GC said it has received final approval from the Indonesian Ministry of Health and Welfare to build a blood products plant in the country and transfer technology. The company has yet to disclose the location of the plant.

The Indonesian government had been selecting companies for the construction and technology transfer of a blood products plant in the country.

GC said it was named the preferred bidder in January.

Through the blood product plant construction and technology transfer project, the Indonesian government plans to stabilize the blood product supply through localization.

Currently, Indonesia is entirely dependent on imports.

"The approval of this license once again demonstrates the global recognition of GC's technological prowess in the field of blood products," a company official said. "Notably, it is significant that we have won a business license from a foreign government by working side-by-side with the Korean government."

However, the company said that it will present the specific contract size and content of the agreement at a later date.