Biotech industry grows 17.5 pct in 2007: report By Lee Joon-seung

SEOUL, Dec. 30 (Yonhap) -- The nation's biotech industry grew 17.5 percent annually in 2007 fueled by greater demand for medicine and food items, a government report said Tuesday.

The Korean Agency for Technology and Standards (KATS) report showed
biotech-related production totaling 3.71 trillion won (US$2.95 billion) last
year, from 3.15 trillion won tallied for 2006.
It said the solid gain was helped by a surge in demand for bio-related medicine
and food which combined made up 80 percent of all products made in the country.
Bio-chemicals and bio-environmental goods accounted for 5-6 percent of output
last year.
"Gains in food and dietary products that topped 45 percent of the total were
decisive in pushing up numbers," said a KATS official. He added there was a
steady move to produce more upper-end, technology-intensive goods that were in
high demand.
The industry standard setting agency under the Ministry of Knowledge Economy said
the biotech industry grew 14.5 percent and 14.0 percent each in 2005 and 2006
with average growth for 2005-2007 reaching 15.4 percent.
It said exports of biotech products moved up 8.9 percent on-year to 1.47 trillion
won in 2007, with imports hitting 1.02 trillion won for a gain of 9.1 percent
from the year before.
The industry as a whole employed 20,236 people or an annual increase of 16.9
percent, the report said.
yonngong@yna.co.k