INVESTMENT IN BIO HEALTH SECTOR

[Anchor Lead]

The COVID-19 pandemic has highlighted the importance of the bio health industry. Competition in the global bio health market is intensifying these days. The Korean government has pledged to attract 10 trillion won in private investment by 2023 to create prime conditions for the bio health sector.

[Pkg]

Korean COVID-19 testing kits have been exported to more than 100 countries around the world. The nation's exports were sluggish early this year, but they picked up in September, recording 320 million dollars in just one month. Moreover, Korea's exports of pharmaceuticals and medical equipments have already surpassed 10 billion dollars for the first time. The government plans to nurture the bio health sector as a promising growth engine for the domestic economy. It plans to attract 10 trillion won in private investments by 2023, creating a prime condition for developing the bio health industry. To this end, the government will first set up a center for training two thousand bio industry professionals annually to help businesses solidify their growth foundation. The government will also provide support for the localization of bio materials and equipment. To secure global competitiveness, bio technologies will be converged with electronic, chemical and digital technologies, including artificial intelligence.

[Soundbite] PRES. MOON JAE-IN : "The acceleration in the convergence of bio and state-of-the art technologies will create a new market encompassing digital healthcare, medical big data and healthcare AI, which will grow more than 20 percent annually."

The government hopes to create 9300 jobs in the bio health sector by 2023 through private investments.