Seoul, Oct 31 (IANS): South Korea will foster the bio-industry as a new growth engine for the country's exports by offering trade financing and other tailored support, the industry minister said on Thursday.

Industry Minister Ahn Duk-geun made the remark during his visit to Samsung Biologics's production facility in Incheon, west of Seoul, according to the Ministry of Trade, Industry and Energy, Yonhap news agency reported.

"South Korea's bio-industry experienced a slight setback following the end of the Covid-19 pandemic, but the sector is on track to post record exports this year at $15 billion," Ahn was quoted as saying.

South Korea's combined outbound shipments of bio-related products, including medical instruments, totaled $11.2 billion through September this year.

"Amid the escalating global competition, South Korean bio companies have been securing permits for biosimilar production, as well as contract manufacturing organisation agreements," the minister added.

Ahn said the government will proactively support the industry to make bioproducts a new export engine comparable to semiconductors, including offering trade finance worth 1 trillion won ($725 million) in the fourth quarter.

"The production of next-generation antibody-drug conjugates is expected to begin as early as next year at Samsung Biologics. I hope this production will provide upward momentum for South Korea's bio exports," he said, according to the ministry.

The industry minister, meanwhile, noted South Korea's on-year export gains were expected to extend into a 13th consecutive month in October, bringing the country closer to its goal of achieving record outbound shipments this year.

Last week, the South Korean government said that it has begun preparations to establish a new presidential committee that will lead the country's bio-related policies across different agencies.

The preparations began soon after the related law was passed in a Cabinet meeting on the day, paving the way for the launch of the committee led by the president that will seek ties with the private sector to speed up the industry's growth.

The committee will draw up visions and strategies for bio-related policies covering areas such as health care, food, resources, energy and the environment, according to the government.