S. Korea to invest $2.6 billion to boost biotechnology R&D capability

By Park Sae-jin Posted : February 18, 2019, 17:52 Updated : February 18, 2019, 17:52

[Iclickart]


SEOUL -- South Korea earmarked 2.9 trillion won ($2.6 billion) to finance the development of biotechnology and vitalize related industries. The government will ease or temporarily suspend regulations.

The Ministry of Science and ICT said in a statement Monday that its regulatory council has approved plans to spend 2.9 trillion won on increasing the country's biotechnology capability. Some 1.3 trillion won will be used in biotechnology and the rest in medical and other fields.

"Biotechnology has become a promising industry," Science and ICT Minister You yung-min said, promising to provide full support in R&D and personnel training.

The science ministry will apply a regulatory sandbox to provide guidelines, nurture new businesses and develop innovative ideas. A regulatory sandbox exempts regulations on new products or services for a certain period of time.
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