iOn February 7, 2024, the Library of Congress posted an article entitled “South Korea: Act to Promote Green Bio Industry Published.” According to the article, South Korea published the Act on Promoting the Green Bio Industry (Green Bio Act) on January 2, 2024. The Green Bio Act, which will enter into force on January 3, 2025, “aims to promote the application of biotechnology to agricultural bioresources and increase the added value of agriculture, develop the green bio industry, and realize sustainable agriculture.” The article states that the Green Bio Act includes the following definitions:
- Green bio — The application of biotechnology to agricultural bioresources; and
- Bioindustry — An industry that creates added value in agriculture and agriculture-related industries by utilizing green bio, and that develops, produces, sells, or distributes goods or services related to seeds, microorganisms, insects, and natural products.
Under the Green Bio Act, the Minister of Agriculture, Food and Rural Affairs (MAFRA) will establish and implement a basic plan for the development of the green bio industry every five years. According to the article, state and local governments will establish industrial education institutions for green bio research to develop professional workers. To support persons who wish to start businesses and venture companies related to the green bio industry, MAFRA and the heads of local governments will provide:
- Loans for start-up funds;
- Spaces, such as facilities for starting a business, or subsidies to rent such spaces;
- Prototypes for production of green bio products;
- Channels for the sale and promotion of green bio products;
- Legal, tax, and accounting consultation for starting a business; and
- Other support considered necessary by MAFRA.
The article states that MAFRA “will promote the creation and use of data related to the green bio industry, such as genome information of agricultural bioresources.” To promote the purchase of green bio products, the government can request that public institutions take measures such as preferential purchase of green bio products.
