Chuncheon Completes Establishment of "Biotech Innovalley PFV"
Project Approval Application to Be Submitted This Year; Aiming for Full-Scale Implementation by 2026
Douzone Bizon Leads Creation of IT, AI, and Precision Medicine Convergence Cluster
Designated as National Advanced Strategic Industry Complex, Targeting Leadership in Balanced National Development
The Chuncheon Enterprise Innovation Park development project has completed the establishment of a Project Financing Vehicle (PFV), marking its transition from the planning stage to the implementation stage.
Chuncheon City, Gangwon Special Self-Governing Province (Mayor: Yuk Donghan), announced on September 4 that the registration for the establishment of "Biotech Innovalley PFV Co., Ltd." (PFV) was completed on September 3.
The newly established PFV is a follow-up to the launch of "Biotech Innovalley Asset Management Co., Ltd." (AMC) in April. It is a special purpose company funded by the anchor company Douzone Bizon Co., Ltd., together with financial institutions and the AMC.
The city and Gangwon Province also plan to invest in the PFV after completing the local government investment procedures, in line with the timing of project approval. Construction companies (CI) and strategic investors (SI) are also expected to join in the future.
The city plans to submit the current integrated development plan within a few days, after which it will promptly proceed with procedures such as consultations with related agencies and public hearings. The goal is to apply for project approval from the Ministry of Land, Infrastructure and Transport within the second half of this year. Subsequently, the city aims to secure final project approval in the second half of 2026 and put the project on track for full-scale implementation.
With the establishment of this PFV, the Chuncheon Enterprise Innovation Park development project has reached a turning point, moving from the planning stage to the implementation stage.
The "Chuncheon Enterprise Innovation Park Development Project" is a large-scale initiative with a total project cost of approximately 1.1 trillion won, covering a site of 3.63 million square meters (about 1.1 million pyeong) in Gwangpan-ri, Namsan-myeon. The goal is to create an advanced industrial cluster corporate city that not only accommodates high-tech industries but also integrates residential, educational, medical, cultural, commercial, and business functions for self-sufficiency.
In particular, the anchor company Douzone Bizon Co., Ltd. is expected to take the lead in future strategic industries such as AI medical services, leveraging its precision medicine and biometric data platforms. The success model of Chuncheon City's bioindustry is anticipated to expand into the IT, AI, and precision medicine sectors, further strengthening the region's industrial competitiveness.
Furthermore, with Chuncheon City being designated last year as a national advanced strategic industry specialized complex in the bio sector by the Ministry of Trade, Industry and Energy, the city aims to become a leading model for balanced national development. This will be achieved by linking government policy projects such as Opportunity Development Zones and R&D Special Zones, thereby revitalizing investment in advanced industries and fostering an AI-BIO convergence industry ecosystem.
A Chuncheon City official stated, "Now that the project entity has been established, we will accelerate administrative procedures and focus all our capabilities to ensure the project proceeds without delay."
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