MiCo BioMed, a distinguished South Korean manufacturer specializing in in-vitro diagnostic medical devices, is pleased to announce its latest venture in the Kingdom of Saudi Arabia (KSA). 

This significant stride follows the company's active participation in the esteemed 2023 Jazan Investment Forum on November 29~30, culminating in the signing of a transformative land allocation agreement with the Royal Commission for Jubail and Yanbu (RCJY). This agreement marks the inception of an advanced production facility within the Saudi-Korea Industrial Village (SKIV) complex.

The strategic collaboration seamlessly integrates a Saudi Arabian company SIiVC's capital with MiCo BioMed'scuttingedge technology, heralding the establishment of the In Vitro Diagnostic (IVD) production facility in Saudi Arabia. 

Concurrently, this venture serves as a pivotal foothold for the company in the burgeoning markets of the Middle East and Africa.

In a monumental development, MiCo BioMed formalized the agreement to construct the SKIV factory in Jazan City. 

The company, at the invitation of the Saudi-Korean Industrial Village Company (SIIVC), played a key role in the Jazan Investment Forum, where the signing of a land allocation agreement for a factory production site, covering approximately 27,958 square meters within SKIV, took place. SIIVC plans to invest an estimated KRW 6 trillion for the Saudi-Korea Industrial Complex (SKIV) project.

Crucial elements of the land agreement encompass the commitment of the Royal Commission for Jubail and Yanbu to provide the land and associated infrastructure by the end of 2024. This commitment ensures the initiation of factory construction, slated for completion by the end of 2025, as confirmed by a MiCo BioMed official.

MiCo BioMed Manufacturing, Inc., a joint venture established with SIIVC in May 2023, is set to receive SAR1.1billion from SIIVC. 

This capital injection is earmarked for the construction of the first-ever in vitro diagnostics medical device production facility in Saudi Arabia, with the land allocation agreement representing a pivotal step in realizing this collaborative vision.

MiCo BioMed, renowned for its expertise in molecular diagnostics, immunoassays and biochemical diagnostics, envisions contributing to Saudi Arabia's pandemic preparedness and local diagnostic test provision. The company is committed to enhancing Saudi Arabia's in-vitro diagnostic (IVD) manufacturing and sales capabilities by supplying raw materials for medical device production in Jazan City, KSA.

Acknowledging the significance of reducing the nation's reliance on medical device imports, MiCo BioMed Manufacturing and its Saudi Arabian counterparts pledge joint efforts in developing and producing a diverse range of medical devices sourced from Korea and other partnering countries. This initiative aligns with Saudi Arabia's broader goal of enhancing domestic capacities in the IVD market.

The establishment of the Jazan plant not only solidifies MiCo BioMed's presence in Saudi Arabia but also serves as a springboard for expansion into the Middle East and Africa. 

This strategic move follows the company's recent ventures into the Southeast Asian market through a production facility in India and its penetration of the Latin American market through the acquisition of ANVISA in Brazil.

A spokesperson for MiCo BioMed expressed gratitude for SIIVC's support and announced plans to expedite the operationalization of the Jazan plant. The company is committed to establishing a robust distribution network and expanding sales in the high-growth Middle East and Africa regions, leveraging Saudi Arabia as a central hub.

In summary, MiCo BioMed's collaboration with SIIVC marks a significant milestone, combining technological innovation with strategic investment to propel the IVD industry forward. 

The company eagerly anticipates advancing its operations and contributing to the healthcare landscape in the region.