Gov’t approves plan to expand Songdo bio-cluster

The government approved a plan to expand and reposition an industrial development project in Songdo, Incheon, as it strives to turn the area into a leading bio-cluster.

The Ministry of Trade, Industry and Energy approved a plan during a meeting Friday to expand the industrial area from 1.75 million square meters (432 acres) to 1.83 million square meters. The ministry also approved moving the project area closer to an area within the city that is already home to a number of bio firms.

Through the development plan, the government seeks to create 15,000 jobs and bring 300 companies to the area by 2030. It also seeks to attract around 90 small and medium-sized companies to relocate and bring 150 additional start-ups to the complex.

Songdo is home to the headquarters of Celltrion and Samsung BioLogics, the two leading biopharmaceutical companies in Korea.

The ministry added it will work to stimulate more foreign investments in the area with the support of a task force comprised of the Incheon Metropolitan Government and the Incheon Free Economic Zone.

By Ko Jun-tae