SK plasma said that it has signed a term sheet with the Indonesia Investment Authority (INA) for the establishment of its blood products plant in Indonesia.

The company's spokesperson did not reveal the exact location of the plant but said it would be near Jakarta. 

INA was established in Nov. 2020 and has been attracting direct and foreign investment with the aim of expanding Indonesia's infrastructure and contributing to economic development.

With the signing of the term sheet, INA will invest up to $50 million and participate in the project as the second largest shareholder. 

"This agreement is the first cooperation between INA and a Korean company and is a reflection of the Indonesian government's active interest and commitment to SK plasma's blood product plant building project," the company said. 

Blood products are medicines based on blood and are manufactured by fractionating and purifying components in the blood into medicines such as albumin and immunoglobulin. 

Such products are used as essential treatments for various fields, such as shock due to excessive blood loss, congenital immunodeficiency diseases, and hemophilia, and are designated and managed as national essential drugs as they are widely needed in national disaster situations. 

SK plasma had previously received approval from the Indonesian Ministry of Health to build a plasma plant in March. The new plant is scheduled for completion in 2025 and will have the capacity to process 1 million liters of raw plasma per year. 

"The Indonesian government's support and INA's participation will accelerate the construction of the blood products plant," SK plasma CEO Kim Seung-ju said. "We plan to hold a groundbreaking ceremony with key figures from both countries within the year."