Ministry of Land, Designates Osong Cosmetics Industrial Complex as Investment Leading Zone... 266.7 Billion Won Invested

Official Designation of Cosmetics Industrial Complex for the First Time
LH Invests 266.7 Billion KRW to Foster Growth Hub

Osong Cosmetics Industrial Complex Location Map (Source: Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 9th that the Osong-eup area in Cheongju-si, Chungbuk has been designated as an investment leading zone for the cosmetics industrial complex.

An investment leading zone is a system where the Minister of Land selects regions with development potential and supports them as regional growth hubs through a package of national funding, tax benefits, and regulatory exemptions. Since 2015, a total of 17 regions have been selected.

Among them, eight zones have completed designation, including the Sunchang Traditional Fermentation Culture Industrial Complex in Jeonbuk and the Yeongdong Rainbow Healing Town in Chungbuk. The newly designated Osong Cosmetics Industrial Complex investment leading zone is the ninth.

The Osong Cosmetics Industrial Complex investment leading zone will be developed as a regional growth hub by Korea Land and Housing Corporation (LH), investing 266.7 billion KRW on a 794,747㎡ site. The goal is to create a healthy cosmetics industry ecosystem composed of small and medium-sized enterprises.

While the industrial complex with a concentration of cosmetics-related industries in Korea is located in Cheonan, Chungnam (LG Household & Health Care Future General Industrial Complex), Osong in Chungbuk is the first to be officially designated as a cosmetics industrial complex.

The government plans to utilize excellent existing research and development infrastructure in the medical and bio-health industries located in the central region to provide integrated support for clinical trials, approvals, manufacturing, distribution, and marketing.

The Ministry of Land will invest about 6 billion KRW to install infrastructure such as access roads to the industrial complex and supply of living water after the designation of the investment leading zone. Various regulatory exemptions, including industrial complex designation agendas, will also be supported.

Lee Seonghun, head of the Regional Policy Division at the Ministry of Land, said, "We expect the Osong investment leading zone to become a new economic catalyst in the central region and lead to the creation of quality jobs," adding, "We plan to continuously support customized consulting to ensure it leads to tangible results."

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