GC Green Cross and Hwasun County Sign 15 Billion KRW Vaccine Investment Agreement

Investment in Production Facilities Expected to Create Local Jobs and Foster Talent

Hwasun County and Jeollanam-do announced on the 28th that they had signed an investment agreement worth 15 billion KRW with leading pharmaceutical bio company GC Green Cross on the 27th to produce high-quality vaccines.

The signing ceremony was attended by Kim Yung-rok, Governor of Jeollanam-do, Koo Bok-gyu, Mayor of Hwasun County, and Lim Seung-ho, Vice President of GC Green Cross.

GC Green Cross plans to invest 15 billion KRW in its Hwasun plant to establish a pilot production facility for mRNA vaccines by 2023, and to proactively secure core technologies in order to develop high-quality vaccines and therapeutics.

Hwasun County signed an investment agreement worth 15 billion KRW with leading pharmaceutical bio company GC Nexis on the 27th to produce high-quality vaccines.
[Photo by Hwasun County]

Since establishing Korea's first dedicated vaccine plant in Hwasun in 2008 and producing influenza vaccines, GC Green Cross, founded in 1969, has been leading the activation of the pharmaceutical, medical device, and healthcare markets both domestically and internationally for over 50 years.

With this investment agreement, Hwasun County and GC Green Cross have taken their first step into the mRNA vaccine and therapeutics business.

With expanded research and development on vaccines and therapeutics, commercialization of products and large-scale production facilities are also expected to be expanded, which is anticipated to create greater added value, including the employment of production personnel.

Mayor Koo Bok-gyu stated, "Through this investment agreement, we expect significant contributions to the development of the local community through improved vaccine quality produced in Hwasun, job creation, promotion of investment in bio companies, and the advancement of the vaccine industry special zone and capital inflow." He added, "Going forward, we plan to make Hwasun a global vaccine hub by expanding world-class vaccine production facilities, and we will foster global competitiveness by attracting a global bio campus and cultivating bio talent."