If 2019 was the year the South Korean government focused on fostering the bio-health sector of the overall bio industry, 2020 is going to be more about green and white bio.
This shift comes after the Finance Ministry came under fire, with critics saying their bio investments were too centered on medicine and medical treatments.
So from now on, the ministry has vowed to devise policies that will help the green and white bio sector thrive going forward.
Green bio uses bio technology to create food resources and white bio uses plant resources to develop bio fuels.
Finance Minister Hong Nam-ki held the first "innovative growth strategy meeting" of the year on Wednesday, during which he discussed the main tasks left for the country to stimulate innovative growth in the bio industry.
A task force team, made up of officials from 10 ministries and 10 policy think tanks, have been meeting since November of last year to come up with 5 strategies.
First, they suggest the continued investment in research and development that can spur groundbreaking growth.
Human resources that have vast knowledge of multiple new technologies will also be nurtured.
The government also aims to create a mutually-beneficial ecosystem for the bio industry by providing public funds to help their tech go from ideas to the market.
Most importantly, regulations and policies will be overhauled to revitalize the bio market.
That starts with reducing the permit evaluation period of innovative medical equipment, those that use AR and VR technologies, from the current 90 days.
If these strategies prove successful, the ministry believes bio could become a strategic industry to succeed the semiconductor industry in the years to come.
Hong Yoo, Arirang News.