[Jeongeup=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Jeongeup City in Jeollabuk-do announced on the 14th that Jeollabuk-do and CareSide Co., Ltd. signed an agreement to invest 40 billion KRW in the Advanced Science Industrial Complex.
The signing ceremony was held with the attendance of Mayor Yoo Jin-seop, Woo Beom-gi, Jeollabuk-do Deputy Governor for Political Affairs, Yoo Young-guk, CEO of CareSide Co., Ltd., and other company officials.
According to this agreement, CareSide Co., Ltd. will relocate its headquarters and research institute to a 34,310㎡ site within the Advanced Science Industrial Complex and establish production facilities.
They also plan to make every effort to create jobs by employing local talent and to revitalize the local economy through investment implementation.
To this end, the city and Jeollabuk-do will actively cooperate on administrative matters such as providing investment subsidies and processing permits.
CareSide Co., Ltd., located in Lion Valley, Seongnam City, was established in 2002 and has focused solely on companion and industrial animal pharmaceuticals for over 20 years, gaining recognition for its technology and growing into a leading animal pharmaceutical company in South Korea.
It is a promising small and medium-sized enterprise with annual sales of 42 billion KRW, operating profit of 13.8 billion KRW, and a sales growth rate of 50%.
In particular, the domestic total market size for animal pharmaceuticals was 1.204 trillion KRW as of 2019 and is a promising blue ocean market growing at over 7% annually.
The Advanced Science Industrial Complex is designated as a Jeollabuk-do Research and Development Special Zone and a Special Support Area for Local SMEs, offering various benefits such as tax incentives and direct procurement contracts for produced goods.
Currently, 21 companies are operating, 4 companies are under construction, and with 5 sales contracts and 7 investment agreements, the occupancy rate stands at 81.5%.
Mayor Yoo Jin-seop said, “We, along with 110,000 citizens, welcome the establishment of a leading animal pharmaceutical company in Jeongeup,” and added, “We will spare no administrative and financial support to help it grow into a distinguished company representing Jeongeup.”
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