SEOUL, Dec. 21 (Korea Bizwire) – President Park Geun-hye vowed efforts to cultivate the local bio industry Monday, saying it will serve as a new growth engine for the country in the future
“The government plans to continue strengthening its support to develop the bio-medicine industry as the core industry that spurs growth in our economy through drastic deregulation, continuous research and development as well as human resources,” Park said.
The remarks were made during a groundbreaking ceremony by Samsung Group’s pharmaceutical unit, Samsung BioLogics Co., for its production line, in Incheon, west of Seoul.
The pharmaceutical arm under South Korea’s top conglomerate said it will build its third production line in the country by 2017, as part of an effort to focus on securing a new growth engine.
Samsung BioLogics will invest 850 billion won (US$721 million) to build the facility in Songdo, west of Seoul, which will make the firm the world’s top contract manufacturing organization (CMO).
“The bio-heath industry is the core of the creative economy that will create high-value products and high-quality jobs,” the president said.
South Korea’s bio industry is expected to see an annual 7.8 percent growth from 1.41 trillion won in 2011 up to 2.78 trillion won in 2020.
Among the attendees at the ceremony were Lee Jae-yong, the heir apparent of the family-run Samsung Group, Education Minister Hwang Woo-yea, and Yoon Sang-jik, the Minister of Trade, Industry and Energy.’