South Korea has reportedly revealed a plan to enhance its green biotechnology industry to thrice its size by 2030 to develop it as the economy’s future growth engine.

Hong Nam-Ki, the Finance minister stated that the government looks forward to the green biotechnology industry. It utilizes life resources as an essential future industry and further strategizes to expand it from 4.5 trillion gain in the previous year to 12.3 trillion gain in 2030. At the same time, it targets to increase related employment to 43,000 from 20,000.

As per the strategy, Korea will promote five potential sectors in the green biotechnology industry as the next-generation engine by supporting the main technology development., infrastructure, launching green biotechnology convergence industry ecosystem, big data, and green biotechnology life cycle. Alternative food and medical food, microbiome, seeds, life materials, and animal-use medicine are the five areas.

Initially, the government will create an industrial base and deliver life-cycle support from a company’s technology development, test and evaluation, fund sourcing, and trial product launch. Additionally, it will designate important technology areas and present a technology development strategy to introduce big data and back artificial intelligence technology.

The government aims to support infrastructures and solutions, register facility, and permit access to research equipment gateway. To foster related plans, the government will place a graduate school for the green biotechnology sector.

The government will walk the extra mile to introduce an industry ecosystem to foster the area-focused green biotechnology industry by designating crucial nurturing areas and centralize research institutions and companies to improve the industry, research institute collaboration, and academia. Additionally, the government aims to set up a green bio venture campus that offers networking space and research facilities along with equipment for startup companies in the green biotechnology sector.

The government confirmed that by growing new markets and increasing job creation through the expansion of the green bio industry and help the green bio industry to become a pioneer in the advanced growth that will start after the corona period.