Seoul: Acting Finance Minister Kim Beom-suk announced plans to utilize all available resources to support the bio industry as a new growth engine for South Korea's economy. This announcement was made during a policy forum in Seoul, attended by industry representatives and government officials, aimed at discussing the current status and future challenges of the nation's bio sector.
According to Yonhap News Agency, Minister Kim emphasized South Korea's leading position in the contract development and manufacturing organization (CDMO) sector, noting the country's strong clinical infrastructure. Nonetheless, he acknowledged significant challenges, particularly in the industrial ecosystem and investment scale, compared to more developed nations.
Kim stated, "It is clear that we still have a long way to go," underscoring the work required to bridge the gap with advanced countries. The government has previously announced an ambitious goal to position South Korea among the top five global bio industry leaders by 2035.