Busan City’s First Investor in 2022... Biohealth Companies Attract 180 Billion KRW

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Duyul] Busan City has officially started investment attraction in 2022, beginning with the biohealth industry.

On the 10th at 2 p.m., Busan City will sign a memorandum of understanding (MOU) for an investment worth 180 billion KRW with Clinomics and Skinmed at City Hall.

Clinomics and Skinmed plan to build research and development and office facilities respectively within the Geumgok Urban High-tech Industrial Complex and employ about 130 people, including master's and doctoral level staff, to work at the facilities.

Busan City will systematically support the two companies to successfully settle in. The city plans to quickly proceed with related permits and approvals such as site development and construction in cooperation with the project implementers.

Clinomics is a specialized human genome company and a strong small and medium enterprise aiming to become a global bio big data platform company through innovation in personalized medicine.

The company has local subsidiaries in the United States and Europe through technology development and business expansion in genome-based healthcare, liquid biopsy platforms, cancer diagnosis and monitoring, and multi-omics based early diagnosis services.

In December 2020, it was listed on KOSDAQ through a technology special listing.

Skinmed is a subsidiary of Amicogen, which signed a memorandum of understanding for an investment of 110 billion KRW with Busan City in May 2020.

The company is a strong small and medium enterprise that has obtained manufacturing and quality control standards (KGMP) manufacturing permits for excellent pharmaceuticals and develops and sells new materials for high-function cosmetics.

Shin Yong-cheol, CEO of Amicogen, said, “We will relocate the research institutes scattered across affiliated companies including our subsidiary Skinmed to the Geumgok Urban High-tech Industrial Complex to improve work efficiency and establish a foundation to focus on new bio-businesses.”

Park Hyung-jun, Mayor of Busan, said, “The investment decision of Clinomics and Skinmed, biohealth companies leading the future in Busan, will be a great force for creating quality jobs, regional economic development, and realizing a green smart city.”

Mayor Park added, “Busan City will support companies to achieve the planned outcomes.”

Last year, Busan City recorded the largest investment attraction performance ever with 3.6 trillion KRW, attracting 23 domestic and international global companies and creating employment for over 8,400 people.

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