Invest KOREA Joins JV Signing Ceremony Between Shin Poong Pharm and LFB
Invest KOREA participated last month in a signing ceremony for a joint venture investment between Korea’s Shin Poong Pharm and LFB, a French pharmaceutical company.
Fleur Pellerin, Minister Delegate of Small- and Medium-Sized Enterprises, Innovation and the Digital Economy of France, and Invest KOREA Commissioner Kiwon Han were among those in attendance. Under the strategic alliance agreement, Shin Poong Pharm and LFB will establish a joint venture with an investment of USD 42 million to construct a biopharmaceutical manufacturing plant in Osong Biovalley of North Chungcheong Province by 2015.
LFB develops, produces and distributes plasma-derived medicines used to treat rare high-risk diseases. This is the state-owned company’s first time investing in Korea. The joint venture will serve as a conduit to generate value in LFB’s Asian pharmaceutical business.
Invest KOREA has been supporting LFB in the process of establishing the joint venture, which will bring about the first biopharmaceutical manufacturing plant in Osong Biovalley. IK will continue to support LFB as it pursues certification as an advanced technology-owning company, in negotiations for incentives from the Korean government including cash grants and through other steps of the investment process.
The agreement is expected to contribute to improving Korea’s expertise in biomedicine refinement and production through technical cooperation between the two companies and to generate 110 jobs by 2016.
South Jeolla Province Signs MOU With SCHOTT to Develop Area Into Infrared Industrial Hub
South Jeolla Province entered into a memorandum of understanding(MOU) with the Germany-based SCHOTT, SOMO Holdings & Technology and Korea Photonics Technology Institute (KPTI) in February.
SCHOTT, boasting the world’s best technology in infrared rays, and SOMO Group agreed to invest KRW 15 billion to expand manufacturing facilities in Danyang County, South Jeolla Province for infrared products. KPTI will support R&D on infrared technology and necessary equipment while the province will streamline administrative procedures for the expansion.
Infrared products allow users to recognize objects at night or in smoke without a light source. Most such products are currently used in the military, but their use will be expanded to automobiles, CCTVs, disaster prevention equipment and vessels. The market for infrared products is forecast to grow more than 30 percent annually.
Construction of Jeju Airest City Begins with KRW 2.5 Trillion Investment
A groundbreaking ceremony for the resort-type residential complex Jeju Airest City was held last month. The city will be constructed in Seogwipo, Jeju Special Self-Governing Province, with a total investment of KRW 2.5 trillion. Tan Sri Vincent Tan, Chairman of Berjaya Group, Jeju Governor Woo Geun-min and Byon Jong-il, Chairman of the Jeju Free International City Development Center, (JDC) attended the ceremony.
Berjaya Jeju Resort Limited is a joint venture company established by Malaysia’s Berjaya Group (implementer of Jeju Airest City) and JDC.
The Gotjawal Village, the first area for development in Jeju Airest City, will include a condominium complex. The 92,922m2 village will be completed by 2015 with a KRW 210 billion investment and units will be sold from the latter half of this year.
In the second phase, Berjaya Jeju Resort Limited plans to start building a five-star hotel, casino town and villa-type condominium “art valley.”
The company will build a spa resort and landmark tower by 2014, a medical center by 2015 and a spa auditorium and museum by the end of 2017. The aggregate investment will reach KRW 2.5 trillion.
Once the project is completed, the city will consist of 1,531 condominium units and 935 hotel rooms.
Jeju Airest City was designated an investment promotion district in 2009 under Jeju Special Law, a Foreign Investment Zone in 2009 and a Tourism Complex in 2010. It has received considerable and various tax benefits and development charge discounts.
Source : Invest Korea