Chuncheon is being transformed from a quiet lakeside city into a dynamic economy- oriented one. Since the fourth popularly elected government launched Chuncheon with the slogan "Chuncheon, an economy- oriented city with rich life," the city has started to attract medium and large sized companies. Due to such efforts, the nation's leading firms have been moving to Chuncheon one by one and the city has been flooded with various development plans. Citizens of the city expect that jobs created by such plans will stimulate the regional economy. The winds of change will be stronger, especially in 2009 and 2010, when the expressway linking Chuncheon and Seoul and the Gyeongchun subway will both open.

Thanks to the opportunity of development, Chuncheon has set up a plan to be an economy-oriented city in the nation's center. The expectations and hopes of Chuncheon's citizens are slowly being realized.

Results of efforts to attract business

Chuncheon has attracted about 30 companies this year. The city has added many strong cards to its deck by attracting 12 middle and large scale firms including ILDONG FOODIS, the nation's leading company in the baby food industry; Ilhwa, a producer of pharmaceutical goods, drinks and ginseng products; and KOSDAQ-listed Hanseo Pharmaceutical. The city has attracted 52 companies in the past two years. The industrial foundation of the city has been poor, but Chuncheon has attracted such a large number of enterprises because the city has tried to expand its infrastructure by creating the Geodu agricultural and industrial complex. Many companies have made investments in the city anticipating its development.

Chuncheon's effort to attract companies will generate jobs and become a driving force to activate the regional economy. When the 52 companies begin their operations, about 62,000 persons will gain jobs, according to the city. Chuncheon has established a goal to attract 40 more firms and create 32,000 additional jobs next year, and 250 companies and 220,000 jobs in total by 2015.

Chuncheon to expand corporate foundation

Chuncheon expects that companies in other provinces and metropolitan areas will rush to the city when the Chuncheon-Seoul expressway is completed. Chuncheon has a number of advantages in comparison with other cities. Land prices are relatively low, metropolitan markets are near and the transportation network necessary for the movement of goods is notably improving.

The city, which completed the sale of the Geodu complex this year, is creating the Nammyeon Industrial Complex exclusively for Hanwha Pharmacy, the nation's mid-sized pharmaceutical company. It is also building the Sudong Agricultural and Industrial complex for Duzon, a leader in business informatization solutions. The construction of the Seomyeon advanced cultural industrial complex, which will be a Mecca of the film cultural industry, is underway too.

Successful sale of Geodu Agricultural and Industrial Complex

One of the largest accomplishments of Chuncheon last year was the successful sale of the Geodu complex. Bidding was fierce when Chuncheon put the complex up for sale in May, five years after it started construction. As a result, the sale was an unprecedented success. In addition, Chuncheon has become a target of envy by other regions since attracting medium sized companies like ILDONG FOODIS, Ilhwa, Hanseo and Korea Pharvis Biotech.

Despite government measures to ease regulations on metropolitan areas, companies that revealed plans to move to Chuncheon are pushing for their relocation, brightening the prospects of the regional economy.

All 22 companies that bought into the complex in May are taking steps to build factories, according to the Chuncheon government. Myeongsin, a producer of world-renowned sports goods Adidas, will begin to build a factory in February of 2009 and move into the complex at the end of that year.

Ilhwa and Hanseo also plan to begin building their factories during the first half of next year. As most of the companies that will move to the complex have a plan to complete the construction of their factories by the end of next year, the Geodu Complex is expected to officially open in 2010. With such success selling the complex, Chuncheon will be able to repay the municipal bonds that the city issued to build the complex earlier than expected. The city will save about 900 million won by repaying the bonds in a lump sum.

The sale of the Geodu complex could be successful because the city intensively promoted low prices and convenient traffic conditions in advance and offered various measures to support the purchase. For example, Chuncheon promised that it would provide support for land purchases.

