Trade, Industry and Energy Vice Minister Kang Kyungsung attended the groundbreaking ceremony of Lotte Biologics’ biopharmaceuticals manufacturing plant on July 3 in Incheon, with the participation of Lotte Group Chairman Shin Dong-bin, major domestic and overseas pharmaceutical companies, and government officials, including Prime Minister Han Duck-soo, whose congratulatory message was shared via video.



In view of the announcement by Ministry of Trade, Industry and Energy (MOTIE) on June 27 on the designation of five strategic high-tech bio industrial complexes, Lotte Biologics is investing KRW 4.6 trillion for the establishment of a large-scale biopharma production plant in Songdo, Incheon.



With the goal of ranking among the global top 10 biopharma contract development and manufacturing organizations (CDMO), Lotte Group launched Lotte Biologics in June 2022. With the acquisition of an overseas biopharma manufacturing plant (BMS) in 2023, it officially entered the CDMO market within one year of launch. Starting this year, it plans to build up its global biopharma manufacturing competitiveness through a ₩4.6 trillion investment in the establishment of three biopharma plants with a total manufacturing volume of 360,000L by 2030.



The completion and operation of the plants are anticipated to create an economic effect of ₩7.6 trillion and 37,000 related jobs, according to the company’s estimation. Moreover, Lotte Group will actively support the provision of tenant space for biotech venture capital firms entering the site and nurture professional talent through industry-academia joint programs.



With Korea’s biopharma exports achieving 8.8 percent year-on-year growth to USD 7.4 billion in H1 2024, MOTIE aims to continue supporting the bio sectors become future economic growth engines through the expansion of the national strategic high-tech bio industrial complexes.