Minister of Industry Meets German Biotech Company to Discuss 'Domestic Investment Implementation'

Sartorius to Establish Vaccine Raw Material Production Facility in Songdo... $300 Million Investment Over 3 Years
Minister Moon Seung-wook Meets with Sartorius Chairman to Discuss MOU Implementation

[Sejong=Asia Economy Reporter Kwon Haeyoung] Moon Seung-wook, Minister of Trade, Industry and Energy, met with Joachim Kreuzburg, Chairman of Sartorius, who is visiting Korea on the 24th, to discuss cooperation related to the implementation of investment in Korea.

This meeting took place following the visit of Chairman Joachim Kreuzburg after the signing of a memorandum of understanding (MOU) on production facility investment cooperation among Sartorius, the Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, and Incheon Metropolitan City on the 2nd. Through the MOU, Sartorius agreed to invest a total of $300 million over the next three years to establish production facilities for biopharmaceutical raw and subsidiary materials in Songdo, Incheon, with support from the government and Incheon City.

Minister Moon stated, "As the Korean government is concentrating its policy capabilities on becoming a global vaccine hub and stabilizing the supply chain of key items, Sartorius's investment in raw material production facilities will greatly contribute to this effort." He added, "Sartorius will also be able to strengthen its resilience against unexpected supply crises such as logistics by utilizing Korea as a production and export base in the Asian region and diversifying its production bases." He further said, "The government plans to make its best efforts to support the smooth implementation of Sartorius's investment in Korea, which holds significant meaning for both parties."

Chairman Joachim Kreuzburg remarked, "The rapid growth of Korea's bioindustry, the business growth potential due to bold investments by companies and the government, and Korea's sound export environment influenced our investment decision." He expressed hope that "through this investment implementation, Sartorius and Korea's bioindustry can grow together."

The government is strongly fostering the vaccine industry at the inter-ministerial level through the implementation of the 'K-Global Vaccine Hub Strategy,' the revision of the Restriction of Special Taxation Act, the establishment of national strategic technologies, and the expansion of investment tax credits.

An official from the Ministry of Trade, Industry and Energy stated, "We plan to actively promote investment attraction activities for global leading companies in the vaccine and vaccine raw materials and equipment sectors by continuously providing bold incentives and high-level contacts."

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