Chong Kun Dang will invest 2.2 trillion won ($1.64 billion) to build a bio and pharmaceutical industrial complex in the Baegot planned community in Siheung, Gyeonggi Province.
The Gyeonggi Free Economic Zone Authority said Sunday that the project received conditional approval at the seventh integrated building and traffic review committee meeting. The integrated review is expected to reduce the administrative procedures required for separate building and traffic reviews and speed up the project.
The center will be built on a 79,790-square-meter site, with a total floor area of 75,000 square meters. It will house companies engaged in areas including basic pharmaceutical material manufacturing, biopharmaceutical manufacturing, and medical and pharmaceutical research and development.
The authority has held working-level discussions with Chong Kun Dang for more than a year on requirements for establishments, eligible tenants, construction and infrastructure.
Based on the discussions, Chong Kun Dang submitted a plan for the center, and the authority approved the project last month after reviewing its legal requirements.
The company will proceed with administrative procedures such as obtaining a building permit, with the center scheduled to begin full-scale operations in the second half of 2028.
“We expect the project to expand the bio and medical R&D base in the Baegot district and boost related industries,” said Kim Neung-sik, commissioner of the Gyeonggi Free Economic Zone Authority.
“We will continue to create an environment where companies can invest with confidence through regulatory improvements and administrative support.”
jyoungseon8@heraldcorp.com
