By Park Si-soo

Chong Kun Dang, a major pharmaceutical company, said Thursday that it will establish a joint venture in Indonesia.

The joint venture, named CKD-OTTO, will produce anti-cancer medicine and immunosuppressive drugs.

Chong Kun Dang’s counterpart, TOTO, is an affiliate of Indonesian pharmaceutical giant Mensa Group. The joint venture’s products will be exported to countries in Asia, the Middle East, Africa and Europe, it said.

“Our globalization project began in 2013 with exports of medicine to Vietnam,” a Chong Kun Dang official said. “The CKD-OTTO will pave the way for us to export our high-end medicine to many other countries.”

The Indonesian pharmaceutical market is estimated at six trillion won ($5.49 billion) with double-digit growth in recent years, according to the company.