Pyeongtaek signs bio-industry cooperation MOU with Yantai

Pyeongtaek City has signed a Memorandum of Understanding (MOU) with Yantai, China, to foster cooperation in the biopharmaceutical, medical device, and health functional food sectors. The agreement aims to support local bio-companies in entering international markets and to facilitate technical exchange and investment between the two regions.

Mayor Choi Won-yong visited Yantai from February 2 to 4, inspecting bio-industrial complexes and major companies such as Luye Pharma and Longchang Bio. Yantai is recognized as China’s first strategic emerging industry cluster for biopharmaceuticals, featuring integrated infrastructure for research, development, production, and commercialization.

Using the findings from this visit, Pyeongtaek plans to establish a bio-industry ecosystem centered around the Hanmi Pharm Pyeongtaek Bio Plant. The city intends to leverage its existing manufacturing and logistics strengths, including the Pyeongtaek Port, to expand trade and support administrative procedures for companies entering the region. Cooperation will also include joint research, technology commercialization, and the exchange of professional talent.