Samyang Biopharm: First European Unit in Gödöllő

South Korea-based Samyang Biopharm, specializing in medical devices, has selected Hungary for its first production unit in Europe.

The HUF 8.6 billion (EUR 26.2 million) unit, will produce synthetic suture materials and create 55 new jobs in Gödöllő. The Hungarian government contributes about 15% of that amount (HUF 1.3 billion) in non-refundable support.

The South Korean company group of Samyang has continuously expanded its scope of activities throughout its 90 years of operation, which now covers the food industry, the chemical, packaging and pharmaceutical industry among many others. Samyang EP Hungary is engaged in the chemical industry. The unit, which started its operation in Jászberény in 2010, produces plastic goods for electronic devices, car components and office supplies.

Besides the chemical and food industry, the most dynamically growing division within the company is represented by Biopharm. It focuses on production and R&D in the field of pharmaceuticals and medical technology. Now, this division is building its first European production unit in Hungary, where synthetic medical suture will be made, creating 55 new jobs, the Hungarian Investment Promotion Agency (HIPA) reports.

With this investment, South Korean investors are also opening towards another sector, which has lately attracted considerable attention to Hungary, especially in electromobility-related battery manufacturing, in accordance with the latest automotive industry trends. This is further confirmed by the IBM-PLI-Global Location Trends 2019 survey, according to which in 2018 Hungary was the most important (1st place) international destination in Europe, and ranked 5th at global level for investors from South Korea.