Gov¡¯t to establish 100 billion won bio-tech fund

In order to nurture the bio-tech sector, which will be a strategic industry in the future, the government has decided to set up a 100-billion won fund specializing in the bio-tech industry that will be used until 2002.

At this time, Korea's bio-tech industry is only at a 60% level compared to advanced nations, but by focusing investment into the bio-tech sector, the level will be raised to 80% by 2002.

The government announced the plan at a bio-tech industry development plan report meeting led by President Kim at Chong Wa Dae on Oct. 6. President Kim revealed that a bio-tech industry committee will be established under the Presidential Advisory Council for Science and Technology, which is a constitutional institution, and that proactive support will be provided to the industry and research sector to ensure positive results.

At the meeting, Finance Minister Jin Nyum remarked that in 2003 Korea will rank among the top 10 bio-tech countries and by 2010 Korea will be a G7-level bio-tech power.

A bio-tech fund will be created every year jointly by the government and the private sector with an investment ratio of 30-70%, respectively. The current 39 superior university research centers and creative research business centers will be increased to 50 by 2002 and the number of bio-venture support centers will be expanded to 8. A science complex will be established in Osong, Chungbuk province and bio-tech areas will be configured by region.

Through the pro-active commercialization of the bio-tech sector, the current 170 companies with a workforce of 4000 will increase to 900 companies with 70,000 workers by 2010, with the domestic market being worth 10 trillion won. In addition, to expand the natural wildlife protection base, 100,000 forms of wildlife will be procured by 2002 and a national database will be established.

Around 80 individuals from the corporate, academic and research sectors attended the meeting, while LG Chemicals and Macrogen made case presentations.

Lee Myung-Jai mjlee@donga.com