Iranian Investment in Korean Biotech City stalls

By John Lee.

An Iranian plan to invest $2 billion in a major biotech complex in South Korea has reportedly stalled.

Earlier this year, a consortium led by the Iranian government signed a memorandum of understanding with the government of North Chungcheong Province to invest an initial $2 million in the Osong Biovalley in the province‘s free economic zone between July and August.

The long-term plan called for building a joint research center, drug production lines and a clinical trial hospital in Osong, a city located some 130 kilometers south of Seoul. The city aims to become a global biotech and medical industry hub.

Korea Herald reports, however, that after eight months no Iranian funds have been deposited into the project, and the provincial government has “failed to grasp” why the investment has been postponed.

It is true that not much progress has been made as it is difficult to contact the Iranian side,” said an official of the North Chungcheong provincial government.

(Source: Korea Herald)

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