Choi Reaffirms Commitment to Establish South Korea Among Top 5 Global Bio Industry Leaders
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Synopsis
On February 26, Acting President Choi Sang-mok reiterated South Korea's goal to become a top global bio leader by 2035. He emphasized the sector's immense potential and its economic significance, comparable to major industries. The government aims to boost domestic CDMO production capacity significantly.
Key Takeaways
- South Korea aims to be a top 5 bio industry leader by 2035.
- The global advanced bio industry is valued at $2 trillion.
- Public-private cooperation is essential for success.
- Domestic CDMO production capacity to increase by 2.5 times.
- Aging population contributes to decreased relocation rates.
Seoul, Feb 26 (NationPress) Acting President Choi Sang-mok on Wednesday reaffirmed the government's dedication to positioning South Korea among the top five global leaders in the advanced bio sector. He emphasized that this burgeoning industry is comparable in magnitude to the major sectors combined.
According to Choi, the worldwide advanced bio industry is valued at US$2 trillion, placing it on par with the semiconductor, petrochemical, and automobile industries collectively. He described it as a vast new frontier with immense potential across various domains.
Choi made these statements during his visit to the Osong bio cluster in central South Korea, where he assessed the progress of the national bio committee established in January, as reported by the finance ministry and Yonhap news agency.
This committee is tasked with positioning South Korea as one of the leading bio industry nations by 2035. Its responsibilities include devising strategies to nurture the bio sector as a pivotal driver of future economic growth.
Highlighting the intensified global competition from significant adversaries such as the United States and China, Choi stressed the vital role of the committee in promoting public-private collaboration.
He also pointed out the necessity for South Korea to spearhead efforts in the global contract development and manufacturing organization (CDMO) segment.
The committee has set a goal to enhance the production capacity of domestic CDMOs by 2.5 times, aiming to establish South Korea as the leading nation in CDMO sales by 2032.
In other news, South Korea saw a decline in the number of its citizens moving to new residences last month, reaching its lowest point in 16 years, according to data released on Wednesday.
About 510,000 individuals relocated in January, representing a 14.6 percent decrease compared to the previous year, as per the Statistics Korea data. This figure marks the lowest for the month since 2009.
The agency linked this significant drop to factors such as an aging population, demographic contraction, and a reduced supply of new apartment units.
Additionally, last month’s prolonged Lunar New Year holiday likely contributed to the decrease, coupled with a base effect from January 2023, which experienced an 18 percent year-on-year increase, according to the agency.
