CHUNGCHEONGBUK-DO < invest Korea

According to Newsis,

The Chungbuk Free Economic Zone (CBfez) Authority is starting to develop Osong in Cheongju, the center of the domestic bio industry, as a global complex city.

It is intended to grow into an economic center in the central region where advanced foreign technologies and capital can be used freely.

In other words, the province is to build the Chungbuk Free Economic Special City around the free economic zone designated in Osong. The city is focused on creating a settlement environment in which foreign companies can operate freely.

The direction for establishing settlement conditions has been decided, such as attracting foreign schools and strengthening the base of the service industry including large-scale leisure and tourism in connection with nearby tourist destinations.

This is to maximize the impact of foreigners and corporate investment. In fact, the Osong area was designated as a free economic zone in 2013, but it has not achieved satisfactory results in terms of foreign companies attraction.

It signed an MOU for investment with 16 companies (KRW 617.9 billion), but only 11 companies (KRW 307.3 billion) have actually moved in.

The special city is also expected to play a role as a base city in connection with the Daejeon International Science Business Belt and the Cheongju Ochang Synchrotron Radiation Source. By doing so, the province plans to become the center of the new capital area economy.

CBfez plans to organize and operate governance consisted of a representative council and a working-level council for the establishment of a special city.

The representative council will be participated by the Osong functional group, the CEO forum, and the Osong complex management council. The working group council will be made up of those from each participating organization and association.

The governance, which will serve as a control tower, will be in charge of the government's public contest projects to improve foreigners' settlement environment and measures to secure government budgets.

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Source: Newsis (January 20, 2022)