A. Armonaitė invites South Korean pharmaceutical company to set up in Lithuania


2023 09 19

2023 09 19.jpg

Today, 19 September, the Minister of the Economy and Innovation Aušrinė Armonaitė will meet Richard Lee, CEO of Lotte Biologics, a South Korean company belonging to one of the largest pharmaceutical groups, Lotte Group.

"I have no doubt that we have the potential to develop cooperation between Lithuania and South Korea in the field of biotechnology. The arrival of companies from this sector in Lithuania would further strengthen the country's life sciences ecosystem and develop biotech R&D and manufacturing capabilities. It also creates high value-added jobs in our country," says the Minister of  the Economy and Innovation A. Armonaitė.

"Lotte Biologics is a new pharmaceutical division of the Lotte Group, one of the largest companies in Korea. Lotte Biologics is currently planning to expand its facility in the US and is considering expansion opportunities in European countries and Boston.  

The CEO of Lotte Biologics will also be speaking at Life Sciences Baltics, the largest life sciences forum in the Baltic States, on 20-21 September.

The life sciences sector is one of the priority sectors of the Lithuanian economy, accounting for approximately 2.6% of the country's GDP. About 90% of Lithuanian biotech production is exported to more than 100 countries.