President Moon Jae-in has pledged to fully support the nation's bio-health industry, one of three major pillars identified as new economic growth engines.
Attending an event in Osong, Chungcheongbuk-do Province, on Wednesday, President Moon expressed his will to foster South Korea's bio-health industry, calling it a young industry as the biomedicine sector only accounts for just a tenth of the medicine industry as a whole.
To that end, he explained the government will invest 3.3 billion U.S. dollars annually into the industry's R&D sector through 2025.
Referring to South Korea recently making it onto the EU's pharmaceutical whitelist, the president said now the country's bio and pharmaceutical firms can enter the European market more easily.
The two other new growth engines identified by the government are non-memory semiconductors and future cars.