signed a memorandum of understanding on March 13 to invest 163 billion won (US$142.05 million) for research and development and manufacturing facilities in Yongin, Gyeonggi Province.
The facilities will be spread over a 524,000 square meter site and construction will begin in 2018 to be completed by 2020. The complex is expected to create over 4,900 jobs and have economic effect of 2 trillion won.
“Through continuous R&D, we will strive to heighten South Korean beauty industry’s competitiveness and at the same time contribute to improving regional economies,” said Suh Kyung-bae, chairman of the beauty behemoth.
Amorepacific will also spend 13 billion won and convert a nearby 70,000 square meter site into a park and donate it to the city.
By Hwang You-mee (email@example.com