Moon inspects biotech cluster in Songdo, vows full gov’t support
SEOUL, President Moon Jae-in visited a hub of South Korea’s biotech sector in Songdo, Incheon, on Wednesday, a move that reflects his administration’s resolve to develop the industry as South Korea’s next growth engine, Cheong Wa Dae said.
He reaffirmed the government’s full support for related firms and institutes during a ceremony to unveil a vision for turning Songdo into a global research and production cluster. It was held at Yonsei University’s international campus in the town, west of Seoul.
The government expects local bio and health care companies to invest more than 10 trillion won (US$9 billion) by 2023.
Moon said the government will offer “active support” so that the effects of such corporate investment can spread to the overall industry in the interest of the whole country.
Songdo is home to around 60 relevant companies and institutions, including Celltrion and Samsung Biologics.
Since taking office, Moon has constantly stressed the need for innovative growth based on the deregulation of the biotech industry, according to his office.
In May 2019, he declared the Biohealth National Vision in line with a campaign to nurture the field as a key industry along with future car and non-memory chip businesses.
Cheong Wa Dae also pointed out that the role of the bio industry has become more important amid the COVID-19 pandemic.
Source: Yonhap News Agency