Shulou(Shulou.com)11/24 Report--

CTOnews.com October 11 news, today the fourth Samsung biological agents factory in Incheon Songdao, South Korea held a completion ceremony, Samsung Electronics Vice President Lee Jae-yong and others attended the ceremony.

Samsung's fourth plant for biological agents, located in Incheon, 27 kilometers south of Seoul, broke ground at the end of 2020 and began some operations earlier this month. With an area of 210000 square meters, equivalent to the size of 29 football fields, it is currently the largest pharmaceutical factory in the world. The total investment in the plant is more than 2 trillion won (10 billion yuan), which exceeds the total expenditure of its previous three plants. It is expected to have an economic effect of 5.7 trillion won and create 27000 jobs.

After attending the ceremony and visiting the factory, Samsung Electronics Vice President Lee Jae-yong met with senior Samsung Biological executives to discuss a long-term strategy to improve the company's competitiveness as a contract development and manufacturing company as well as a maker of biogenerics.

CTOnews.com learned that in 2010, Samsung announced that the bio-pharmaceutical industry was one of five new areas that would lead the group in the future. Since then, the company has made a lot of investment in this area. Samsung Biology, now the fourth largest company in South Korea by market capitalization, plans to invest another 7.5 trillion won by 2032 to build a second biological complex in Incheon, where it will build four new factories and an "innovation center" to support local biological start-ups.

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