South Korea Exports Hit Record High as Global Trade Momentum Builds 
Asian Currencies Trade Flat as Dollar Weakens in Thin New Year Trading 
Netflix Stock Slips After Earnings as Soft 2026 Guidance Overshadows Subscriber Milestone 
U.S. Dollar Starts 2026 Weak as Yen, Euro and Sterling Hold Firm Amid Rate Cut Expectations 
Oil Prices Slide in 2025 as Oversupply and Geopolitical Risks Shape Market Outlook 
Renault Group Global Sales Rise 3.2% in 2025 on Strong International and EV Demand 
U.S. Stock Index Futures Steady as Markets Await Fed Policy Clues in Holiday-Thinned Trade 
Apple China Holiday Sale Offers Discounts Up to 1,000 Yuan on Popular Devices 
Nvidia CEO Jensen Huang Plans China Visit Amid AI Chip Market Uncertainty 
U.S. Dollar Steadies Ahead of Fed Minutes as Markets Eye Policy Divisions 
Morgan Stanley Flags High Volatility Ahead for Tesla Stock on Robotaxi and AI Updates 
Asian Stock Markets Start New Year Higher as Tech and AI Shares Drive Gains 
U.S. Stock Futures Slip as Year-End Trading Turns Cautious 
USDA $12 Billion Farm Aid Program Draws Mixed Reactions from Row Crop Farmers 
Asia Manufacturing PMI Rebounds as Exports and Tech Demand Drive Growth into 2026 
South Korea Factory Output Misses Forecasts in November Amid Ongoing Economic Uncertainty 
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
