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(LEAD) Moon calls for 'K-beauty' strategy in biotech innovation project

Politics 17:13 November 14, 2019


SEOUL, Nov. 14 (Yonhap) -- President Moon Jae-in instructed his economy team Thursday to explore ways to develop South Korea's cosmetics industry in connection with an initiative to innovate the biotechnology sector, according to his office.

Moon told Finance Minister Hong Nam-ki to map out related measures while receiving a regular report on economic affairs and policies. Hong doubles as deputy prime minister for economy.

The minister briefed Moon on the current economic situation, next year's policy direction and the government's accomplishments in the push for innovative growth.

President Moon Jae-in (L) receives a regular briefing from Finance Minister Hong Nam-ki (2nd from R) at Cheong Wa Dae on Nov. 14, 2019, in this photo provided by Moon's office. (PHOTO NOT FOR SALE) (Yonhap)

Hong said his team will concentrate efforts on boosting cutting-edge technology and corporate investment in the data, network and artificial intelligence sectors, called DNA for their initials, as well as the so-called Big Three new growth engines -- non-memory chips, future cars and biohealth -- according to Cheong Wa Dae spokesperson Ko Min-jung.

Hong explained the government's plan to nurture the biohealth industry so that it can become a new key driving force behind the country's economy like the semiconductor industry. He added that the newly launched interagency task force on biohealth industry innovation would take the lead.

In response, Moon pointed out that the cosmetics market is an "important pillar" of the biohealth sector and ordered Hong to "actively consider" the development of "K-beauty" in drawing up plans for innovation in the industry, Ko said.

South Korea has already emerged as an Asian powerhouse in the cosmetics market.

Finance Minister Hong Nam-ki reports to President Moon Jae-in on economic policies at Cheong Wa Dae on Nov. 14, 2019, in this photo provided by Moon's office. (PHOTO NOT FOR SALE) (Yonhap)


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