S Korea Aims For Stake In World Biotech

14 August 1997

South Korea has identified the biotechnology industry as a strategicsector for development and, with the aim of increasing the share of domestic firms in the world market to 4% by 2000, the government is set to invest some 210 billion won (around $235 million) in the sector by 2000.

Ministry of Trade, Industry and Energy officials have said 14 billion won will be invested in the development of basic technologies this year and a further 24 billion won the following year. By 2005, according to the Korea Newsreview, the target is to have a stake of 5.7% in the worldwide biotechnology sector by 2005; the paper quoted a MOTIE official as saying this will be one of the most promising high-technology industries in the next century.

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