Establishment of Corporate Innovation Park in Chuncheon... Gangwon, Restructuring as Advanced Industry Hub

Geoje Selected as the Third Leading Project Site Following Dangjin

Chuncheon, Gangwon Province, has been selected as the third leading site for the Corporate Innovation Park project, following Geoje in Gyeongnam and Dangjin in Chungnam. The government plans to transform Gangwon into a high-tech industrial hub through the 'Chuncheon Corporate Innovation Park,' centered around the ICT company 'Duzon Bizon' headquartered in Chuncheon and Chuncheon City.

Chuncheon Enterprise Innovation Park bird's-eye view / Image courtesy of the Ministry of Land, Infrastructure and Transport

On the 11th, the Ministry of Land, Infrastructure and Transport announced the plan to promote the Chuncheon Corporate Innovation Park leading project at the nineteenth public discussion presided over by the President, held at the Gangwon Provincial Office.

This leading project was jointly proposed by Duzon Bizon and Chuncheon City. The Ministry of Land explained that several factors were considered in selecting Chuncheon as the leading site. The Corporate Innovation Park is a system complementing existing corporate cities, allowing companies to lead the entire investment process including site selection, capital procurement, and occupancy to create a complex city. In August, the revised 'Special Act on Corporate City Development,' which relaxes standards such as minimum development area to activate Corporate Innovation Parks, will also be implemented.

An official from the Ministry of Land said, "We took note of the anchor company Duzon Bizon's commitment to creating a corporate-friendly city linked with the region's strategic bio industry," adding, "We also highly evaluated the win-win strategy for regional development, which includes creating industrial and research spaces for medical, bio, and IT companies relocating to Chuncheon, as well as medical institutions, education, residential, and community facilities accessible to local residents."

The Ministry of Land will conduct expert consulting from the end of this month to analyze the demand for occupancy in the Chuncheon Corporate Innovation Park and establish development plans such as setting the development area accordingly. If companies and local governments prepare development plans and apply for approval by 2025, administrative procedures such as business feasibility analysis for district designation and integrated review by the Urban Development Committee will be expedited.

An official from the Ministry of Land stated, "We will continue to provide cross-government support such as national funding for access roads and public wastewater treatment facilities installed in the Corporate Innovation Park, designation of opportunity development zones, and utilization of regional revitalization investment funds," adding, "We expect economic effects exceeding 6 trillion won, including the creation of more than 40,000 jobs."