Korean fair to promote traditional medicine

Jecheon in central South Korea will host an international exhibition focused on the Korean medicine and biotech industries in September.
The exhibition aims to develop the nation’s herbal medicine-based biotech industry into a future growth engine, according to organisers.
The upcoming World Korean Medicine-Bio Industry Expo comes seven years after the Jecheon municipality in North Chungcheong province held an inaugural international fair on “hanbang”, or traditional Korean medicine, and the Korean biotech industry in 2010.
Through the fair, Jecheon has been able to promote its image as an industrial town centred on hanbang.
The envisioned exhibition is expected to bring together 800,000 people, including 40,000 foreign tourists, with representatives from 250 South Korean and foreign companies to hold business and export negotiations with more than 3,500 buyers. It will run for 19 days beginning September 22.
North Chungcheong Governor Lee Si-jong, who serves as chief of the exhibition's organising committee, noted that the government has granted the fair the status of a business to business-oriented international event.
The fair will underline the importance and effectiveness of building up the Korean medicine and biotech industry.
Joung Sa-whan, secretary-general of the organising committee, said the exhibition would give a boon to the global natural product market, closely related to the Korean medicine industry.
Korean medicine, biotech and natural products industries are expected to take the lead in the development of the fourth industrial revolution that is underway worldwide, said Joung.
The global natural product market, estimated at around 1,000 trillion won (US$890.47 billion), is forecast to grow at a clip of 8-10 per cent yearly, Joung said.
The regional government and the Jecheon municipality will co-host the exhibition, while 19 government agencies and public institutions support the event, including the ministries of industry and trade, interior, culture and the Korea Trade-Investment Promotion Agency.