CBFEZ Holds 2nd Meeting of Foreign Invested Enterprises

- Discussion on the responsibilities of the Free Economic Zone Authority and associated companies for the establishment of the Free International City and addressing company challenges.

On Wednesday, July 19, the Chungbuk Free Economic Zone Authority, under the leadership of Commissioner Maeng Gyeong-jae, convened the 2nd Foreign Invested Company Meeting to establish a cooperative framework between the Authority and eight foreign-invested companies based in Osong Bio Valley.

The enterprises attending the meeting suggested expansions in the domestic and international exhibition and conference support initiatives. They suggested these expansions should encompass areas such as manufacturing, production, and R&D, reflecting the unique characteristics of bio-enterprises. Additionally, recommendations were made to enhance the dormitory rent assistance program.

Among other topics discussed were the persistent challenges faced by regional companies in recruiting high-quality talent and devising measures to tackle illegal parking.

This annual meeting is held to discuss the role between foreign-invested enterprises and the Free Zone Authority in realizing the vision of establishing a Free International City, as championed by the Chungbuk Free Zone Authority. The forum also provides an opportunity to understand business trends and address the concerns of these foreign-invested enterprises.

This year's attendees included foreign-invested enterprises such as Singapore's Prestige Biologics, the U.S.'s Nason Sciences and PF Nature Cosmetics, Japan's OsBio, and Panama's RHF.

CBFEZ Commissioner Ahn Seong-hee, who presided over the meeting, highlighted, “For the development of the Chungbuk Free Economic Zone, the contribution and potential of foreign-invested companies are essential. It is our duty at the Free Economic Zone Authority to facilitate a conducive business environment for these enterprises. He emphasized their commitment to addressing and resolving the issues presented by the companies.

Currently, 16 foreign-invested enterprises are located in CBFEZ, which includes Osong Biopolis District, Osong Biomedical District, Aeropolis Districts 1 and 2.