Central Hub for Bio & Aviation in Korea
The Chungbuk Free Economic Zone (CBFEZ), officially designated in 2013, is South Korea’s central platform for biotechnology, bio-health, and advanced aviation industries. Located in Chungcheongbuk-do Province, CBFEZ leverages its inland location, strong connectivity, and industry-specific clusters to attract global investors. With its vision of becoming a bio-health and aviation hub, the zone integrates research, production, and logistics to support cutting-edge enterprises.
Location and Connectivity
CBFEZ is strategically positioned at the heart of Korea’s transportation network. It lies within one hour of the Seoul Metropolitan Area and just two hours from most other Korean regions. Its accessibility is strengthened by intersecting highways and railways, while Cheongju International Airport serves as a 24-hour cargo hub directly linked to the zone. In addition, nearby ports such as Pyeongtaek and Dangjin ensure efficient marine logistics. This combination of road, air, and sea connectivity makes CBFEZ a true logistics gateway for central Korea.
Specialized Districts and Core Industries
CBFEZ consists of several specialized districts, each targeting industries that align with Korea’s future growth strategies:
- Osong Biovalley – A dedicated biotechnology and bio-health cluster that integrates R&D, clinical trials, regulatory institutions, and manufacturing. Home to the Osong Bio-Health Science Complex and High-Tech Medical Complex, it provides a “one-stop system” for the entire biomedical value chain.
- Cheongju Aeropolis – A hub for the aviation industry, including aircraft Maintenance, Repair, and Overhaul (MRO), aviation parts and materials, and next-generation urban air mobility projects. With its proximity to Cheongju Airport, Aeropolis is designed to become Korea’s leading aviation cluster.
- Ecopolis – Focused on eco-friendly development and green technologies, this district integrates sustainable industries with residential and recreational environments, supporting balanced regional growth.
These projects position CBFEZ as a convergence zone for biotech, aviation, and environmentally sustainable industries.
Investment programs
Foreigner (Art. 2 of the Foreign Investment Promotion Act; Art. 2 of the Enforcement Decree of the FIPA)
- Any individual of foreign nationality
- Any legal entity incorporated under the laws of a foreign country (foreign corporation)
- Any international cooperative organization
- Any agency offering international economic cooperation for and on behalf of a foreign government
- The IBRD, the IFC, the ADB or any other international organization performing development financial services
- Any international organization performing international investment services for itself or any other entity
- Any Korean national who is granted permanent residency in another country
Types of foreign investment (Art. 2 (4) of the FIPA; Art. 2 (2) of the Enforcement Decree of the FIPA)
- Where a foreigner acquires shares and/or equity interests in domestic businesses
- Where a foreigner owns 10% or more of voting capital stock or the total voting equity investment
- Where a foreigner owning less than 10% or more of voting capital stock or the total voting equity investment enters into any contract:
- that allows the foreigner to dispatch or elect officers
- under which raw materials or products are delivered or purchased for a period of one year or more or
- under which technology is provided, introduced or jointly researched and developed.
- Major facilities: medical tourism facilities, tourist resort facilities, and educational research and development facilities
- The amount of investment (per person if two or more foreigners are included in the investors) is 100 million Korean won or more.
Long-term loans
- The overseas parent of a foreign-invested company
- Any five-year or longer loan that is extended to a foreign-invested company by any of the following companies holding an equity interest in the overseas parent of such foreign-invested company:
- any overseas company holding a 50% or more equity interest in such overseas parent; or
- where an overseas parent holds a 50% or more equity interest in such foreign-invested company:
- any overseas company holding a 10% or more equity interest in such overseas parent;
- any overseas company in which such overseas parent holds a 50% or more equity interest; or
- any overseas company holding a 50% or more equity interest in any other overseas company that holds a 50% or more equity interest in such overseas parent.
Sources:
https://www.fez.go.kr/portal/en/cbfez.do