SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
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
