Germany’s Merck KGaA, a leading global company in science and technology, will invest about 430 billion won ($323 million) to build a bio raw material production facility in Daejeon, South Korea.

According to the company on Thursday, it will establish the facility in Dungok District in Daejeon. The decision comes after Merck KGaA signed a memorandum of understanding (MoU) with the Ministry of Trade, Industry, and Energy, and Daejeon City regarding the establishment of a production facility in May 2023.

Once completed, the facility is projected to create 300 jobs by the end of 2028.

The investment marks the largest scale commitment the company has made in the Asia-Pacific region so far. Merck aims to position Daejeon as a central hub covering the Asia-Pacific region.

By Shim Hee-jin and Chang Iou-chung

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