Gangwon-do, Chuncheon Corporate Innovation Park PFV to Invest

Cluster Development for Bioindustry in Chuncheon Gwangpan-ri
Gangwon-do "Will Prepare Various Support Measures for Success"

Gangwon Special Self-Governing Province (Governor Kim Jin-tae) and Chuncheon City (Mayor Yuk Dong-han) decided on April 4 to invest in the corporate innovation park project implementation corporation (PFV). Through this investment, Gangwon Province expects to support the development of a bio-health industry hub, enhance the credibility of project implementation, and send positive signals to the market such as attracting investors.

Location of Chuncheon Corporate Innovation Park.

The Corporate Innovation Park is a project to create a new city with well-established living conditions including education, medical, and cultural facilities by developing an advanced strategic industry cooperation district (cluster) for bio, precision medicine, IT, and big data on a 3.68 million square meter site in Gwangpan-ri, Namsan-myeon, Chuncheon City. On March 11, President Yoon Seok-yeol selected Chuncheon City as the leading project site for the Corporate Innovation Park at a public discussion held at the Gangwon Provincial Office. The project will be carried out from this year until 2033 with a budget of 936.4 billion KRW, promoted through a private-led complex development method.

So far, Gangwon Province and Chuncheon City have continuously discussed the PFV investment shares, timing, and procedures, and earlier this month agreed to invest less than 10% of the capital, with Gangwon Province and Chuncheon City sharing the investment amount equally.

A panoramic view of Gwangpan-ri, Namsan-myeon, Chuncheon-si, where the Chuncheon Corporate Innovation Park will be established.

Subsequently, aiming to establish the PFV corporation by March next year, negotiations will be held with financial institutions and various companies to secure additional investments beyond the anchor company Doozon Bizon, the province, and Chuncheon City.

This investment decision confirms the intention to invest and determines the shareholding, while the actual investment is expected to take place after the total project cost is finalized and approved by the council in the second half of next year.

Nam Jin-woo, Director of the Gangwon Province Industry Bureau, stated, “When we invested in Wonju Enterprise City, it was just an empty field, but now 50 companies have relocated there, and 100% of the developed land has been sold, marking the first profitable settlement among enterprise cities nationwide,” adding, “To make Chuncheon Corporate Innovation Park successful, the province and Chuncheon City plan to prepare various support measures and strengthen incentives.”