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April 22, 2024

Trade ministry, US bio firm Thermo Fisher discuss investment

PUBLISHED : March 28, 2024 - 09:51

UPDATED : March 28, 2024 - 09:51

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The trade ministry said Thursday it has discussed a possible investment opportunity in South Korea with a major US biotechnology firm, as the country aims to become a global manufacturing hub in the industry.

Trade Minister Cheong In-kyo met Mark Smedley, a senior vice president of Thermo Fisher Scientific, in Seoul to discuss the US firm's possible investment in production facilities in South Korea, according to the Ministry of Trade, Investment and Energy.

The meeting was aimed at exchanging follow-up opinions after Cheong met Dan Shine, another senior vice president of the firm, to discuss cooperation in the biotechnology industry, during his visit to the United States earlier this month.

"South Korea aims to become the global manufacturing hub of bio and pharmaceutical goods," Cheong said. "South Korean firms, including Samsung, Lotte and Celltrion, are rolling out aggressive investment to bolster their production capacities."

"There are reasons why leading bio raw material producers, such as Merck, Sartorius and Cytiva, have chosen to invest in South Korea," he added.

Cheong said the government will proactively provide support, including cash incentives and discounts on land lease fees, should Thermo Fisher decide to invest in South Korea.

In response, Thermo Fisher expressed hope of forging deeper ties with South Korean firms, not only in the bio sector but also in areas that include batteries and chips.

Thermo Fisher supplies medical raw materials to key South Korean biotechnology firms, including Samsung Biologics and Celltrion. (Yonhap)

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