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(KPL/Yonhap) The government said Wednesday it has approved the establishment of the Osong 3rd Bio-Health Science Complex, designating it as a national industrial complex in the country's central province of North Chungcheong.
(KPL/Yonhap) The government said Wednesday it has approved the establishment of the Osong 3rd Bio-Health Science Complex, designating it as a national industrial complex in the country's central province of North Chungcheong.
According to the Ministry of Land, Infrastructure and Transport, the 4.12 million-square-meter site in the town of Osong, 108 kilometers south of Seoul, will be developed as a core hub to lead the Korean bio sector, with the goal of building a Korean version of Kendall Square, a world-renowned biotech cluster in the U.S. city of Boston.
The ministry said the new complex will be built around the Osong Biomedical Campus and designed as a hub that also combines residential and cultural functions.
The town already hosts the Osong Bio-Health Science Complex and Osong Bio-Polis, as well as major national health and medical agencies, including the Ministry of Food and Drug Safety, and the Korea Disease Control and Prevention Agency.
The Bank of Korea estimates the planned complex will generate 1.8 trillion won (US$1.29 billion) in terms of production value and create 11,562 jobs.
The government aims to complete the complex by 2030 starting with land compensation procedures this year.
"This project will mark a major turning point in fostering an innovative ecosystem for Korea's bio industry, which will be a driving force for the next 100 years," said Kim Ji-yeon, director general for land policy at the ministry.
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