CRI

 [ABSTRACT]

The Free Economic Zone (FEZ) system is a policy introduced to attract foreign investment and enhance the competitiveness of domestic industries. FEZs aim to improve the business environment, enabling foreign-invested enterprises and reshoring domestic companies to operate stably while serving as global business hubs that drive national economic development.

Chungcheongbuk-do currently operates four FEZs: Osong Biomedical District, Osong Biopolis District, and Cheongju Aeropolis 1 and 2 Districts. However, these zones have been criticized for lacking differentiation from existing industrial complexes and showing limited success in attracting foreign investment. Therefore, there is a pressing need to redefine the functions of the Chungbuk FEZ, develop differentiated strategies for attracting foreign and domestic companies, strengthen linkages with regional industries, and establish its position as an innovation hub for regional industrial growth.

Strategies for advancing the Chungbuk FEZ in connection with local industrial resources include the following:

1. Redefining the role of the FEZ to serve as an inbound and outbound gateway for internationalization, accompanied by differentiated strategies for attracting both foreign and domestic investments.

2. Strengthening collaboration among academia, industry, and research institutions within the FEZ, and fostering it as a hub to consolidate innovation resources and enhance the international competitiveness of regional industries.

3. Actively leveraging special regulatory frameworks within the FEZ and providing an attractive business environment for foreign investors, thereby reinforcing its role as a driving force to transform Chungcheongbuk-do into a global business hub.