South Korea is set to elevate its bioindustry as a new engine for export growth, with the government planning to provide targeted trade financing and support. This initiative was announced by the Minister of Trade, Industry and Energy, during a visit to Samsung Biologics' production facility in Incheon.
Despite a brief setback following the end of the COVID-19 pandemic, this year's exports in the bio sector are projected to reach a record-breaking $15 billion. In the first nine months of the year, exports of bio-related products, including medical devices, amounted to $11.2 billion.
The government plans to actively support the bioindustry in the fourth quarter by offering 1 trillion won (approximately $725 million) in trade financing, aiming to elevate the bioindustry to a key export driver comparable to the semiconductor sector. Samsung Biologics is expected to start producing next-generation antibody-drug conjugates as early as next year, potentially boosting South Korea's bio exports.
Additionally, South Korea's exports are anticipated to achieve year-on-year growth for the 13th consecutive month in October, bringing the country closer to achieving its record export target for the year.
