The Korean government has designated the biotech industry as a national strategic technology, announcing an ambitious plan to increase production capacity to KRW 100 trillion and annual exports to USD 50 billion by 2030. This expansion signifies a broadened support not only for vaccine technologies but also for the entire biopharmaceutical sector.

The government plans to stimulate the growth of the biotech industry through tax benefits, infrastructure, and administrative support, and aims to increase the self-sufficiency rate of domestic technology for necessary raw materials, parts, and equipment from the current 5% to 15% by establishing a research and development roadmap. Moreover, Korea is set to sign biotech economic partnership agreements with key global partners and establish support centers for Korean biotech companies operating overseas.

These measures reflect the government’s commitment to strategically support Korea’s leap into becoming a global biotech economy by 2030.

* Article source : https://m-en.yna.co.kr/view/AEN20230719004600320