Gangwon-do Signs 29 Billion KRW Investment Agreement with Newmed Co., Ltd.

Dongchuncheon Industrial Complex 22,530㎡ Site... Establishment of Natural Material Research and Production Facility

NewMed Co., Ltd. Investment Agreement Ceremony [Gangwon-do]

[Asia Economy Reporter Ra Young-cheol] Gangwon Province announced on the 28th that it has signed an investment agreement with Chuncheon City regarding the relocation of Newmed Co., Ltd. to Chuncheon.

According to the province, Newmed Co., Ltd. plans to build a new health functional food raw material manufacturing plant by 2024 on a 22,530㎡ (6,827 pyeong) site within the Dongchuncheon Industrial Complex, investing 29 billion KRW.

Subsequently, the company will relocate both its headquarters and production facilities from the metropolitan area and create 62 jobs.

Newmed Co., Ltd. is a natural materials company established in 2003 based on the Department of Herbal Medicine at Kyung Hee University College of Korean Medicine.

They have built an independent food and pharmaceutical research and development platform called IMED (an acronym for Interpretation, Material, Extract, Database) and possess core technologies related to herbal medicine and natural materials.

In 2017, the company received the Technology Innovation Award in the Small and Medium Business category in Korea, and in 2021, it was designated as an excellent corporate research institute by the Ministry of Science and ICT.

Kang Hee-won, CEO of Newmed Co., Ltd., said, "We are pleased to contribute not only to job creation but also to revitalizing the local economy through collaboration with local farms by constructing new research and production facilities in Chuncheon, which has abundant bio-industry infrastructure."

Yoon In-jae, Director of the Global Investment and Trade Bureau of Gangwon Province, said, "We deeply appreciate and welcome the decision of this promising company to relocate and invest in Gangwon Province," adding, "We will spare no administrative and financial support to ensure mutual development with the local community and help the company grow into a global enterprise."