South Korea joins hands with India in biotech

[Photo provided by The Korea Biotechnology Industry Organization]

The Korea Biotechnology Industry Organization announced on Monday it has signed a contract to promote networking and information exchange with the Indian Chamber of Commerce in Korea (ICCK), paving the way for Korean and Indian companies to enter biotech markets in both countries easier.

The two organizations agreed to cooperate in knowledge exchange, market survey, policy decision, joint exhibition and workshop operation and investment and business partnership.

India is a very attractive country to the biotech industry, said an official at the Korea Biotechnology Industry Organization, adding they will jointly build a platform to help companies gain market access.

The ICCK launched in January 2010 works together with the Indian Embassy in Korea and the Indian government is committed to promote economic development and improve the quality of trade between Korea and India.

The Korea Biotechnology Industry Organization was originated from a genetic engineering research cooperative founded in 1982 and chaired by then Hyundai Group chairman Chung Ju-young. It evolved into a large industry group with the combination of the Bio-industry Association of Korea and the Korea Bio Venture Association.

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