Taiwan Urges Stronger Trade Ties With Fellow Democracies, Rejects Economic Dependence on China 
Boeing Secures New Labor Contract With Former Spirit AeroSystems Employees 
Asian Markets Slide as Silver Volatility, Earnings Season, and Central Bank Meetings Rattle Investors 
Elon Musk’s SpaceX Acquires xAI in Historic Deal Uniting Space and Artificial Intelligence 
Elon Musk’s Empire: SpaceX, Tesla, and xAI Merger Talks Spark Investor Debate 
RBA Raises Interest Rates by 25 Basis Points as Inflation Pressures Persist 
Gold, Silver, and Platinum Rally as Precious Metals Recover from Sharp Selloff 
China and Uruguay Strengthen Strategic Partnership Amid Shifting Global Order 
Gold and Asian Stocks Rebound as Market Volatility Eases and Global Sentiment Improves 
SpaceX Reports $8 Billion Profit as IPO Plans and Starlink Growth Fuel Valuation Buzz 
Panama Supreme Court Voids CK Hutchison Port Concessions, Raising Geopolitical and Trade Concerns 
Gold Prices Stabilize in Asian Trade After Sharp Weekly Losses Amid Fed Uncertainty 
Saks Global to End Saks on Amazon Partnership Amid Bankruptcy Restructuring 
Indian Rupee Strengthens Sharply After U.S.-India Trade Deal Announcement 
Denso Cuts Profit Forecast Amid U.S. Tariffs and Rising Costs 
Qantas to Sell Jetstar Japan Stake as It Refocuses on Core Australian Operations 
South Korea Inflation Hits Five-Month Low as CPI Reaches Central Bank Target 
Merck & Co., Inc. announced it will build a biopharmaceutical raw material production plant in South Korea. It recently signed a memorandum of understanding (MOU) with the Korean Ministry of Trade, Industry and Energy and the local government of Daejeon for the project.
Merck & Co. made the announcement on Wednesday, May 3, and Korea’s MTIE also revealed on the same day that it has signed an investment agreement with Merck Life Science, the national government and the city of Daejeon for the American biopharma company’s plan to build a new bio-processing plant in the country.
According to The Korea Economic Daily, the production facility in Daejeon will supply biopharma raw materials to pharmaceutical and bio companies based in the Asia-Pacific. The Korean national government also promised to provide the necessary support so the project could be successfully implemented.
The trade and industry ministry said that Merck's investment in the country would not just ensure the stable availability of biopharma raw materials in the supply chain but will also significantly contribute to the local economy, as this could also attract more foreign investments.
The city government of Daejeon also noted that the construction of the production facility in the region is also a three-way cooperation that will South Korea’s efforts in achieving balanced regional development. Once completed, the new Merch biopharma manufacturing plant in Daejeon is expected to play an important role as the center for the growth of Korea's bio-industry.
Furthermore, the company’s CEO said the latest investment deal clearly shows Merck's intention to contribute to the development of the country’s bio business sector.
"South Korea is an emerging global leader in the biotech industry, and this Memorandum of Understanding demonstrates Merck's commitment to the region by working closely with the government to better support our customers," Merck Life Science’s executive board member and chief executive officer said in a press release. "The proposed facility would play a vital role in fulfilling demand in the Asia-Pacific region while representing an important hub for further biopharma industry development in South Korea."
