Yongin city in Gyeonggi said on the 3rd that it signed a memorandum of understanding (MOU) for factory establishment and investment with Livsmed, a specialist in advanced surgical robot platforms.
Under the agreement, Yongin will provide administrative support during Livsmed's factory establishment and help corporations operate smoothly. Livsmed will create jobs by producing state-of-the-art medical devices.
Livsmed is a specialized medical device manufacturer founded in 2011 and listed on KOSDAQ in Dec. last year. Its flagship product is the laparoscopic surgical instrument "ArtiSential (ArtiSential)," which applies a multi-joint structure capable of moving 360 degrees up, down, left, and right.
The agreement is being evaluated as the result of Yongin's "proactive investment attraction efforts" promoted to lower the threshold for corporations' investment. Yongin provided the tailored administrative services corporations needed so Livsmed could pursue business in the region and establish a factory.
Livsmed will invest 55 billion won to build an advanced medical device manufacturing facility on a 44,073.80-square-meter site around 720 Jigok-dong. Through this, it plans to expand production capacity for multi-joint surgical instruments and robot platforms.
Lee Sang-il, mayor of Yongin, said, "We welcome excellent corporations putting down roots in Yongin," and added, "We will support swift handling of the necessary administrative procedures going forward."
Livsmed CEO Lee Jeong-ju said, "We have established an advanced manufacturing facility in Yongin, which is the center of Korea's high-tech industry and is emerging as a global mecca," and added, "We will strengthen our position in the global medical device market and actively contribute to Yongin's leap as a hub of the medical industry."