Koo Yuncheol Visits Bio and Beauty Sites: "Time to Scale Up Korea's Economy with Leading Products"

Deputy Prime Minister and Minister of Strategy and Finance Koo Yuncheol stated on the 27th, "Now is the time for companies not to settle for the present, but to expand the scale of our economy with world-leading products and services." He continued, "We are focusing on the bio and beauty industries as key growth engines of the Korean economy. We will provide multifaceted support, including research and development (R&D) assistance and regulatory rationalization."

Vice Prime Minister and Minister of Strategy and Finance Yoon-Chul Koo attended the "Corporate Innovation Support On-site Visit and 2nd Public-Private Consultative Body Meeting" held at Innist ST in Osong Bio Valley, Cheongju City on the 27th. He inspected the site while listening to explanations from related personnel. Ministry of Strategy and Finance

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On the afternoon of the same day, Deputy Prime Minister Koo, together with major economic organizations and relevant ministries, visited INSIST, a manufacturer of raw materials for chemical synthetic drugs such as antivirals and hyperlipidemia treatments. There, he met with representatives from small and medium-sized enterprises in the bio and beauty sectors, as well as SMEs from the central region.

Deputy Prime Minister Koo emphasized, "A single tree cannot make a forest," stressing that a sustainable growth ecosystem requires large corporations to lead the global market while small and medium-sized enterprises and startups provide essential support.

He added that during a period of industrial paradigm shifts, such as with artificial intelligence (AI), organic collaboration for everyone's growth becomes even more important.

Deputy Prime Minister Koo highlighted that the 'Public-Private Consultative Body for Corporate Innovation Support' serves as a platform for continuous communication between the government, companies, and economic organizations to back corporate investment and innovation efforts. He also announced the establishment of the 'National Startup Era: Fostering a Startup Boom,' which reflects requests to improve startup systems that were proposed at the first meeting.

Regarding the bio and beauty industries, he said, "Companies should not be content with existing products and brands, but must continually advance R&D investment and quality safety in an environment where technologies, trends, and consumer expectations are rapidly changing."

Deputy Prime Minister Koo expressed his commitment to providing multifaceted support, including R&D assistance and regulatory rationalization, and asked participants to freely share the various issues and solutions they are experiencing in the field.

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