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Lithuanian biotechnology sector to be showcased in South Korea

Date

2022 08 03

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Lithuania intends to establish closer cooperation with South Korea in the field of high value-added technologies. To this end, Deputy Minister of the Economy and Innovation Jovita Neliupšienė, together with Lithuanian business representatives, is visiting South Korea to present the advantages of Lithuania's biotechnology and life sciences sector, as well as the country's potential in the laser, financial technology, startup, tourism and traditional industry sectors.

"South Korea is the 10th largest economy in the world and, as one of the most developed countries in the world, it is a leader in many industries where Lithuanian companies could find their niche. South Korea is a world leader in semiconductors, electric vehicle batteries, and information and communications technology industries. It is also one of our country's priority markets, and we want to further strengthen relations between the two countries in various areas, one of which is biotechnology and life sciences," said Jovita Neliupšienė, Deputy Minister of the Economy and Innovation.

During her visit to South Korea, the Deputy Minister of the Economy and Innovation will present the potential of Lithuania's life sciences sector at the BIOPLUS-INTERPHEX KOREA biotechnology exhibition, which will be attended by more than 300 biotechnology companies from around the world. This exhibition will also invite participants to the EFIB Biotechnology Forum in Vilnius in October.

According to the Vice-Minister, biotechnology and life sciences make a significant contribution to Lithuania's economic growth. The life sciences sector is one of the priority sectors of the Lithuanian economy, generating around 2.5% of the country's GDP in 2020. Lithuania is probably the only country in the European Union where the life sciences sector has been growing at the fastest pace for almost a decade, with double-digit growth rates (16-19% annually).

In addition, 90% of Lithuanian biotechnology products are exported to more than 100 countries, and over the last decade, the Lithuanian biotechnology sector's revenues have increased ninefold, from €226 million to almost €2 billion.

Lasers are another key area of cooperation with South Korea. Lithuanian companies are interested in increasing exports and establishing and strengthening cooperation with South Korean partners in this field. In 2019, Lithuania's laser exports to South Korea amounted to EUR 5.513 million, and in 2020 to EUR 4.825 million.

During her visit to South Korea, the Vice-Minister will also seek to strengthen cooperation in the field of start-ups. During the visit, South Korean startups will be introduced to the Lithuanian startup ecosystem and the Startup Visa programme to attract startups from this East Asian country to Lithuania. The aim will be to expand opportunities for Lithuanian startups to establish a foothold in the South Korean market: to establish useful contacts, present their innovative products and services, and attract more investment.

In the field of tourism, Lithuania will seek to attract more South Korean tourists, whose number in Lithuania has decreased due to the COVID-19 pandemic. South Korean companies will be introduced to the advantages of the financial technology sector, as well as investment opportunities - the "Green Corridor" initiative for potential investors.

In South Korea, Ms Neliupšienė will also meet with the South Korean Deputy Ministers in charge of trade, industry, technology, digitalisation and start-up policy, and visit well-known South Korean companies.