CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

(CHEONGJU=Yonhap News) Chungbuk-do announced a "Strategy to develop the bio and healthcare industry by 2030" on March 25 in line with a national policy to foster the bio-industry.

According to the provincial government, this strategy will be proceeded by "Bio Valley 5+2 Project Development Axis," combining five existing regions - Cheongju (pharmaceutical, medical services), Jeungpyeong/Goesan (organic), Chungju (precision medicine, diabets), Jecheon/Danyang (oriental treatment, natural products), and Okcheon (medical devices)-with two more regions -Jincheon/Eumseong (cosmetics), Boeun/Yeongdong (mineral materials).

To this end, the province will invest a total of KRW 5.5019 trillion in 120 specific implementation projects, led by setting 20 strategies and 5 goals.

With regard to financing, the province will source from national budget of KRW 805.2 billion, provincial budget of KRW 353.3 billion, city and county budget of KRW 270.1 billion, and private investment KRW 4.073 trillion.

When it comes to detailed plans for 5 goals, KRW 503.3 billion will be invested in 33 projects to foster the advanced customized medical industry, including: creating bio-innovation community, packaged support for the growth of small but competitive bio industries; establishing a bio-incubating center; establishing a support center for commercialization of cell therapeutics; and developing technologies to respond to organs affected by particular matters.

To foster the growth of precision medical device industry, such as in-vitro Diagnostics (IVDs), KRW 3.097 billion will be invested to proceed with 24 projects including: establishing a center to support development of IVDs; building GMP facility to support clinical trials; creating 2nd medical device industrial complex in Okcheon; and establishing a mini-cluster of advanced medical devices.

To take-off as a center of world's natural products industry, KRW 239.9 billion will be invested to pursue 29 projects including: designating bio-health (natural products) industry; establishing a base facility to manufacture materials for natural products; and establishing the facilities for commercializing natural products tissue culture.

To form the innovation ecosystem of cosmetics and beauty products. KRW 153 billion will be invested to proceed with 22 projects including: establishing a center for cosmetics safety management; building a packaging design center and comprehensive support center; creating industry-academia network; and operating a post-graduate university specialized in cosmetics.

Last but not least, KRW 4.469 trillion, the largest amount, will be invested to laying out the foundation for the growth of the bio-industry.

13 projects are included: establishing a national industrial complex, a mega project, to set up the innovation base for specific areas of bio and healthcare industries; establishing Cheongju exhibition center; and opening a global cosmetics and beauty products exhibition.

A provincial official said, "The output of the domestic bio industry exceeded the KRW 10 trillion mark (as of 2017), and Chungbuk has been ranked in the country, led by active investment of Osong, in terms of the number of companies, output, and exports," adding that "the advent of the fourth industrial revolution and a shift of trend from treatment to diagnosis and prevention will give us a good opportunity," and said "we will do our utmost to position Chungbuk as a hub of bio-medical by actively implementing these strategies".

jeonch@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (March 25, 2019)