South Korea's Ministry of Trade, Industry, and Energy announced on Monday its intention to spend 17.7 trillion won ($13.12 billion) to invest in biotech pharmaceutical facilities and support small firms in the biotech sector by 2030.
According to Bloomberg, the support package includes financial assistance worth 4.2 trillion won from state-owned banks.
South Korea aims to establish a domestic supply chain for the biotech industry, including raw materials and facilities, with a goal of localizing the manufacturing of biotech pharmaceuticals by 15% by 2030.
The government also aims to ease regulatory burdens for new technologies in the biotech industry.
South Korea targets reaching $10 billion in annual exports of biopharmaceuticals by 2030.
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