• About us
  • Contact Us
Tuesday, December 5, 2023
No Result
View All Result
The World Monitor
  • The World Monitor
  • Middle East
  • Africa
  • World
  • Economy
  • Sports
  • Climate
  • Technology
  • Crypto
  • The World Monitor
  • Middle East
  • Africa
  • World
  • Economy
  • Sports
  • Climate
  • Technology
  • Crypto
No Result
View All Result
The World Monitor
No Result
View All Result
Home Economy

South Korea Looks To Reinforce Local Bio-industry To $76.9 Billion By 2030

June 7, 2023
South Korea Looks To Reinforce Local Bio-industry To $76.9 Billion By 2030
Share on FacebookShare on TwitterShare on Whatsapp

The South Korean government announced on Wednesday plans to boost its local biotech industry’s production capacity to a massive 100 trillion won (approximately $76.9 billion) by 2030, aiming to position the nation as a global leader in the biotech economy.

The government’s comprehensive plan, outlined by the Ministry of Science and ICT, is set to foster the amalgamation of biotech and advanced digital technologies, thus sparking innovative advancements across various sectors such as medicine, environment, and agriculture.

The initiative is an ambitious leap from South Korea’s bio industry’s annual capacity, which stood at 43 trillion won in 2020.

The plan envisages doubling this over the following decade. The key to achieving this ambitious target will be the integration of digital transformation strategies across the biotech industry, including cutting-edge fields such as AI-driven medicine, digital healthcare devices, digital breeding, and synthetic biology.

The South Korean government will focus its policy on large-scale research and development projects, offering robust support to the biotech industry in their R&D efforts for critical vaccines, groundbreaking treatments, and climate change prevention methods.

Furthermore, the development plan also includes provisions to bolster young entrepreneurs launching biotech startups. These startups will receive financial and administrative support for R&D and global expansion.

The government anticipates an annual formation of approximately 1,000 new ventures around 2030, a significant increase from the 399 new firms established in 2020.

In a bid to create a thriving, biotech-led ecosystem, the Ministry of Science and ICT will devise strategies to nurture researchers and experts in digitally integrated biotechnologies, promoting a global network of collaborative projects.

This strategy is expected to fortify South Korea’s global standing in the biotech industry, paving the way for a future steeped in technological innovation.

Tags: Biotech IndustrySouth Korea
Next Post
Saudi Deputy FM Discusses Bilateral Ties With his Iranian Counterpart

Saudi Deputy FM Discusses Bilateral Ties With his Iranian Counterpart

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Chinese Defense Minister Dismissed

1 month ago
Turkey Considers Ending EU Membership Efforts

Turkey Considers Ending EU Membership Efforts

3 months ago

Popular News

  • Algeria to Host 2nd African Startup Conference

    Algeria to Host 2nd African Startup Conference

  • How Will New Climate Funds Announced at COP28 Impact Global Climate Efforts?

  • Gold Prices Increase to an “All-time High”

  • 20 Countries Urge for Nuclear Power Expansion at COP28

  • Tunisia Unveils Plans at COP28 to Lower Gas Emission in 2023

Follow us

"Connecting the World to the Heartbeat of Middle East and Africa – Your Trusted Source for News and Insights."

  • The World Monitor
  • Middle East
  • Africa
  • World
  • Economy
  • Sports
  • Climate
  • Technology
  • Crypto

ABOUT US

CONTACT US

Privacy Policy

  • About us
  • Contact Us

© 2023 THE WORLD MONITOR

No Result
View All Result
  • Home
  • Africa
  • World
  • Economy
  • Climate
  • Sports
  • Crypto
  • Technology

© 2023 THE WORLD MONITOR