Chong Kun Dang will invest 2.2 trillion won to establish a research and development (R&D) complex for biopharmaceuticals in Siheung, Gyeonggi Province. This is the largest investment in the production and research institutional sector since its founding.
On the 10th, according to the industry, Chong Kun Dang signed an investment memorandum of understanding with Gyeonggi Province and Siheung City at its headquarters in Chungjeongno, Seoul. The land sales contract is expected to be signed on the 20th of this month.
This agreement was finalized after about four months of negotiations following Chong Kun Dang's selection as the preferred negotiation partner for the research site 3-1 in the Baegot district of the Gyeonggi Free Economic Zone in February.
Siheung City stated that this is the largest investment from a biopharmaceutical corporation in Gyeonggi Province. Chong Kun Dang plans to create a complex R&D facility on approximately 79,791 square meters (about 24,000 pyeong) of land in the Siheung Baegot district.
The complex will house biopharmaceutical research facilities, a research support center, and demonstration facilities. This will accelerate research into new drug development, as well as cutting-edge areas such as gene therapies. Siheung City plans to expedite the construction of a biopharmaceutical R&D cluster centered around Chong Kun Dang as a result of this investment.
The agreement also includes measures for community contribution, such as prioritizing the employment of local residents by more than 10% and youth employment programs linked to universities. Accordingly, job creation and economic revitalization effects are also expected in the Siheung area.
Siheung City will actively support Chong Kun Dang's smooth investment implementation and the establishment of the research complex. It plans to create a business-friendly investment environment by developing the Jeongwang and Wolgok railway station areas and expanding infrastructure, as well as accelerating efforts to attract additional corporations in the future.
Im Byeong-taek, the mayor of Siheung, noted that 'this agreement is an unprecedented achievement made in a short time since Siheung was designated as a national advanced strategic industry biopharmaceutical specialized district in June last year' and added, 'We will attract more domestic and foreign corporations starting with Chong Kun Dang.'
Kim Young-joo, CEO of Chong Kun Dang, said, 'This investment will further enhance Chong Kun Dang's biopharmaceutical R&D capabilities and will be an important turning point in strengthening global competitiveness through the expansion of modalities (drug delivery systems).' He added, 'We will work with Siheung City to create an innovative hub that can lead the future of the biopharmaceutical industry.'