[Photo by Yonhap]
South Korea on Monday unveiled a roadmap to nearly triple the size of its green biotechnology industry by 2030 to groom it as future growth engine for the economy.
In a meeting with economy related ministers and on innovative growth strategies on Monday, Finance Minister Hong Nam-ki said the government recognizes green biotechnology industry that uses life resources as future core industry and plans to expand the size from 4.5 trillion won ($3.9 billion) last year to 12.3 trillion won in 2030. It will also aim to expand related employment from 20,000 to 43,000 during the same period.
Under the roadmap, Korea will foster five promising sectors in green biotechnology industry as future engine by supporting key technology development, big data, infrastructure, green biotechnology life cycle, and establishing green biotechnology convergence industry ecosystem. The five areas are microbiome, alternative food and medical food, seeds, animal-use medicine, and life materials.
The government will first establish an industry base and provide life-cycle support from a company’s technology development, fund sourcing, test and evaluation, and trial product launch. It will also designate key technology areas and introduce technology development roadmap to establish big data and support artificial intelligence technology.
The government plans to support infrastructures and solutions and register facility and allow access to research equipment portal. It will set up a graduate school for green biotechnology sector to nurture related talents.
The government will put out efforts to establish an industry ecosystem to nurture regional-focused green biotechnology industry by designating key nurturing regions and centralize research institutions and companies to boost industry, academia, and research institute collaboration. It will also consider setting up a green bio venture campus that provides networking space and research facility and equipment for startups in green biotechnology sector.
By Lee Eun-joo
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