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South Korea Finance Minister Urges Bio Sector Cooperation Between Large Firms and SMEs
South Korea's Finance Minister Koo Yun-cheol emphasized the need for collaboration in the bio sector during a meeting in Seoul on April 27, 2026. He highlighted the importance of a cooperative ecosystem for sustainable growth amid technological transformations. A Bank of Korea report noted AI's potential to boost the sector using national health data.
Apr 27, 1:38 AM·1m read1 source
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South Korea's Finance Minister Koo Yun-cheol emphasized cooperation between large corporations and small and medium-sized enterprises in the bio sector during a meeting on April 27, 2026, in Seoul. The meeting, held on Monday with raw biomaterial manufacturing companies, focused on building a mutually beneficial industrial ecosystem, Yonhap reported.
Koo stated that a cooperative ecosystem is essential for achieving sustainable growth when large companies lead the global market while SMEs and startups provide support.
He added that in a period of industrial transformation driven by technologies such as artificial intelligence, organic collaboration is becoming increasingly important to ensure shared growth. Koo urged companies in the bio and beauty industries not to become complacent with existing products and brands.
He said companies must continuously enhance research and development investment and product safety standards in an environment where technology, trends and consumer expectations are rapidly evolving.
A related report from the Bank of Korea indicated that using artificial intelligence with national health care data could boost South Korea's bio sector competitiveness. Koo Yun-cheol is South Korea's finance minister, and the statements were made during the Seoul meeting, according to Yonhap.
