SEOUL, Dec. 7 (Korea Bizwire) — South Korea will push for deregulation and provide various supportive measures for bio companies to promote their planned investment and nurture the sector as a new growth engine, the industry ministry said Wednesday.
Samsung Biologics Co., SK Bioscience Co. and other bio firms have announced plans to invest a combined 13 trillion won (US$9.91 billion) by 2026 to secure advanced technologies and lead the global market.
The government will beef up tax and financial incentives and help them with administrative procedures, including licensing and the location selection process, the Ministry of Trade, Industry and Energy said during a meeting to mark the day for bio business leaders.
The government also said it will support their development of advanced biopharmaceutical production technologies and the digitalization of the manufacturing process.
The country’s biohealth exports reached an all-time high of US$16.28 billion last year. During the first 11 months of this year, the figure came to $15.1 billion, according to government data.