JEOLLABUK-DO < invest Korea

According to Pulse by Maeil Business News Korea,

Poonglim Pharmatech Inc. will become the first tenant in the bio and medical device field to join the industrial complex built on the reclaimed land along the world’s longest Saemangeum seawall in North Jeolla Province.

The Saemangeum Development and Investment Agency said Monday it signed a memorandum of understanding with local medical device maker Poonglim Pharmatech to allocate a lot for the company in the industrial complex on the manmade land.

Under the contract, Poonglim Pharmatech will invest 17.8 billion won ($16.7 million) to build the medical device production lines on a land of 33,000 square meters by 2021. It will kick off the construction next year. The company also plans to hire 60 workers to produce medical-purpose syringes and packages, it added.

Poonglim Pharmatech, established in 1999, supplies medical syringes to about 70 customers including other local pharmaceutical companies and hospitals. It claims a 30 percent market share in the local medical syringe market. Thanks to its advanced quality assurance system, the company has obtained many certifications from international institutions like International Organization for Standardization (ISO) for its products, it said.

“We’ll keep up efforts to become a global leader in the medical device industry based on the new production lines in the Saemangeum area,” said a company official.

The Saemangeum Industrial Complex is located along the Saemangeum, the world’s longest manmade estuarine flat on the coast of the Yellow Sea. The complex consists of nine sectors - two for residential and commercial areas and seven for industrial areas. The area had been exclusively reserved for foreign and selective local businesses, but the government last year revised an administrative act to widen accessibility to both foreign and local companies.

So far it has drawn investment from only seven companies including drone developer UnitecKorea Co.

By Sohn Dong-woo and Lee Ha-yeon

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (June 05, 2018)