S. Korea to foster biotechnology as new growth engine: finance minister

▲ This undated photo provided by Aprogen Inc. shows its production line in Osong, 108 kilometers south of Seoul. (PHOTO NOT FOR SALE) (Yonhap)

finance minister-biotechnology

S. Korea to foster biotechnology as new growth engine: finance minister

SEOUL, May 24 (Yonhap) -- South Korea will lift regulations to help biotechnology startups utilize the database of hospitals, and foster the industry as a new growth engine, the finance minister said Wednesday.

"The biotechnology sector is emerging as a cutting-edge industry that promotes the growth of new technologies and industries by converging with the digital sector," Finance Minister Choo Kyung-ho said during his visit to the production line of Aprogen Inc., a bio firm in Osong, 108 kilometers south of Seoul.

Choo said the government will make efforts to foster the biotechnology sector as the new growth engine of Asia's No. 4 economy, comparable with the semiconductor industry.

To this end, the finance minister said it will seek to utilize a massive database of the state-run health insurance agency and private hospitals.

"In order to foster data-based digital health care startups, the government plans to proactively lift regulations," Choo said.

South Korea plans to announce details on ways to foster the biotechnology industry in the near future, he added.

(END)

(C) Yonhap News Agency. All Rights Reserved