On July 3^rd, Lotte Biologics, under the leadership of CEO Richard W. Lee, held a groundbreaking ceremony for its inaugural plant at the Songdo Bio Campus in Incheon International City.

The event drew an assembly of approximately 300 guests, including LOTTE Group Chairman Dong-Bin Shin, Incheon Mayor Jeong-Bok Yoo, National Assembly Member Il-Young Jung representing Incheon Yeonsu District, First Vice Minister of Trade, Industry and Energy Kyung-Sung Kang, Second Vice Minister of Health and Welfare Min-Soo Park, and Incheon Free Economic Zone Commissioner Won-Seok Yoon. Prime Minister Duck-Soo Han also conveyed his congratulations via video message.

The Songdo Bio Campus represents an investment of approximately 4.6 trillion won. This facility, spanning 202,285.2 square meters, is set to house three production plants alongside essential auxiliary buildings.

LOTTE Engineering & Construction will spearhead the design, procurement, and construction of the first plant, showcasing the group’s integrated approach to this transformative project. Each plant is planned to have a production capacity of 120,000 liters, totaling 360,000 liters across the campus. The scale of this endeavor is further emphasized by its projected economic impact of 7.6 trillion won and the creation of 37,000 related jobs, illustrating Lotte Biologics’ commitment to both industrial advancement and socioeconomic growth.

Addressing the gathering, LOTTE Chairman Dong-Bin Shin remarked: “The journey of Lotte Biologics, commencing here in Songdo, is poised not only to become a future growth engine for LOTTE Group but also to reshape Korea’s biotech industry landscape. Our unwavering commitment is to contribute significantly to the successful establishment of Songdo’s bio cluster, thereby propelling Korea to the forefront of the global biotech arena.”

Lotte Biologics CEO Richard W. Lee said: “I would like to express my heartfelt gratitude to the government agencies and institutional representatives who have provided invaluable support in bringing us to this momentous occasion.”

Lee added, “Lotte Biologics is committed to evolving into a global TOP 10 bio-CDMO by 2030. Through this growth, we aspire to serve as a driving force to propel Korea to the forefront of the global bioeconomy, establishing our nation as a leading force in this critical sector.”