Seoul’s Minister of Industry, Trade and Energy
vowed to nurture the nation’s biotech sector. At a New Year ceremony hosted by the Korea
Biotechnology Industry Organization, Sung Yoon-mo said the government will ease regulations
to facilitate the development of products and services in the biotech industry and create
more jobs. The minister pointed out the sector has grown
by an annual average of eight percent in terms of production, and 13 percent in exports over
the last five years. To further boost innovation in the sector,
he said the government will increase R&D and technology transfer between universities and
venture companies.