SEOUL – In a significant move to propel the country’s bio sector, President Yoon Suk Yeol has pledged to increase South Korea's bio industry production to 200 trillion won ($149 billion) by the year 2035. This ambitious target was announced during a government-public discussion focusing on public welfare issues, held in Cheongju, North Chungcheong Province. President Yoon emphasized the necessity for South Korea to adopt a proactive stance to seize the vast opportunities presented by the burgeoning bio industry.
According to Yonhap News Agency, the expansion plan involves a considerable boost in government funding for research and development, coupled with widespread deregulatory measures to facilitate growth. From its current production value of 43 trillion won in 2020, the bio industry’s projected growth reflects South Korea's strategic aim to become a significant player on the global stage. The president outlined the vision to transform North Chungcheong Province, particularly the Osong bio cluster, into a leading biotechnology hub akin to Boston’s prestigious biotech cluster. Highlighting his commitment, Yoon recalled his interaction with researchers and biotechnologists during a visit to Boston, known for its thriving bio-industry ecosystem. He also mentioned the integration of advanced technologies, such as artificial intelligence, into the bio sector as part of South Korea's innovative drive towards industry-wide competitiveness and innovation.