JEJU-DO < invest Korea

According to Yonhap News,

Jeju focuses on development of the bio industry, with an aim of nurturing 29 bio companies with sales over KRW 30 billion in the region by 2030.

Jeju Special Self-Governing Province laid out its 'Strategies to Develop the Bio industry in Jeju' under the goal of establishing itself as the mecca of the global eco-friendly bio industry at Creative Economy Innovation Center on June 19.

It sets its sights on expanding the market size of Jeju's bio industry to KRW 1.3 trillion by 2030.

To this end, it will work on fostering 20 bio companies with sales over KRW 30 billion and developing 5 kinds of natural product-derived drugs and pharmaceutical materials.

Jeju also plans to set up a cooperative committee that covers the industry, academia, research and the authorities to seamlessly implement its strategies.

Jeju governor Oh Young-hun said, "The bio industry gives us abundant opportunities to create added values and new markets to bring in a thriving future in Jeju." and "We will take a bold step forward in order to make sure Jeju, home to a wide variety of living things, will be at the center of not just Korea's but the global bio industry."

With 16 institutes, businesses, and organizations, including Korea Research Institute of Bioscience and Biotechnology, AMOREPACIFIC and Jeju's bio companies, attending to the MOU signing ceremony, Jeju signed MOUs with them to give a critical boost to the bio industry.

koss@yna.co.kr

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Source: Yonhap News (Jun 19, 2023)