Aekyung Group signed a contract with Incheon Free Economic Zone Authority (IFEZA) on Jan. 21 to build an R&D center on a site in the High-Tech Industrial Cluster of the Songdo International City. The group purchased 28,722 square meters of land for 34.5 billion won.
The R&D center is planned to have a total floor area of 43,000 square meters. The construction is scheduled to start next year and be completed in the second half of 2022.
The group is planning to build the R&D center and organize a new team to be in charge of basic, original and future technology research in order to accelerate its innovation. The R&D center and the team are going to develop advanced materials and original technologies and expand the group’s environmental and biotechnological research activities.
“The R&D center will create synergy with Incheon City so that future technology research in Songdo can be further accelerated,” said Incheon City Mayor Park Nam-chun. “We will provide constant administrative support for the group so that it can achieve a constant growth in the IFEZ,” said IFEZA Commissioner Lee Won-jae.
“The R&D center in Songdo will attract excellent researchers and expand industry-academic cooperation in the city in the fields including chemical, daily supplies and cosmetics, which are the group’s major businesses,” said Ahn Jae-seok, president of the holding company of the group.