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In just a few years, South Korea’s Chungbuk Free Economic Zone (CBFEZ) has emerged as a formidable force in biotechnology, drawing significant global investment and driving innovation. Located in Osong, the zone consists of four major districts: the Osong Bio Valley Biomedical District (1,131 km²), the Bio Polis District (3,284 km²), Cheongju Aeropolis District I (0.134 km²), and District II (0.407 km²). In particular, Osong Bio Valley is being developed into one of the most high-density, advanced biotech clusters in Asia.
Often described as Korea’s answer to Rockville, Maryland—the heart of the U.S. biotech corridor—Osong offers faster development timelines, lower operational costs, and immediate access to key regulatory agencies such as the Ministry of Food and Drug Safety and the Korea Centers for Disease Control and Prevention. This proximity significantly reduces red tape, accelerating approvals and advancing research.
A leading biotech enterprise, Prestige Bio, has established a large-scale antibody drug manufacturing and research facility in the Osong Bio Polis District of CBFEZ, actively leveraging the zone’s tax incentives and access to Asian markets. In addition, major domestic firms such as LG Life Sciences and CJ Healthcare have also expanded into nearby areas, further contributing to the growth and vitality of Osong’s bio-cluster ecosystem.
CBFEZ supports companies at every stage—from clinical research to large-scale manufacturing. Anchoring the zone are four national R&D centers specializing in drug development, clinical testing, medical equipment innovation, and animal research.
Investor confidence in CBFEZ is strong and growing. These companies benefit from a comprehensive suite of incentives. Foreign-invested firms and relocated domestic companies receive corporate and income tax exemptions for five years, followed by a 50 percent reduction for the next two years. CBFEZ also offers customs duty exemptions and VAT relief for five years. Local governments complement these benefits with property acquisition tax exemptions for seven years and property tax relief for up to a decade, significantly lowering operational costs. The Ministry of Trade, Industry and Energy has further invested approximately 380 million KRW ($270,000) in innovation-support projects within the zone.
Strategically located just one minute from Osong KTX Station and 20 minutes from Cheongju International Airport, CBFEZ provides seamless connectivity to Seoul in under an hour and easy access to major regional markets like China and Japan. This central location enhances its value as a logistics hub and critical node in domestic and global biotech supply chains.
Beyond infrastructure, Osong offers lower real estate and labor costs compared to the capital, along with regulatory flexibility. The presence of advanced institutions such as the Stem Cell Research & Development Center and the National Institute on Aging further establishes the zone as a premier R&D base for biomedical innovation.
Notably, with the recent designation of the Osong Third Life Science Industrial Complex—adjacent to CBFEZ—as a national industrial complex, the combination of existing industrial parks with this new national complex is expected to position the region as Korea’s largest biotech cluster. Accordingly, CBFEZ is actively promoting step-by-step preparations to designate the Third Life Science Industrial Complex and surrounding industrial areas as part of the Free Economic Zone.
Recognizing that attracting top international talent requires more than just labs, CBFEZ prioritizes quality of life. Osong provides diverse residential options ranging from high-rise towers to detached homes and dormitories, alongside eco-friendly designs with green spaces, waterfront parks, and community-oriented living. Plans for international schools and multilingual health care services are also being actively promoted.
In June 2025, Chungbuk Free Economic Zone Authority participated in the world’s largest biotech exhibition, the 2025 BIO International Convention in Boston. Working with nine related organizations, they promoted CBFEZ’s investment environment, held over 60 business meetings with global pharmaceutical and biotech firms, and hosted events like the Korea Special Biotech Showcase and a Korea Night Reception, with around 800 attendees, fostering strong networking and business exchanges.
CBFEZ officials also met with Boston’s planning agency to gather insights for their K-Bio Square urban development project. The event highlighted successful deals like Autotelic Bio’s licensing agreement with a Brazilian pharma company. Follow-up meetings focused on expanding global partnerships and joint R&D initiatives.
The Chungbuk Free Economic Zone (CBFEZ) has secured a clear competitive edge in Asia’s biotech race through integrated incentives, robust infrastructure, and a well-defined strategic vision. CBFEZ is shaping the future of life sciences innovation in the region, far beyond being merely an emerging biotech cluster.
Chungbuk Free Economic Zone (CBFEZ):
https://www.chungbuk.go.kr/ecoeng/contents.do?key=3509
https://kr.linkedin.com/company/chungbukfez?trk=public_post_feed-actor-image
This article was written with the sponsorship of the Chungbuk Free Economic Zone.
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