Gangneung City Signs 100 Billion Won Investment Agreement with PharmaResearch Co., Ltd.
Gangneung Plant No. 5 to Be Built
Over 50 New Jobs Expected to Boost Local Economy
On December 10, Gangneung City and Gangwon Special Self-Governing Province signed an investment agreement (MOU) with the biopharmaceutical company PharmaResearch Co., Ltd. for the construction of Gangneung Plant No. 5 at the small conference room of the provincial government headquarters.
The signing ceremony was attended by Hongkyu Kim, Mayor of Gangneung, Jin Tae Kim, Governor of Gangwon Special Self-Governing Province, and Sangsoo Jung, Chairman of PharmaResearch Co., Ltd., among others.
PharmaResearch Co., Ltd. has been expanding its portfolio of convergence products in multiple fields, including pharmaceuticals, aesthetic medical devices, and dermocosmetics, based on its patented regenerative medicine technology. In particular, the company has achieved rapid growth, recording an average annual sales growth rate of 30%, led by its Rejuran brand.
Especially in 2024, the company achieved the 50 million dollar Export Tower Award and has been accelerating its expansion into overseas markets. With this new investment, PharmaResearch Co., Ltd. is expected to further strengthen its global competitiveness and establish itself as a leading global biopharmaceutical company.
Through this investment agreement, PharmaResearch Co., Ltd. plans to invest more than 100 billion won to build a factory with a total floor area of 25,073.3 square meters (7,580 pyeong) on a 30,756 square meter (9,300 pyeong) site in Bangdong-ri, Sacheon-myeon, with completion targeted for 2027. The company also plans to hire more than 50 new employees.
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Hongkyu Kim, Mayor of Gangneung, said, "We are grateful for PharmaResearch Co., Ltd.'s decision to invest in a new plant. The city will provide administrative support to ensure the company continues to grow and becomes a world-class biopharmaceutical company representing Gangneung."
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