Developing Cheongju Airport Area into a Hub for Aircraft Parts and Helicopter Maintenance Industry

The 115th Economic Free Zone Committee Meeting... Postponement of Designation Cancellation for Yulchon Port Site in Gwangyang Bay

[Asia Economy Reporter Moon Chaeseok] Chungcheongbuk-do is developing its Free Economic Zone into an industrial area focused on aircraft parts manufacturing and helicopter maintenance, repair, and overhaul (MRO), based on Cheongju Airport.

On the 27th, the Ministry of Trade, Industry and Energy held the 115th Free Economic Zone Committee meeting to review and approve two items, including the amendment of the development plan for Aeropolis Phase 2 in Naesu-eup, Cheongwon-gu, Cheongju City, within the Chungbuk Free Economic Zone.

The committee approved the expansion of targeted industries and development area to foster aircraft parts manufacturing, helicopter MRO, and related industries within the Chungbuk Free Economic Zone.

In addition to the existing aircraft and parts manufacturing and warehousing and transportation services, aircraft transportation, electronic parts, electrical, mechanical, and equipment industries were added. The land use area will increase from 320,627㎡ to 411,152㎡, an expansion of 90,525㎡.

The Ministry of Trade, Industry and Energy explained, "This approval will promote the development and investment of the Cheongju Aeropolis zones 1 and 2, which had been somewhat delayed after failing to attract private aviation MRO investment in August 2016. It will serve as an important opportunity to establish an ecosystem for aircraft parts and helicopter MRO."

Regarding the Yeolchun Port site in the Gwangyang Bay Free Economic Zone, Jeollanam-do, whose designation cancellation grace period is approaching in four months, the grace period for cancellation was extended by two years on the condition of voluntary restructuring of the adjacent Yulchon 3 Industrial Complex.

The committee expects that by extending the grace period, functions can be linked with the adjacent Yeosu National Industrial Complex and Yulchon 2 Industrial Complex, maximizing synergy effects.

Additionally, the meeting included a report agenda on "Activation measures for industry-academia-research cooperation of foreign educational and research institutions following the amendment of the Industry-Academia Cooperation Act."

With the amendment of the Industry-Academia Cooperation Act passed by the National Assembly on the 6th of last month, foreign educational institutions operating within the Free Economic Zones and nearby companies can now actively engage in industry-academia-research activities.

According to the Ministry of Trade, Industry and Energy, five universities including State University of New York at Stony Brook (SBU), Fashion Institute of Technology (FIT), Ghent University, University of Utah, and George Mason University are currently operating in the Incheon Free Economic Zone.

The Ministry and the Free Economic Zone Authority have established a dedicated organization to support industry-academia-research activities of foreign educational and research institutions.

They plan to expand networks such as participation in industry-academia-research expos and build mini-clusters by industry to support participation in joint domestic and international research.

Cooperation between foreign educational and research institutions related to new industries, such as the Stanford University Smart City Research Institute scheduled to open in the second half of the year, and companies will be strengthened.

Through this, they aim to learn advanced technologies, cultivate industrial convergence talent, and create an innovative ecosystem within the Free Economic Zones.

This content was produced with the assistance of AI translation services.