Osong: The government announced the approval of the Osong 3rd Bio-Health Science Complex, designating it as a national industrial complex in North Chungcheong Province.
According to Yonhap News Agency, the Ministry of Land, Infrastructure and Transport stated that the 4.12 million-square-meter site in Osong, located 108 kilometers south of Seoul, is set to be developed as a central hub for the Korean bio sector. The project aims to create a Korean version of Kendall Square, a noted biotech cluster in Boston, USA.
The new complex will be constructed around the existing Osong Biomedical Campus and is envisioned as a hub that will integrate residential and cultural functions. Osong is already home to the Osong Bio-Health Science Complex, Osong Bio-Polis, and several key national health and medical agencies, such as the Ministry of Food and Drug Safety and the Korea Disease Control and Prevention Agency.
The Bank of Korea projects that the new complex will generate 1.8 trillion won (approximately US$1.29 billion) in production value and create 11,562 jobs. The government plans to complete the complex by 2030, beginning with land compensation procedures this year.
Kim Ji-yeon, director general for land policy at the ministry, remarked that the project represents a significant milestone in developing an innovative ecosystem for Korea's bio industry, which is expected to be a driving force for the next century.