Chung Buk Free Economic Zone

Last updated

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.

Contents

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. [4] 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

Related Research Articles

Korea has had administrative districts that can be considered provinces since the 7th century. These divisions were initially called ju in Unified Silla and Later Baekje, and there were nine in total. After Goryeo conquered these states in the 10th century, twelve divisions called mok were established, although they were reorganized into ten do in the 11th century.

<span class="mw-page-title-main">North Chungcheong Province</span> Province of South Korea

North Chungcheong Province, 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 7,433 km2 (2,870 sq mi) located in the Hoseo region in the south-center of the Korean Peninsula. North Chungcheong borders the provinces of Gyeonggi and Gangwon to the north, North Gyeongsang to the east, North Jeolla to the south and South Chungcheong, Sejong Special Autonomous City and Daejeon Metropolitan City to the west.

<span class="mw-page-title-main">Cheongju</span> Specific city in North Chungcheong, South Korea

Cheongju is the capital and largest city of North Chungcheong Province in South Korea.

<span class="mw-page-title-main">Eumseong County</span> County in Hoseo, South Korea

Eumseong County is a county in North Chungcheong Province, South Korea, best known for being the birthplace of former UN Secretary-General Ban Ki-moon.

<span class="mw-page-title-main">Sunchang County</span> County in Honam, South Korea

Sunchang County (Sunchang-gun) is a county in North Jeolla Province, South Korea. It is located in a mountainous region of the province and is connected to the city of Jeonju by a modern double-lane free-way that was completed in 2011.

South Korea is made up of 22 first-tier administrative divisions: 6 metropolitan cities, 1 special city, 1 special self-governing city, and 14 provinces, including three special self-governing provinces and five claimed by the ROK government. These are further subdivided into a variety of smaller entities, including cities, counties, districts, towns, townships, neighborhoods and villages.

<span class="mw-page-title-main">Yeoju</span> Municipal city in Gyeonggi Province, South Korea

Yeoju is a city in Gyeonggi Province, South Korea. Yeoju was a county but was raised to the status of a city in September 2013. Together with the neighboring city of Icheon, it is known as a major center of contemporary South Korean ceramics, and hosts the World Ceramic Exposition every year. Other local products of note include rice, sweet potatoes, and yellow melons. Yeoju is the birthplace of Korea's last queen, Empress Myeongseong.

<span class="mw-page-title-main">Cheonan</span> Specific city in Hoseo, South Korea

Cheonan is the largest and most densely populated city of Chungcheongnam-do, South Korea, and the third largest city in the Hoseo region after Daejeon and Cheongju. Cheonan borders Gyeonggi-do in the north, Chungcheongbuk-do to the east and southeast, Sejong City to the south and Asan-si and Gongju-si to the west and southwest.

<span class="mw-page-title-main">Nonsan</span> Municipal City in Hoseo, South Korea

Nonsan is a city in South Chungcheong Province, South Korea. It is located at 36°12′N127°5′E. The origin of Nonsan's geographical names is said to have come from the small garden " Nolmoe, " which rises in the middle of farming fields, where rice paddies and mountain are said to reflect geographical features. The city belongs to the Daejeon Metropolitan Area.

<span class="mw-page-title-main">Cheongju International Airport</span> Airport serving Cheongju, North Chungcheong, South Korea

Cheongju International Airport is an international airport in Cheongwon-gu, Cheongju, South Korea. It also serves the cities of Daejeon and Sejong. In 2018, 2,453,649 passengers used the airport. It also houses the 17th fighter wing of the ROKAF. There is a railway station next to the airport, called Cheongju Airport station, which is on the Chungbuk Line.

Peer-to-peer lending, also abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. Peer-to-peer lending companies often offer their services online, and attempt to operate with lower overhead and provide their services more cheaply than traditional financial institutions. As a result, lenders can earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates, even after the P2P lending company has taken a fee for providing the match-making platform and credit checking the borrower. There is the risk of the borrower defaulting on the loans taken out from peer-lending websites.

<span class="mw-page-title-main">Sejong City</span> Special autonomous city in Hoseo, South Korea

Sejong or Sejong City, officially the Sejong Special Self-Governing City, is a special self-governing city and the de facto administrative capital of South Korea.

The Incheon Free Economic Zone (IFEZ), located in Incheon, South Korea is a Korean Free Economic Zone that consists of the three regions of Songdo, Cheongna, and the island of Yeongjong and has a total area of 51,739 acres (209.38 km2). The goal of the IFEZ is to transform these three areas into hubs for logistics, international business, leisure, and tourism for the Northeast Asian region. Incheon's Free Economic Zone was officially designated by the Korean government in August 2003. IFEZ is planned to be a self-contained living and business district featuring air and sea transportation, a logistics complex, an international business center, financial services, residences, schools and hospitals, and shopping and entertainment centers.

<span class="mw-page-title-main">Ministry of Food and Drug Safety</span> South Korean government agency

The Ministry of Food and Drug Safety, formerly known as the Korea Food & Drug Administration, is a government agency responsible for promoting the public health by ensuring the safety and efficiency of foods, pharmaceuticals, medical devices and cosmetics as well as supporting the development of the food and pharmaceutical industries in South Korea. The main goal is to offer people safe foods and drugs.

<span class="mw-page-title-main">Chungju Hummel FC</span> Football club

Chungju Hummel Football Club was a South Korean professional football club based in Chungju of Chungcheongbuk-do province. The club was based in Icheon from 2006 to 2007, and prior to that in Uijeongbu. Chungju Hummel played in the K League between 2013 and 2016, but was dissolved after the 2016 season.

Cheonan Junction, shortly Cheonan JC, is a junction located in Dongnam-gu, Cheonan, South Chungcheong, South Korea. Gyeongbu Expressway, Nonsan–Cheonan Expressway, and Asan–Cheongju Expressway meet here. The type of junction is Y-shape junction. Asan–Cheongju Expressway will be opened, and Cheonan JC – Oksan JC segment will be overlapped with Gyeongbu Expressway and Asan–Cheongju Expressway in January 2018.

Seosan–Yeongdeok Expressway also known as 6th East–West Expressway is an expressway in South Korea connecting Dangjin to Yeongdeok County.

References

  1. Chungcheongbuk-do pushes for Designation of Solar Energy Special Zone, Korea IT Times
  2. Free economic zones to be retooled, Korean Times
  3. Background of Promotion Archived 2014-01-16 at the Wayback Machine , Chungbuk Free Economic Zone Authority
  4. 1 2 3 Aeropolis Project Overview Archived 2014-01-18 at the Wayback Machine , Chungbuk Free Economic Zone Authority
  5. CBFEZ Introduction Archived 2014-05-19 at the Wayback Machine , Chungbuk Free Economic Zone Authority
  6. 1 2 Biovalley Project Overview Archived 2014-01-18 at the Wayback Machine , Chungbuk Free Economic Zone Authority
  7. Osong Biovalley Construction Archived 2014-10-06 at the Wayback Machine , Invest Korea
  8. Aerospace Industry Complex at Cheongju International Airport Archived 2014-10-06 at the Wayback Machine , Invest Korea
  9. 1 2 Ecopolis Project Overview Archived 2014-01-18 at the Wayback Machine , Chungbuk Free Economic Zone Authority
  10. Chungju Enterprise City (Green Techopolis) Archived 2014-10-06 at the Wayback Machine , Invest Korea