GANGWON-DO < invest Korea

According to Yonhap News,

(SEOUL=Yonhap News) The sales of bio-related companies in the first half of this year in Chuncheon region of Gangwon-do have increased significantly compared to last year.

It was revealed through a survey on business management status of bio-companies conducted by Chuncheon Bio Industry Foundation, an institution funded by Chuncheon City.

The Foundation collects sales, exports, domestic demand, and number of employees in the first and second half of each year to identify the current status of the bio industry and factor it into establishing support policies and strategies.

According to the Foundation, the sales of local bio companies in the first half of this year (combining export and domestic demand) amounted to about KRW 482.6 billion.

It showed a growth rate of 53%, up KRW 167 billion from KRW 315 billion from the same period last year.

Of them, domestic demand reached KRW 320.7 billion, up KRW 109.6 billion (52%) from the previous year, and exports recorded KRW 161.8 billion, up 57.9 billion (56%) from the previous year.

In particular, exports exceeded the KRW 200 billion mark for the first time last year, and exports in the first half of this year already reached 80% of last year's exports.

Along with the sales growth, the number of employees also increased by 254 compared to the previous year.

By sector, exports in the pharmaceutical (including diagnosis) sector maintained a growth momentum with a 56% increase following last year due to the COVID-19.

The food (health functional food) sector also showed significant growth, with an increase of 158% in domestic demand and 68% in exports.

Accordingly, Chuncheon-si held a signing ceremony with Gangwon-do and Chuncheon Bio Industry Foundation on September 7 to expand global exports of the bio industry and to raise awareness of related companies.

To this end, they will invest KRW 3 billion in total over the five years starting from next year to provide strategic consulting for overseas expansion and customized packages tailored to each stage of corporate growth.


hak@yna.co.kr


Source Text

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source: Yonhap News (September 8, 2021)