Acceleration of the Bioeconomy Including Designation as a Biotechnology Policy Institution

▲Double helix structure of DNA. [Photo by Korea Research Institute of Bioscience and Biotechnology]

[Asia Economy Reporter Junho Hwang] The government will establish a working committee within the highest decision-making body for biotechnology policy formulation and designate a specialized biotechnology policy institution. The goal is to revitalize the bio-economy through the promotion of biotechnology.

The Ministry of Science and ICT announced that the amendment to the Biotechnology Promotion Act, which includes these measures, passed the Cabinet meeting on the 12th. The Biotechnology Promotion Act, enacted in 1983, is the top-level law in the bio sector aimed at fostering biotechnology.

Through this amendment, the government will set up a working committee under the Biotechnology Comprehensive Policy Deliberation Council, the highest decision-making body in the biotechnology field. It also established the legal basis for designating specialized biotechnology policy institutions to create a system that enables effective formulation, coordination, technology development, and commercialization of biotechnology policies.

The government will support the entire cycle of biotechnology research and development projects. It has prepared the legal grounds for promoting government-led biotechnology R&D projects, supporting follow-up research for industrial applications, and assisting overseas expansion.

The government expects that the amendment will accelerate technological innovation in the bio sector, contributing to the realization of the bio-economy and improving the quality of life for the public.

This content was produced with the assistance of AI translation services.