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Gov’t to Inject 404.4 Billion Won into Bio Industry

Posted June. 27, 2002 23:11,   


“Bioengineering complexes,” or so-called bio clusters, will be set up in 16 major cities nationwide including Daejeon, Gangwon and Chucheon, and some of those tech centers will house graduate schools of bioengineering technology. “Bio-industrialization Center” will set its foot in Seoul metropolitan area as a part of ‘BIT’ initiative that seeks to combine information technology (IT) with bioengineering technology (BT).

The Ministry of Commerce, Industry and Energy held a strategic meeting for bio-industry competitiveness at Trade Club located in Samsung-dong, Seoul on June 27 and announced a comprehensive plan designed to enhance competitiveness of the industry.

At the meeting presided over by Minister Shin Guk-hwan, representatives from the government and businesses agreed to inject total 404.4 billion won, including 273.7 billion won government subsidies, though 2006 into building 16 bio clusters across country.

Participants at the meeting also agreed to create a foreign business-only area within Daeduck Valley cluster in Daejeon so as to attract leading foreign firms. And some 250 billion won will be funneled into 11 future-oriented core technologies through 2010, with 2 billion won invested every year.

For the first year, the funds will be used to develop protein production technology for treatment, which will be focused on cultivating animal cells. The ministry also plans to push for patent applications of advanced bioengineering technologies.

MOCIE aims to increase the nation’s share of the global bio market from the current 1.4% to 10% by 1010, while boosting its standing in biotechnology competitiveness from the 14th to the 7th.

Ja-Ryong Koo bonhong@donga.com