S. Korea finance minister calls for cooperation between large firms, SMEs in bio sector

SEOUL, April 27 (Yonhap) -- Finance Minister Koo Yun-cheol on Monday emphasized cooperation between large corporations and small and medium-sized enterprises (SMEs) in the bio sector, calling for a mutually beneficial industrial ecosystem. "A cooperative ecosystem is essential for achieving sustainable growth when large companies lead the global market, while SMEs and startups provide support," Koo was quoted by the ministry as saying during a meeting with raw biomaterial manufacturing companies. He added that in a period of industrial transformation driven by technologies, such as artificial intelligence (AI), organic collaboration is becoming increasingly important to ensure shared growth. Regarding the bio and beauty industries, Koo urged companies not to become complacent with existing products and brands. "Companies must continuously enhance research and development investment and product safety standards in an environment where technology, trends and consumer expectations are rapidly evolving," the policymaker said.