Chung Buk Free Economic Zone Explained

The Chungbuk Free Economic Zone (CBFEZ) is a Free Economic Zone in Chungcheongbuk-do, South Korea. It includes the cities of Chungju and Cheongju. The zone was announced on February 14, 2013.

Location

Chungbuk Free Economic Zone is a central transport hub in South Korea. Cheongju International Airport is located there.[1]

Investment Incentives

Chungbuk is one of eight Free Economic Zones established to attract foreign investment. The Korean government has created investment incentives such as tax breaks for foreign companies, relaxed labor regulations and investment subsidies.[2] The Korean government describes CBFEZ as having "the most optimized access to the nation".[3] The entire country is within 2 hours by train.[4]

Projects

The Chungbuk Free Economic Zone includes three core investment projects: "Bio Valley", "Aeropolis" and "Ecopolis".[5]

Bio Valley

Bio Valley is intended to attract investment in biotechnological, pharmaceutical and medical research.[6] Related government agencies are located there, and plans have been made to establish a university specializing in biotechnology research.[7]

Aeropolis

Aeropolis is intended to focus on airplane manufacture and maintenance, as well as aeronautical research. The first priority is the construction of a maintenance, repair and overhaul complex for the airport.[8]

Ecopolis

Ecopolis is focused on environmentally benign economic development,[9] including an eco-friendly resort. Over US $25 million in tax subsidies have been promised for investors.[10]

See also

External links

Notes and References

  1. http://www.koreaittimes.com/story/10673/chungcheongbuk-do-pushes-designation-solar-energy-special-zone Chungcheongbuk-do pushes for Designation of Solar Energy Special Zone
  2. https://koreatimes.co.kr/www/news/biz/2013/07/602_138602.html Free economic zones to be retooled
  3. http://eng.cbfez.go.kr/site/ecoeng/sub.do?Key=3513 Background of Promotion
  4. http://eng.cbfez.go.kr/site/ecoeng/sub.do?Key=3500 Aeropolis Project Overview
  5. http://eng.cbfez.go.kr/site/ecoeng/sub.do?Key=3790 CBFEZ Introduction
  6. http://eng.cbfez.go.kr/site/ecoeng/sub.do?Key=3494 Biovalley Project Overview
  7. http://www.investkorea.org/ikwork/reg/eng/co/index.jsp?l_unit=90202&m_unit=90303&code=1140401&no=608300006&bno=011230024&seq=9 Osong Biovalley Construction
  8. http://www.investkorea.org/ikwork/reg/eng/co/index.jsp?num=&no=608300006&code=1140401&l_unit=90202&m_unit=90303&s_unit=&page=1&bno=011170008&seq=8 Aerospace Industry Complex at Cheongju International Airport
  9. http://eng.cbfez.go.kr/site/ecoeng/sub.do?Key=3506 Ecopolis Project Overview
  10. http://www.investkorea.org/ikwork/reg/eng/co/index.jsp?num=&no=608300006&code=1140401&l_unit=90202&m_unit=90303&s_unit=&page=1&bno=903180017&seq=1 Chungju Enterprise City (Green Techopolis)

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