Deputy PM Koo Yun-cheol Pledges Broad Support for Korea’s Bio, Beauty Industries

Deputy Prime Minister and Minister of Finance and Economy Koo Yun-cheol. [Photo provided by the Ministry of Finance and Economy]

Koo Yun-cheol, deputy prime minister and minister of finance and economy, said on 27일 that the government is focusing on the bio and beauty industries as key growth engines for the South Korean economy and will support them through measures including research and development funding and regulatory streamlining.

Koo made the remarks during a visit to Inist ST, a manufacturer of raw materials for chemically synthesized pharmaceuticals, where he inspected operations and held a meeting with representatives of small and midsize companies in the bio and beauty sectors, including firms based in the central region.

He urged companies not to settle for the status quo, saying they should expand the economy by developing world-leading products and services. Sustainable growth, he said, requires a “win-win ecosystem” in which large companies lead global markets while small businesses and startups provide support. He also called for closer cooperation to drive shared growth as industries undergo paradigm shifts, including the rise of artificial intelligence.

Koo said the public-private consultative body for supporting corporate innovation serves as a platform for ongoing communication among the government, companies and business groups to back investment and innovation. He said the government has prepared measures to foster a startup boom under a plan dubbed “National Startup Era,” reflecting requests raised at the group’s first meeting, including steps to simplify startup procedures for professors and students.

In a subsequent meeting on the bio and beauty industries, Koo again stressed the need for continued investment in R&D and ongoing upgrades to quality and safety, rather than relying on existing products and brands.

He asked participants to speak candidly about problems they face in the field and possible solutions. Company representatives described their businesses and requested government support in areas they said were needed.

Participants said innovation and growth require policies tailored to conditions on the ground, thanked the government for creating a forum for dialogue, and urged officials to reflect the day’s proposals in government measures.

The government said it will closely review the views raised at the meeting, provide prompt feedback to those who submitted proposals, and actively incorporate them into future policy and institutional improvements.

* This article has been translated by AI.

Yujin Kim