CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

(CHEONGJU=Yonhap News) Iran will invest KRW 2.1 trillion over the next decade in the Osong biomedical district.

The Chungbuk Free Economic Zone Authority, Iran’s Ministry of Health and Medical Education and Sigma-Aldrich will sign an investment memorandum of understanding on April 27.

According to the agreement, the Iranian government will establish a new drug development research center and clinical trial hospital in the Osong biomedical district over the next ten years.

The new drug development research center will develop seven new drugs for illnesses including infertility and hair growth.

Sigma-Aldrich will sell the new drugs that have been developed at the new drug development research center.

The Chungbuk Free Economic Zone Authority, the Iranian government and Sigma-Aldrich will establish a special purpose corporation by next month.

ks@yna.co.kr

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Source Text

Source: Yonhap News (April 24, 2015)

** This article was translated from the Korean.