S. Korea vows to foster bio sector as new export engine

SEOUL, Oct. 31 (Yonhap) -- South Korea will foster the bio industry as a new growth engine for the country's exports by offering trade financing and other tailored support, the industry minister said Thursday.

Industry Minister Ahn Duk-geun made the remark during his visit to Samsung Biologics Co.'s production facility in Incheon, west of Seoul, according to the Ministry of Trade, Industry and Energy.

"South Korea's bio industry experienced a slight setback following the end of the COVID-19 pandemic, but the sector is on track to post record exports this year at US$15 billion," Ahn was quoted as saying.

South Korea's combined outbound shipments of bio-related products, including medical instruments, totaled $11.2 billion through September this year.

"Amid the escalating global competition, South Korean bio companies have been securing permits for biosimilar production, as well as contract manufacturing organization agreements," the minister added.

Ahn said the government will proactively support the industry to make bio products a new export engine comparable to semiconductors, including offering trade finance worth 1 trillion won (US$725 million) in the fourth quarter.

"The production of next-generation antibody-drug conjugates is expected to begin as early as next year at Samsung Biologics. I hope this production will provide upward momentum for South Korea's bio exports," he said, according to the ministry.

The industry minister, meanwhile, noted South Korea's on-year export gains were expected to extend into a 13th consecutive month in October, bringing the country closer to its goal of achieving record outbound shipments this year.

colin@yna.co.kr
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