President Park's science and technology advisers pledged to make Korea one of the world's top seven biotechnology nations by 2020, by fostering 50 globally-competitive bio firms and launching 10 new types of medicine.
To achieve this, the advisory council first proposed turning Korea into the world's largest biosimilar medicine producer by 2016, especially as more than a dozen innovative drugs overseas are close to their patent expiration.
The council also talked about investing more in commercializing stem cell and gene therapy treatments, and utilizing Korea's advanced IT capabilities to develop state-of-the-art medical equipment.
Because of the aging global population and growing health concerns, the advisers expect there to be rising demand for bio-related industries over the next 20 years.
As more and more countries look towards eco-friendly energy sources in tackling climate change, the science ministry vowed to expand R&D investments into related technologies, such as solar and fuel cells, and bio energy to two billion U.S. dollars by 2020.
And the land ministry suggested easing regulations and offering tax support to boost construction of self-sufficient zero-energy buildings that minimize energy usage through insulation.
At Thursday's meeting, President Park said both the bio and renewable energy areas contribute to improving quality of life and opening an era of national happiness.
She then urged the government and the private sector to work together to create a self-sustainable industrial ecosystem.
Choi You-sun, Arirang News.