DAEJEON < invest Korea

According to Yonhap News,

Global pharmaceutical company Merck Life Science is considering building manufacturing facilities in South Korea's central city of Daejeon, the industry ministry said Wednesday.

Merck signed a memorandum of understanding with the Ministry of Trade, Industry and Energy and the Daejeon city government earlier in the day on its potential establishment of a bio materials production factory in the city, according to the ministry.

No details of the investment plan were known.

Industry Minister Lee Chang-yang welcomed the plan and vowed the government's active support, saying the new factory is expected to serve as Merck's export hub in the Asia-Pacific region, which will also help South Korea's push to diversify export items and secure stable supplies of bio materials.

Earlier this year, Merck Life Science CEO Matthias Heinzel said his company is reviewing South Korea as a major candidate site for a new production factory.

Merck currently has a life science operation center and a lab collaboration center in Incheon, 27 kilometers west of Seoul.

graceoh@yna.co.kr

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Source: Yonhap News (May 3, 2023)

*This article was translated from Korean.