South Korea will seek ways to turn the bio-health industry into one of the country's key growth drivers, the finance ministry said Wednesday.
The government will soon release packages of measures that focus on supporting research and development activities at bio-health companies, offering tax benefits and easing related regulations, Economy and Finance Minister Hong Nam-ki said in a meeting with officials and industry figures in Seoul.
"If we capitalize on our advanced (information and communication technology), skilled medical workforce, and high-end hospitals, the bio-health industry can be transformed into a mainstay industry like semiconductors," Hong said.
The world's bio-health industry will grow by an average of 5.4 percent each year to reach 10 trillion won by 2022, he said.
(Flickr @Caroline Davis2010)
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