The South Korean Ministry of Trade, Industry and Energy announced today, Monday, the government's intention to spend 17.7 trillion won (13.12 billion dollars) to invest in biotechnology drug development facilities and support small companies in the biotechnology field by 2030.

Bloomberg News Agency explained that the support package includes financial aid worth 4.2 trillion won from state-owned banks.

South Korea aims to establish a local supply chain for the biotechnology industry, including raw materials and facilities, targeting localization of biotechnology drug manufacturing by 15% by 2030.

The government also aims to ease regulatory rules for new technology in the biotechnology industry.

South Korea also aims for its biotechnology drug exports to reach 10 billion dollars annually by 2030.