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The Yozma Group, an Israeli venture capital firm, said Thursday it will make a massive investment in Korea's biotech sector.
Yigal Erlich, founder and chairman of the globally known group, signed a related memorandum of understanding with Seo Jeong-sun, head of the Korea Biotechnology Industry Organization, in Seoul on the sidelines of the third "Korea Bio Plus" forum.
It was co-organized by KBIO and the Korea Institute for Advancement of Technology.
The main topics of the annual event included ways to nurture 1,000 biotechnology startups in Korea within the coming three to five years.
Erlich, former chief scientist of Israel's Ministry of Industry and Trade, struck an upbeat note on the future of South Korea's biotech industry.
He pointed out South Korea, as a global power in the medical field, has great potential for sharp growth in its biotech sector.
Yozma has plans to invest up to $100 million in promising biotech venture companies, he added without elaborating.
The KBIO leader said his organization will try to create a "biotech startup ecosystem" in partnership with the Yozma Group.
"Specific preparations are underway for the creation of a startup ecosystem and training talented manpower in cooperation with the Yozma Group with global experience," Seo said. (Yonhap)
