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S. Korea to grow green biotech industry to $10.6 bn by 2030; nurture talent

Sep 21, 2020 (Gmt+09:00)

The South Korean government said on Sept. 21 that it will triple the size of the country’s green biotechnology industry over the next decade and nurture related talent to groom the industry as a future growth engine of the economy.


After a meeting of related ministers on innovative growth strategies, Finance Minister Hong Nam-ki unveiled a green biotech development roadmap, under which the industry will expand to 12.3 trillion won ($10.6 billion) in 2030 from 4.5 trillion won in 2019. Related employment will also grow to 43,000 people from 20,000 during the period.

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Under the plan, the government will heavily invest in five promising sectors -- microbiome, alternative and medical foods, seeds, animal-use medicine and life materials.

It will set up a graduate school to nurture talent in the green biotech industry. The government will also push for the launch of a "green bio venture campus" to provide research facilities, equipment and networking space for startups in the biotech sector.

The ministry said it will designate a university as a central research institution, which will include a green biotech center, by 2024 to offer related training, jointly with local biotech companies.

Industry officials said the government is benchmarking the National Institute for Bioprocessing Research and Training (NIBRT), a world-class institute based near Dublin in Ireland. The institute is known for collaborating with global pharmaceutical companies, including Pfizer Inc., to nurture biotech talent.

“The green biotech center will be able to train as many as 2,000 people a year,” said a ministry official.

By Eun-Seo Koo

koo@hankyung.com

In-Soo Nam edited this article

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