"Incheon as a Global Bio Production Hub"…Incheon City and Celltrion Sign Business Agreement

Follow-up Actions to 'Celltrion Vision 2030' Announced in May This Year
Accelerated Promotion of Songdo Plant 3, Strengthening Cooperation Including Construction of Bio Venture Plaza

Incheon Mayor Park Nam-chun (right) and Celltrion Chairman Seo Jung-jin are taking a commemorative photo after signing the "Global Bio Production Hub Establishment Business Agreement" on the 5th.
[Photo by Incheon City]

[Asia Economy Reporter Park Hyesook] Incheon City and Celltrion are strengthening cooperation to establish Incheon as a global bio production hub.

On the 5th, both parties signed a "Memorandum of Understanding for Establishing a Global Bio Production Hub" at the Incheon Free Economic Zone Authority, attended by Park Namchun, Mayor of Incheon, and Seo Jungjin, Chairman of Celltrion.

According to the agreement, Incheon City and Celltrion plan to strengthen their cooperation system to build the Songdo Global Bio Hub, including the prompt promotion of Songdo Plant 3, development of advanced bio and health technologies, and creation of Celltrion Town encompassing global companies and research institutes.

They also plan to establish an innovation cluster foundation by constructing a Bio Venture Plaza to activate venture startups, creating a bio fund, and supporting the localization of bio raw and subsidiary materials.

Furthermore, they agreed to join forces to attract the government public project, the "Bio Process Workforce Training Center."

This memorandum of understanding is a follow-up step to Celltrion's "Vision 2030" plan announced last May.

Celltrion announced Vision 2030 at that time, which includes a mid- to long-term plan to invest approximately 40 trillion won by 2030, create 110,000 jobs, and establish a global healthcare distribution network to grow Korea into a global center for the bio and chemical pharmaceutical industry.

Of the 40 trillion won, 25 trillion won will be invested in the biopharmaceutical sector based in Songdo, Incheon. Most of the expected jobs created, including 10,000 direct employments and 100,000 indirect employments, are anticipated to occur in Incheon.

In Songdo, Incheon, over 60 companies in the bio and healthcare sectors, including Celltrion and Samsung Biologics, are located, possessing the world's largest biopharmaceutical production capacity for a single city.

Park Namchun, Mayor of Incheon, stated, "With this agreement, Incheon City and Celltrion will establish an even stronger cooperation system," and added, "We will do our best to build Incheon as a global bio production hub."

This content was produced with the assistance of AI translation services.