S. Korean bio industry output tops 4.5 tln won in 2008: report

SEOUL, Jan. 20 (Yonhap) -- South Korea's bio industry grew 21.4 percent on-year
in 2008 with production totaling 4.51 trillion won (US$3.99 billion), a
government report said Wednesday.

The report by the Ministry of Knowledge Economy said exports by local biotech
companies jumped 29.4 percent annually from 2007, reaching 1.90 trillion won,
while imports gained 12.3 percent to 1.14 trillion won.
It said the domestic market for biotech products grew 15 percent to 3.75 trillion
won from the 3.26 trillion won tallied for the previous year.
The bio industry covers such areas as pharmaceuticals, chemicals, the
environment, food, electronics and energy. It also includes machinery,
accreditation and research and development (R&D) fields.
The latest report also showed the industry hired 20,547 people in the cited year,
up 1.4 percent from 2007, with 10,334 engaged in R&D.
By business area, bio medicines accounted for 44.9 percent of all production,
with food and chemicals making up 30 percent and 6.1 percent, respectively.
The ministry in charge of the country's industrial policy said that from 2006
through 2008, the bio sector grew an average of 17.6 percent annually, a gain
from the 15.4 percent annual growth tallied from 2005 to 2007.
yonngong@yna.co.kr
(END)

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