Incheon is aiming to transform into an international hub in northeast Asia. Even though not many foreign investors have set up shop in Songdo, Korean officials are hoping that its winning bid to host the secretariat of the Green Climate Fund, or GCF will help it attract more investors.

Over the past eight years, more than 24 billion U.S. dollars, including private capital, have been put toward the development of an international city in the Songdo area, but the district has only attracted slightly more than a billion dollars worth of foreign investment.
In addition, the city's foreign resident population represents only one-and-a-half percent of Songo's total population.
The presence of the Green Climate Fund is expected to create a synergy effect in Songdo that has a large number of environmentally friendly facilities and communication networks.

[Interview : Song Young-gil, Mayor
Incheon Metropolitan City] "Many board members were impressed with the Songdo city, they said, it's like a tailored city for the GCF secretariat."

Built on reclaimed land along the Incheon coast, the city of Songdo is just a 20-minute drive from Incheon International Airport.
About one-third of the Songdo area is designated as a green zone, providing residents and visitors with a relaxing environment and leisure activities.
In addition, there is a group of foreign schools catering to the children of the city's expat population.
The Korean government is also taking steps to further develop Songdo as well as efforts to connect it to central Seoul through public transportation networks.

[Interview : Song Young-gil, Mayor
Incheon Metropolitan City] "The central government promised to support the construction of GTX that will connect Songdo area and Yeouido. If GTX project is complete, it will take about 21 minutes from Songdo area to Yeoui-island."

[Reporter : Hwang Ji-hye, emilyfwang@arirang.co.kr] "Some analysts say however, that there are more challenges ahead for Songdo before it can truly become an international city -- such as easing corporate regulations to attract more foreign investment.
Hwang Ji-hye, Arirang News, Incheon."
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