GANGWON-DO < invest Korea

According to Yonhap News,

A KRW 59.6 billion worth of investment in U-Medical health city (MediPolis) made by a couple of promising bio-healthcare businesses appears to bring momentum to make another great leap forward growth in medical-pharmaceutical industries. The city of Wonju, Gangwon Province and two investors-RF Bio and Yeincosmetic- signed a memorandum of understanding over the investment on Apr 13.

The investments, equivalent, in value, to KRW 59.6 billion is anticipated to create 222 new jobs, adding local consumption and tax revenue.

RF Bio is a company developing and producing bio-pharmaceutical products and medical devices employing substances applicable to reconstructive aesthetic surgery like hyaluronic acid or botulinum toxin (Botox). They’re almost ready to release a commercially viable botulinum neurotoxin clinical products sourced from naturally produced honey.

For its production capacity scaleup to meet growing demand, RF Bio is planning to spend nearly KRW 40 billion and to move its head office and manufacturing facility to MediPolis located in Wonju city, hiring 80 new employees.

The other investor, Yeincosmetic, developing cosmetics though OEM/ODM manufacturers, has increased its market presence not only in Korea but within China and Japan.

To make its sales channels overseas and online networks further diversified, the beauty-cosmetic brand will invest KRW 19.6 billion in establishing a new factory on a 33,000㎡ site in Wonju MediPolis, adding 80 new jobs.

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Source:Yonhap News (Apr 13, 2021)