Lotte Biologics recently held a groundbreaking ceremony for its inaugural plant at the Songdo Bio Campus in Incheon International City.

The ceremony marked a step toward becoming a global top 10 CDMO, Lotte said in a news release.

Lotte’s new campus comes as part of its “Bio & Wellness” business focus. It features an investment of more than $3.3 billion (4.6 trillion won). The state-of-the-art facility spans 202,285.2 square meters and will house three cutting-edge production plants alongside essential auxiliary buildings.

The company plans for each of the three plants to have a production capacity of 120,000 liters. Lotte expects to create 37,000 related jobs as well.

Lotte Chair Dong-Bin Shin said the new plant could help “reshape Korea’s biotech industry landscape.”

“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,” said CEO Richard W. Lee. “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.”