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N. Chungcheong Prov. signed KRW 163.2 investment deals with 3 bio-pharma companies

According to Yonhap News,

The city of Cheongju, North Chungcheong Province and three new investors – Key Prime Research, Coseed Biofarm, Korea Apparel Testing and Research Institute (KATRI)- have signed deals, equivalent, in value, to KRW 163.2 billion in total on Apr 14 over the establishment of new research and production facilities near Osong-Eup in Chengju city. Spending as much as KRW 120.7 billion on a new research center inside Osong Medical Innovation Foundation, Key Prime Research is planning to run non-clinical research and safety testing on non-human primates.

Coseed Biofarm, developing cosmetics ingredients, unveiled its KRW 15 billion investment project to build up its production plant inside the 2nd industry cluster. By scaling up its manufacturing capacity, the cosmetic producer wants to further expand its market presence, adding its product lines that extend to functional food materials or pharmaceutical raw materials.

With KRW 27.5 billion, KATRI, an affiliate agency of the Ministry of Trade, Industry and Energy (MOTIE), will set up a new research center to study dermatological sciences in Osong Medical Innovation Foundation.

These three investors have pledged to proceed the entire process to make investment, prioritizing local hiring and purchasing. The municipal authorities, in turn, agreed to provide full range of administrative and financial supports to speed up the process.

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Source:Yonhap News (Apr 14, 2021)

** This article was translated from Korean.