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Gangwon-do, Chuncheon-si, Hong Bio Tech signed an investment agreement worth KRW 12 bn
Gangwon State and Chuncheon-si held an investment agreement ceremony with Hong Bio Tech, a bio company, for an investment of KRW 12 billion at the provincial government building.
Hong Bio Tech plans to invest a total of KRW 12 billion (KRW 1.2 billion for land, KRW 2.5 billion for construction, KRW 8.3 billion for machinery and equipment) to establish a 1,969㎡ production facility on a 2,948㎡ site in the Namchuncheon General Industrial Complex by the end of the year.
Additionally, the company plans to hire 46 new employees. Established in 2023, Hong Biotech is a medical device and functional cosmetics manufacturer. With an excellent research team, the company aims to secure a technological edge and plans to begin mass production of fillers and functional cosmetics at its new factory in Chuncheon. The province and the city have been strategically fostering the bio industry for past 30 years.
As a result, they successfully attracted the Bio National High-tech Strategic Industry Specialized Complex in June of last year. In addition, they have secured the designation of the Enterprise Innovation Park and the Global Innovation Special Zone, laying the foundation for the region to become a hub for the bio industry. Gangwon State and Chuncheon-si will continue to expand practical support policies such as customized land supply, one-stop permit service, and investment subsidies to help the region become a global hub for the K-Bio industry.
hak@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.05.07
Views
15
According to Yonhap News,
Gangwon State and Chuncheon-si held an investment agreement ceremony with Hong Bio Tech, a bio company, for an investment of KRW 12 billion at the provincial government building.
Hong Bio Tech plans to invest a total of KRW 12 billion (KRW 1.2 billion for land, KRW 2.5 billion for construction, KRW 8.3 billion for machinery and equipment) to establish a 1,969㎡ production facility on a 2,948㎡ site in the Namchuncheon General Industrial Complex by the end of the year.
Additionally, the company plans to hire 46 new employees. Established in 2023, Hong Biotech is a medical device and functional cosmetics manufacturer. With an excellent research team, the company aims to secure a technological edge and plans to begin mass production of fillers and functional cosmetics at its new factory in Chuncheon. The province and the city have been strategically fostering the bio industry for past 30 years.
As a result, they successfully attracted the Bio National High-tech Strategic Industry Specialized Complex in June of last year. In addition, they have secured the designation of the Enterprise Innovation Park and the Global Innovation Special Zone, laying the foundation for the region to become a hub for the bio industry. Gangwon State and Chuncheon-si will continue to expand practical support policies such as customized land supply, one-stop permit service, and investment subsidies to help the region become a global hub for the K-Bio industry.
hak@yna.co.kr
Source Text
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Source: Yonhap News (May 2, 2025)
** This article was translated from Korean.