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| The Chungbuk Free Economic Zone Authority Works to Attract Investment From the United States | |
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The Chungbuk Free Economic Zone Authority Works to Attract Investment From the United States
- CBFEZ meets with 60 global pharmaceutical and biotech companies, opens a promotional booth, and hosts receptions - On the May 23, the Chungbuk Economic Free Zone Authority (Commissioner Choi Bok-soo) announced its participation in the 2025 BIO International Convention (BIO USA), the world's largest biotechnology convention, held in Boston, United States. CBFEZ participated in the event for four days, from Monday, June 16 to Thursday, June 19. At this event, CBFEZ focused on promoting the investment environment of the economic free zone by operating a promotional booth together with nine related organizations.* Also, CBFEZ provided support for one-on-one business meetings for tenant companies and actively carried out investment attraction activities. * Council for Advanced Regenerative Medicine, Daegu-Gyeongbuk Medical Innovation Foundation, Jeonbuk Techno Park, KBIO Health Osong Medical Innovation Foundation, Korea Biomedicine Industry Association, Korea Health Industry Development Institute, Korea Institute of Toxicology, Korea Pharmaceutical and Bio-Pharma Manufacturers Association, Korean Fund for Regenerative Medicine (in alphabetical order). In particular, Commissioner Choi Bok-soo met with buyers from about 60 domestic and international pharmaceutical and bio companies participating in BIO USA to promote the Chungbuk Free Economic Zone's investment environment and request that they review investment possibilities. He also plans to continue discussions with three potential investors (German company C, Australian company B, and Irish company F) and three global cooperation partners (Canada, Germany, and Lithuania). On June 17, the KOREA SPECIAL BIOTECH SHOWCASE EVENT was held to support the IRs of Youth Bio Global Co., Ltd. and MarkHert Inc., the tenant companies of the Chungbuk Free Economic Zone, for global pharmaceutical and bio industry representatives. On the morning of June 18, participants met with Joo Jeong-joon, chief designer of the Boston Planning and Development Agency (BPDA), to learn from his expertise in urban planning and economic development and discuss ways to successfully create a K-Bio Square modeled after Boston's Kendall Square. In the afternoon, a KOREA Night Reception was held for domestic and international pharmaceutical and bio industry representatives, which was well received, with approximately 800 attendees. The event facilitated active business exchanges and networking. ** BPDA is an executive and management agency for urban redevelopment and regional economic revitalization that was established in 1957. Notably, Autotelic Bio, located in the Chungbuk Free Economic Zone, signed an exclusive license and technology transfer agreement with Ache, a leading Brazilian pharmaceutical company, for ATB-101,*** an improved combination drug that treats hypertension and diabetes simultaneously. *** Approved by the Ministry of Food and Drug Safety for Phase III clinical trial (IND). Currently conducting Phase III clinical trials at approximately 32 major hospitals in Korea on patients with essential hypertension and type 2 diabetes. On the morning of June 19, CBFEZ and the Chungbuk Bio Industry-Academia-Research Center held a meeting with Chungbuk companies that participated in BIO USA to share the results of the event and discuss future plans. In the afternoon, participants toured major facilities in Kendall Square (Lepsentral, CIC, etc.) and met with executives of the Korean American Pharmaceutical Association**** to discuss the successful implementation of the Osong Bio 2025 event to be jointly hosted in September and potential collaboration opportunities for joint R&D in new drug development between Chungbuk and U.S. pharmaceutical and biotechnology companies. **** A network of Korean pharmaceutical experts in the United States who support new drug development and research collaboration CBFEZ Commissioner Choi Bok-soo said, “We operated an investment attraction campaign during BIO USA 2025, the world’s largest bio industry exhibition, that served as an opportunity to expand cooperation with global pharmaceutical and bio companies and promote Chungbuk’s growth as a global bio industry cluster." He added, "We are determined to continue to cooperate with the domestic and foreign companies we met at this event to achieve investment attraction results.” |
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