Construction on 79,791 Square Meters of Research 3-1 Site in the Baegot District
Lim Byungtaek: "Focusing All Efforts on Fostering the Bio Industry"
Siheung City in Gyeonggi Province has secured a large-scale corporate investment of 2.2 trillion won to establish a specialized bio cluster.
On June 10, Siheung City signed a memorandum of understanding (MOU) with Chongkundang at the Chongkundang headquarters in Chungjeongno 3-ga, Seodaemun-gu, Seoul, for the creation of a cutting-edge biopharmaceutical complex research and development cluster.
At the investment agreement ceremony for the cutting-edge biopharmaceutical complex research and development complex held at the Chongkundang headquarters in Seoul on the 10th, Assemblyman Jo Jeongsik (from the left), Chongkundang CEO Kim Youngjoo, Siheung Mayor Lim Byungtaek, and Siheung City Council Chairman Oh Inyeol are holding up the agreement document. Provided by Siheung City
This MOU follows the selection of Chongkundang as the preferred negotiator for the Research 3-1 site in the Baegot District of the Gyeonggi Free Economic Zone in February. Following the signing of the MOU, the city and Chongkundang plan to sign a land purchase agreement around June 20.
Chongkundang’s total investment is approximately 2.2 trillion won, making it the largest single investment by a bio company in Gyeonggi Province. Based on this agreement, Chongkundang plans to establish a cutting-edge biopharmaceutical complex R&D cluster on a 79,791-square-meter Research 3-1 site in the Baegot District.
The cluster will be equipped with biopharmaceutical research facilities, a research support center, and R&D demonstration facilities, and it will lead the company’s new drug development and gene therapy research.
The agreement also includes provisions for priority employment of more than 10% local residents and university job linkage programs. As a result, the city expects the establishment of the cluster to contribute to job creation and revitalize the local economy.
The city plans to actively support Chongkundang’s stable investment and the construction of the research cluster. In addition, it aims to attract more companies by developing the Jeongwang site and Wolgot Station area, as well as expanding infrastructure.
Lim Byungtaek, Mayor of Siheung, said, "This agreement is an unprecedented achievement accomplished in a short period since Siheung was designated as a national advanced strategic industry bio-specialized cluster in June last year. We will focus all our efforts so that more companies can enhance the competitiveness of the bio industry together with Siheung."
Kim Youngjoo, CEO of Chongkundang, stated, "This investment will serve as an important turning point to enhance Chongkundang’s bio R&D capabilities and strengthen our global competitiveness. Together with Siheung City, we will develop this site into an innovation hub that leads the future of the bio industry."
Meanwhile, the "Gyeonggi Siheung Bio-Specialized Cluster" has been designated in a total of four locations, including the Baegot District, the soon-to-be-developed Jeongwang site, the Wolgot Station area, and the Siheung Smart Hub. In the Baegot District, where Chongkundang’s research complex cluster will be located, construction of the Siheung Baegot Seoul National University Hospital (tentative name) is also scheduled to begin in August.
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