Synopsis
South Korea aims to export 30 trillion won in biotechnologies over three years, targeting a top-five position globally. The government plans to create a bio venture ecosystem, establish investment funds, and foster unicorns in the sector.Key Takeaways
- Targeting 30 trillion won in biotechnology exports by 2027.
- Plans to create an innovative bio venture ecosystem.
- Launch of multiple investment funds to support the bio sector.
- Aiming to develop at least three unicorn companies.
- Focus on advancing strategic technologies including AI.
Seoul, Jan 15 (NationPress) South Korea is set to strive for an export target of 30 trillion won ($20.5 billion) in biotechnologies within the next three years, aiming to position itself among the top five nations in this sector, as stated by the startups ministry on Wednesday.
To realize this ambition, the Ministry of SMEs and Startups will establish an innovative bio venture ecosystem that facilitates the commercialization of core technologies and fosters the development of new medicines, as revealed during a meeting of economy-related ministers, reported by the Yonhap news agency.
Despite a decline in biotechnological exports to 8 trillion won in 2023 from 14.1 trillion won in 2021, there are indications of a recovery, with exports reaching 4.6 trillion won in the first half of last year.
The ministry's plans include the creation of a 16-billion-won investment fund involving 14 local biopharmaceutical companies, along with a fund of up to 40 billion won aimed at fostering strategic collaborations with the Japanese bio industry.
Moreover, a 600-billion-won fund is set to be launched to support the development of novel drugs.
Through these initiatives, the ministry aspires to cultivate at least three unicorn companies valued at over 1 trillion won each by 2027.
“The bio venture industry in South Korea has attained a global standard, yet we still require an ecosystem where key players are effectively connected,” stated Startups Minister Oh Young-ju.
“We are dedicated to creating a virtuous cycle that allows bio ventures to effectively transfer technology, build knowledge and funding, and engage in new drug development.”
Previously, South Korea's science ministry announced that the nation will prioritize the advancement of its national strategic technologies this year, including artificial intelligence (AI) and advanced biology.
In a joint policy report for 2025, the Ministry of Science and ICT plans to formulate a comprehensive roadmap to bolster the growth of the AI industry, with the goal of making South Korea one of the top three global leaders in this domain.
Additionally, a 1 trillion won ($683.7 million) project is set to be launched to develop artificial general intelligence, complemented by an 810-billion-won fund to provide financial assistance to AI startups within the country.
