DAEJEON < invest Korea

According to Yonhap News,

Germany-based biotech giant Merck KGaA held a groundbreaking ceremony to build a new production line in the central city of Daejeon with a budget of 430 billion won, the industry ministry said Wednesday.

The event came around a year after the biotechnology company signed a memorandum of understanding with the government in May last year to build the bioprocessing production center, according to the Ministry of Trade, Industry and Energy.

The production line is anticipated to be completed in 2026, employing some 300 workers, it added.

The company will supply essential biotech products, including dry powder cell culture media, to clients in the Asia-Pacific region.

"The investment by Merck will help South Korea secure a stable supply chain of biotech materials and expand its exports," Trade Minister Cheong In-kyo said in a congratulatory message.

"It will also help Daejeon, located outside the greater Seoul area, secure new jobs and revitalize its regional economy," Cheong added, noting that the government will continue to establish a favorable investment environment for global businesses with cutting-edge technologies.

Merck entered the South Korean market for the first time in 1989 and currently operates 13 facilities across the country, employing 1,730 workers.


colin@yna.co.kr

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Source: Yonhap News (May 29, 2024)