SK bioscience , a Korean vaccine maker, said it has begun construction of its global research and process development (R&PD) center in Songdo, Incheon.

The subsidiary of Korean conglomerate SK Group, plans to complete the construction of the R&PD center by the first half of 2025.

Upon completion, the center will relocate the company's headquarters and laboratories, currently located in Pangyo, Gyeonggi Province, to Songdo.

The relocation will cost around 325.7 billion won ($251.5 million).

SK bioscience will also build an open lab to collaborate with global companies and institutions.

"Through the establishment of a global R&PD center, we will do our best to create an ecosystem hub and proactively respond to emerging infectious diseases with domestic and international partners," SK bioscience President & CEO Ahn Jae-yong said. "Centered on Songdo, we will strive to help Korea become a truly global bio powerhouse."

CEO Ahn also met with Incheon Mayor Yoo Jeong-bok and Incheon Free Economic Zone Authority (IFEZA) Commissioner Kim Jin-yong to strengthen mutual cooperation to make Incheon one of the top global bio cities.

"To establish Incheon as one of the top global bio cities, it is essential to collaborate with anchor companies with global research capabilities like SK bioscience," Mayor Yoo said. "We will continue to actively collaborate with SK bioscience to ensure that Incheon leads the way in the bioindustry that will shape the future of Korea."

Meanwhile, Songdo is becoming a hot spot for biopharmaceutical companies.

In addition to existing companies, such as Samsung Biologics, Samsung Bioepis, and Celltrion, Lotte Biologics has also recently signed an MOU with Incheon City and IFEZA to build a mega plant in Songdo on Wednesday.

When all the companies finally establish their base in Songdo, industry watchers expect that the city will likely become Korea’s top biocluster.