The government will invest over two-point-nine trillion won in biotechnology this year, including state-led research and development projects, up nearly three percent from last year.

The Ministry of Science and ICT held a policy deliberation meeting for the bioengineering field on Monday, presided over by Minister Yoo Young-min, and approved plans for 2019 aimed at fostering the sector.

Investments will go to support research and development, regulatory improvements and create an environment for innovation in biotechnology. 

Minister Yoo said the bio industry is garnering attention as a promising future sector with many achievements witnessed in recent days. He said the government will provide all-out support in areas of R&D, human resources development and regulatory reform to achieve more results.