Incheon has since led the economic development of South Korea by opening its port to the outside world, ushering in the modernization of South Korea as a center of industrialization. In 2003, the city was designated as South Korea's first free economic zone.[citation needed] Since then, large local companies and global enterprises have increasingly invested in the Incheon Free Economic Zone, including Samsung which chose Songdo International City as its new investment destination for its bio industry.[citation needed]