The Incheon Free Economic Zone (IFEZ) presented its vision to build the largest bio-health complex in the world, during a ceremony celebrating the 15th anniversary of its establishment on Tuesday.

IFEZ was designated as Korea's first free economic zone in August 2003 where foreign investors receive tax and other benefits in doing business.

Now IFEZ plans to link the existing three districts inside the Songdo International City to the newly built area to cope with the Fourth Industrial Revolution. The zone also intends to create a medical town in Songdo, build a general hospital in Yeongjong Island and form a medical tourism complex in Cheongna International City.

Songdo is already home to various global biopharmaceutical companies, including Samsung BioLogics, Celltrion, Merck and GE Healthcare.

Other IFEZ’s plans included becoming a business hub for Northeast Asian countries and aiming to become a smart, educational and cultural hub.

“Advanced countries are creating free economic zones around large cities to strengthening their competitiveness,” Incheon Mayor Yoo Jung-bok said. “Strategies for building a business-centered city in Incheon will become the next growth engine for Korea.”