S. Korea Govt Designates Five Bio-Specialized Complexes, Aims to Attract Approx 36.3 Trillion Won in Private Investment by 2040.

2024-07-30

The South Korean government has newly designated five locations - Incheon-Gyeonggi
(Siheung), Daejeon (Yuseong), Gangwon (Chuncheon/Hongcheon), Jeonnam (Hwasun), and
Gyeongbuk (Andong/Pohang) - as national High-tech Strategic industrial bio-specialized
complexes. This decision was resolved during the 6th National High-tech Strategic Industry
Committee held on 27th June, 2024.
The vision and goals for each bio-specialized complexe are as follows: Incheon-Gyeonggi
(Siheung) aims to establish a 'World's No.1 Bio Mega Cluster' by creating a global hub with
the world's largest production base and technological excellence. Daejeon (Yuseong) is
establishing an 'Innovation New Drug Research and Development (R&D) Open Innovation
Hub’. Gangwon (Chuncheon/Hongcheon) is building an 'AI-based New Drug Development
and Small to Medium-sized Contract Development and Manufacturing Organization
(CDMO) Hub.' Jeonnam (Hwasun) is constructing a stable vaccine production and
immunotherapy industry innovation ecosystem through 'R&D-(Non)Clinical-Vaccine
Manufacturing Ecosystem' based on integrated existing infrastructure. Gyeongbuk
(Andong/Pohang) is driving to secure 'Bio-Vaccine Global Competitiveness' by utilizing the
infrastructure of Andong Bio-Life National Industrial Complex and the technological
development capabilities of POSTECH. The South Korean government anticipates that
leading companies will invest a total of 36.3 trillion won (KRW) (approx. 28 billion dollars,
USD) in the aforementioned five bio-specialized complexes by 2040.