Asia Tech Wire (May 28) -- South Korean drugmaker Medytox has signed a letter of intent (LOI) to build a biopharmaceutical plant in Dubai, according to Yonhap News Agency.

South Korea and the United Arab Emirates (UAE) held the Korea-UAE Business and Investment Forum on the occasion of UAE President Mohammed bin Zayed Al Nahyan's visit to South Korea to strengthen investment cooperation, with more than 200 financial professionals from the two countries attending the event on Tuesday.

Medytox and TECOM Group, a subsidiary of Dubai Holding, signed a letter of intent (LOI) to build a biopharmaceutical plant in Dubai at the event.

According to South Korea's Ministry of Economy, Trade and Industry (METI), the two sides took the opportunity of President Yoon Suk Yeol's visit to the UAE last January to sign a Memorandum of Understanding (MOU) on cooperation, and this time the they built on that success by signing the LOI.

If the project is successful, it will be the first time a Korean company invests in a biopharmaceutical plant in the UAE.