Several foreign universities have expressed interest in moving into the Cheongna district, one of Incheon's three Free Economic Zones. Songdo and Yeongjong are the other two.
The Cheongna district's business operator Korea Land Corporation said that after an international advertisement, 16 universities have submitted letters of intent.
In a bid to attract foreign corporations to Cheonga, KLC has held investment presentations at universities in the U.S. and Europe.
Among the schools that have submitted LOIs are Virginia Tech in the U.S., Moscow State University in Russia, Glion Institute of Higher Education in Switzerland, the University of Surrey in England, and Monash University in Australia.
"From past experience we can expect foreign universities asking for a stable means of ensuring profits before they actually move in and build their schools," said an Incheon city official. "They will decide on their investment after carefully weighing the pros and cons. So it's uncertain how many universities we can actually attract at the moment."