SEOUL, President Yoon Suk Yeol announced an ambitious goal Tuesday to boost the size of the country’s bio industry production to 200 trillion won (US$149 billion) by 2035 through an increase in the government budget allocation for research and development (RandD).
Yoon outlined the objective during a government-public debate, part of a series of sessions addressing people’s livelihood issues, in the central city of Cheongju in North Chungcheong Province.
“We cannot remain passive in the face of the infinite opportunities and vast market presented by the advanced bio industry. We must accelerate,” Yoon said.
In addition to significantly expanding the RandD budget, Yoon also pledged various deregulations in the bio industry, aiming to facilitate the expansion of production from 43 trillion won in 2020 to 200 trillion won by 2035.
“We will develop North Chungcheong Province into a leading hub for advanced bio-industry,” Yoon said, envisioning the government’s efforts to transform the Osong bio cluster into
a local equivalent of Boston’s renowned cluster. Osong is a city located in the province.
Boston is globally recognized as a biotechnology hub, hosting major pharmaceutical companies, research laboratories, and esteemed institutions like the Massachusetts Institute of Technology and Harvard University. Yoon had engaged with a group of researchers and biotechnologists during his visit to Boston last April.
Furthermore, he outlined a cutting-edge bio initiative that integrates the latest technological advancements, such as artificial intelligence, into the bio sector.
“I will strive to ensure that advanced bio leads the innovation and competitiveness of other industries,” Yoon said.
Source: Yonhap News Agency