If the 22 companies slated to move into the complex begin their operations, they will have about 1,100 standing employees and post sales of about 240 billion won. In 2012, the figures are anticipated to grow to 2,400 employees and 670 billion won.

The construction of the Geodu complex started in 2003 with an investment of 27.1 billion. The complex is equipped with all the necessary infrastructure, including lots for building factories, water supply and drainage, mooring places, parking lots and sports facilities.

Hanwha Pharmaceutical Complex

An industrial complex exclusively for Hanhwa Pharmaceutical, the nation's leading pharmaceutical company, is being created at Nam-myeon in Chuncheon. Construction of the 10,000 square meter factory building which combines production facilities and annex buildings for research and management is underway in a complex on a 64,000 square meter lot.

When the construction of the factory is complete in November, Hanwha will build production facilities by February or March in 2009 and produce test goods starting in April. Then, Hanwha will begin mass-production of goods in July.

The entire process for building production and research facilities in the factory will follow good manufacturing practices.

When the industrial complex is complete, Hanwha will move its factory and main office, currently located in Yongin, to Chun-cheon.

Chuncheon expects that the relocation of Hanwha with about 200 workers will generate a large number of jobs. Considering its brand value, other pharmaceutical companies will also be affected by the move.

Sudong Agricultural and Industrial Complex

A large-scale industrial complex for the development of software will be created on a 140,000 square meter lot at Sudong-ri, Namsan-myeon, Chuncheon. Duzone IT Group, a leader of the nation's business informatization solutions, is pushing ahead with the project to build the complex.

When the project is complete, Duzone Group will move the main offices of its ten subsidiaries and eight research centers to the complex. Duzone is also considering attracting 20-50 software developers.

The Sudong complex began the first stage of construction on December 17. Duzone has a plan to complete the construction by October of next year and to immediately move into the complex. The group will hire about 1,000 employees by 2011.

Chuncheon thinks that creation of the complex for a company leading the domestic Enterprise Resource Planning (ERP) market will not only make a contribution to the development of the regional IT industry but also have a significant impact on the regional economy.

Advanced cultural industrial complex

As a plan to integrate the knowledge- based industry, Chuncheon is transforming the high-tech venture town Hypyeong-dong into a bioengineering complex and the animation museum in Seo-myeon into an information and cultural industrial complex. An advanced cultural industrial complex, which will house information and culture-related companies and supporting facilities, has been under construction since 2002. The extension of the center to support the cultural industry, which will play a key role in the city's film industry, was completed in September and construction of a center for creative development, the last building of the complex, will begin soon.

The four-story extended building is an investment of 2.3 billion won and will be used to support animation companies. The center for creative development will be occupied by writers and firms related to animation.

The 87.6 billion won advanced cultural industrial complex which is being built on 197,000 square meters in Seo-myeon will be equipped with supporting and residential facilities as well as a theme park.

More than 50 companies in the animation, cultural content and IT technology industries will move into the industrial complex to make it the nation's best complex for the cultural industry.

Establishment of a hub of Asia for development of new medicines

International Scientific Standard (ISS), the first biological equality test agency in Asia confirmed by the Food and Drug Administration in the United States, opened at the Hi-tech Venture Town in Hupyeong-dong, Chuncheon, in September.

ISS, invested by Battelle Memorial Institute, the largest research center in the US, and Yuyu Inc., a medium sized pharmaceutical company, conduct equality tests of cloned medicines.

Chuncheon's attraction of ISS is more than just a fling. To sell cloned medicines and to develop and export new drugs, Chuncheon should be tested by an international certification agency and ISS is the only agency in Asia.

By attracting ISS, Chuncheon is considered to have laid a foundation to become Asia's hub for developing new medicines. Chuncheon's efforts will have a significant impact in the regional economy with production amounting to 168 billion won, added value amounting to 95 billion won and about 3,000 jobs, according to experts. Chuncheon's competitive regional power in the bioengineering industry is expected to improve and the city will be able to attract other pharmaceutical companies as well.