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Lotte Biologics unveiled a landmark $3 billion partnership with Incheon's city government, Lotte Corporation, and Incheon Free Economic Zone (IFEZ) to establish major biotech production plants in Songdo. This monumental move accelerates the biotech giant's ambitious aim of a combined production capacity of 360,000 liters by 2030.
Lotte Biologics said on Tuesday, June 20, that the MOU is its first step into building the facilities in the region. As per Korea Joongang Daily, the other parties in the project are Lotte Corporation and the Incheon Free Economic Zone (IFEZ).
The contract signing ceremony was held at the IFEZ HQ in Songdo, and executives of the companies were present, including Lotte Biologics’ CEO, Richard Lee; IFEZ’s commissioner, Kim Jin Young; Lotte Corp. president, Lee Hun Ki; and Mayor of Incheon Metropolitan City, Yoo Jeong Bok.
The construction of the production facilities is part of the biotech firm’s plan to erect three new factories that will have a combined production facility of 360,000 liters by the year 2030. The plan was first unveiled in January this year.
The industrial complex will also be a place where the start-up, Bio-Venture Initiative, is expected to open a plant and facilitate possible technological cooperation. Lotte Biologics is planning a groundbreaking event for the construction, and this may happen soon.
This agreement highlights the enthusiastic response from Incheon Metropolitan City and Incheon Free Economic Zone regarding LOTTE BIOLOGICS’ intention to establish a major presence in Songdo,” Lotte Biologic’s chief executive officer said in a press release. “With the goal of commencing construction on the Mega Plant within the year, LOTTE BIOLOGICS will actively cooperate with Incheon Metropolitan City and Incheon Free Economic Zone to swiftly facilitate a land purchase agreement, with the enthusiastic support of LOTTE Corporation.”
Photo by: Lotte Biologics Newsroom
