Private Companies Invest 10 Trillion Won in 'K-Bio'

President Moon Attends 'Songdo Cluster' Strategy Announcement... 41 Companies Including Samsung Biologics and Celltrion Participate

[Asia Economy Reporter Son Sun-hee, Sejong=Reporter Moon Chae-seok] Domestic private companies in the bio sector are making massive investments totaling 10 trillion KRW by 2023 to leap into global production bases.

On the 18th, President Moon Jae-in attended a bio strategy announcement event held at Yonsei University International Campus located in Songdo International City, Yeonsu-gu, Incheon, where he discussed the vision and strategy for the bio industry and encouraged the stakeholders. Incheon boasts excellent logistics environments such as airports and ports, and is home to leading domestic bio companies like Celltrion and Samsung Biologics, based on numerous university research institutions.

At the event, 36 major companies in the three key bio-health sectors (pharmaceuticals, medical devices, and digital healthcare) and 5 venture capital firms announced plans to invest a total of 10 trillion KRW by 2023.

Samsung Biologics and Celltrion, the two pillars of the Songdo bio cluster, announced plans to build large-scale production facilities and research centers. Samsung Biologics revealed plans to invest a total of 1.74 trillion KRW in constructing biopharmaceutical production facilities. Once fully operational from 2023, it will not only possess world-class production capacity but is also expected to create approximately 1,800 new jobs. Celltrion plans to invest a total of 500 billion KRW in building large-scale research centers and production plants. Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy emphasized the government's role in supporting such private investments by advancing the innovation infrastructure of the bio industry and strengthening support for core technologies. The Incheon city government announced a promotion strategy to develop Incheon as a specialized bio cluster, aiming to create about 170,000 jobs related to the bio industry by 2030.

Samsung Biologics and Celltrion also held groundbreaking ceremonies for their new factories. After watching the production line groundbreaking ceremony conducted online, President Moon expressed gratitude to the two companies for their significant contributions to the Korean bio industry through large-scale investments and new employment, stating, "I hope they grow into global leading companies."

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