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South Korea will foster 10 trillion-won green-bio industry by 2027

South Korea will foster 10 trillion-won green-bio industry by 2027

Posted February. 17, 2023 07:41,   

Updated February. 17, 2023 07:41


The Ministry of Agriculture, Food and Rural Affairs announced on Thursday that it would push ahead with the ‘Green-Bio Industry Fostering Strategy’ to make it become a 10 trillion-won industry reaching an export volume of five trillion won, and nurture 15 unicorn companies in the area. Green bio is a new industry that applies biotechnologies to agricultural life resources to create added value for agriculture and the entire upstream and downstream industries.

The government plans to raise more than 100 billion won by 2027 for a dedicated green-bio fund to support startups by utilizing the UAE sovereign wealth fund and policy finance. The fund will support businesses in six major sectors: seeds, microorganisms, veterinary drugs, insects, natural products, and food materials.

It will also support project-type R&D and innovative technology developments that reflect the needs of companies and foster convergence talents for venture startups. In addition, the government will establish the green-bio venture campuses in Iksan City of North Jeolla Province, Pohang City of North Gyeongsang Province, and Pyeongchang County of Gangwon Province, and support prototype development, marketing, and research facilities for venture firms.