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Jeollabuk-do signs a MOU for Technology Development in Biochemical Industry

(JEONJU=NEWSIS) Jeollabuk-do will form a consortium with conglomerates to lead Korea’s biochemical industry. Jeonllabuk-do announced on May 28 that it signed an investment contract with corporations such as GS Caltex and Daesang, as well as Gunsan City and Korea Land & Housing Corporation Jeonbuk headquarter, with an aim of winning a government bid project and successfully carrying out R&D.

Following this, Jeollabuk-do will form a consortium within June and participate in the government bidding of ‘Bio Industrial Complex Technology Development Project’.

If selected for the project, Jeollabuk-do will streamline production process of biochemical substance and bio functional material to enhance production efficiency. It will also produce food wrappers, fiber, electrical & electronic devices.

Meanwhile, Ministry of Trade, Industry & Energy announced its policy plan to invest KRW215.5 billion in the next five years to establish industrial foundation for the biochemical sector, and support its early business.

Source Text

Source: Newsis (May. 28, 2014)

** This article was translated from the Korean.