The Chungbuk Free Economic Zone (CBFEZ) is a

Free Economic Zone Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which co ...

Chungcheongbuk-do North Chungcheong Province ( ko, 충청북도, ''Chungcheongbuk-do''), also known as Chungbuk, is a province of South Korea. North Chungcheong has a population of 1,578,934 (2014) and has a geographic area of located in the Hoseo region in the ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. Its western border is formed by the Yellow Sea, while its eas ...

. It includes the cities of Chungju and

Cheongju Cheongju () is the capital and largest city of North Chungcheong Province in South Korea. History Cheongju has been an important provincial town since ancient times. In the Cheongju Mountains, specifically in the one where Sangdang Sanseong is ...

. The zone was announced on February 14, 2013.

Location

Chungbuk Free Economic Zone is a central transport hub in South Korea.

Cheongju International Airport Cheongju International Airport (Hangul: 청주국제공항; Hanja: 淸州國際空港; Revised Romanization: Cheongju Gukje Gonghang; McCune-Reischauer: Ch'ŏngju Kukche Konghang) is an international airport in Cheongwon-gu, South Korea. It als ...

is located there.

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. The Korean government describes CBFEZ as having "the most optimized access to the nation". The entire country is within 2 hours by train.Aeropolis Project Overview
, Chungbuk Free Economic Zone Authority

Projects

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

Bio Valley

Bio Valley is intended to attract investment in biotechnological, pharmaceutical and medical research.Biovalley Project Overview
, Chungbuk Free Economic Zone Authority Related government agencies are located there, and plans have been made to establish a university specializing in

biotechnology Biotechnology is the integration of natural sciences and engineering sciences in order to achieve the application of organisms, cells, parts thereof and molecular analogues for products and services. The term ''biotechnology'' was first used ...

research.Osong Biovalley Construction
, Invest Korea * Location: Near Osong-eup, Cheongwon-gun, Chungcheong Buk-do (near Osong KTX Station) * Area: 4,414,898 m² * Project Cost: 1.888 trillion KRW * Project Period: 2013~2020

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.Aerospace Industry Complex at Cheongju International Airport
, Invest Korea * Location: Naesu-eup, Cheongwon-gun, Chungcheong Buk-do * Area: 473,713 m² * Project Cost: 1,569 billion KRW * Project Period: 2013~2020

Ecopolis

Ecopolis is focused on environmentally benign economic development,Ecopolis Project Overview
, Chungbuk Free Economic Zone Authority including an eco-friendly resort. Over US $25 million in tax subsidies have been promised for investors.Chungju Enterprise City (Green Techopolis)
, Invest Korea * Location: Gageum-myeon, Chungju City, Chungcheong Buk-do * Area: 4,196,416 m² * Project Cost: 659.1 billion KRW * Project Period: 2013~2020

References

{{reflist

External links

Chungbuk Free Economic Zone Official Website
Geography of North Chungcheong Province Economy of South Korea