Busan City and Smile F&D Sign Memorandum of Understanding for Investment... Attracting Investment Including Headquarters Relocation

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City will sign a Memorandum of Understanding (MOU) with Smile F&D at 4 p.m. on the 11th regarding the relocation of its headquarters and the establishment of a new factory.

Under the agreement, Smile F&D plans to relocate its Yangsan headquarters to the industrial complex in Gijang-gun, Busan by 2024 and invest 18 billion KRW in building a new raw pharmaceutical materials manufacturing plant.

The company will hire a total of about 150 employees, including 117 new hires, prioritizing local talent recruitment and significantly contributing to the development of related regional industries such as the biohealthcare sector.

Smile F&D, established in Yangsan in 2016, is a specialized company in meat processing and food manufacturing that has led trends in food culture.

In 2021, it entered the biofood industry by establishing a corporate research institute in Jeonggwan, Gijang-gun, producing plant-based and animal-based rTG (refined triglyceride) Omega-3 health functional foods.

With its investment in Busan, Smile F&D has built a state-of-the-art large-scale bio manufacturing facility by simultaneously relocating and integrating its previously separate Yangsan and Jeonggwan factories.

As a new business, it aims to grow into a leading pharmaceutical bio company in Busan by establishing a new raw pharmaceutical materials manufacturing plant for Omega-3.

The meat processing and health functional food markets are expected to see increased supply and explosive sales growth upon relocation to the new facility, driven by the explosive increase in domestic and export market demand.

The Omega-3 raw pharmaceutical materials market currently faces a shortage of domestic production. With the new investment and commencement of production, supply stabilization and import substitution effects are expected, along with steady demand and growth in both domestic and international markets, leading to continuous expansion of sales scale.

Smile F&D possesses the technology and production facilities to purchase low-purity fish pressed oil (Crude Oil) from overseas and manufacture high-purity rTG (EPA and DHA content over 70%) health functional foods and raw pharmaceutical materials for hyperlipidemia treatment (EPA and DHA content over 90%).

Based on its corporate research institute staffed with excellent researchers with over 10 years of professional experience, it is a promising company expected to achieve rapid results after starting its business.

The city includes the biohealthcare industry among its seven strategic industries to foster it as a sector expected to grow rapidly as a solution to global social issues such as population growth and aging.

Lee Jun-seung, Director of the Digital Economy Innovation Office of Busan City, said, “The biohealthcare industry is one of Busan’s seven strategic industries and a high value-added new growth engine industry that can improve Busan’s industrial structure. We will actively support Smile F&D so that it can leap forward as a representative pharmaceutical bio company of Busan.”

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