S. Korea seeks to boost animal medicine market to W4tr by 2035: ministry
The government also aims to increase the country's exports of veterinary medicine products fivefold to 1.5 trillion won and create 15 animal pharmaceutical companies with an annual revenue of at least 50 billion won each over the next 10 years, according to the Ministry of Agriculture, Food and Rural Affairs.
The ministry said the plan comes amid growing demand for animal pharmaceutical products around the globe, sparked by an increase in pet ownership, livestock product consumption and infectious diseases in animals.
To achieve the goal, the government will initiate a large-scale research and development project to secure core technologies needed for the development of new drugs for animals, including vaccines for infectious animal diseases.
It also plans to expand infrastructure for the animal pharmaceutical industry and adopt measures to strengthen the quality and safety of veterinary medicines and expedite the novel drug development process.
The ministry said it will push for the legislation of a special law aimed at fostering the industry.
To expand exports, the ministry plans to improve guidelines for good manufacturing practices for veterinary medicines to align them with global standards and work to join the international Pharmaceutical Inspection Co-operation Scheme by 2038 as part of efforts to gain a foothold in the American and European markets.
"The ministry will work to foster the growth of the animal medicine industry in the mid-to-long term to make it a new growth engine for the economy," Agriculture Minister Song Mi-ryung said. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
![[Lee Byung-jong] Is Lee-Trump bromance possible?](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F08%2F14%2Fnews-p.v1.20250814.de9b5effcd2440afb6c47437e0126b08_T1.jpg&w=3840&q=100)
![[Lee Byung-jong] Is Lee-Trump bromance possible?](/_next/image?url=https%3A%2F%2Fall-logos-bucket.s3.amazonaws.com%2Fkoreaherald.com.png&w=48&q=75){kind=small}
Korea Herald
4 hours ago
- Korea Herald
[Lee Byung-jong] Is Lee-Trump bromance possible?
Former President Yoon Suk Yeol, now disgraced and awaiting trial for his ill-fated martial law declaration and other charges, may still be remembered in the United States for one surprisingly warm gesture. During his 2023 state visit to the White House, Yoon famously broke into a rendition of "American Pie," the beloved US pop classic. He was no great vocalist, but the effortless way he delivered the English lyrics showed clear preparation. The performance went viral in the US, and for many Americans, it became a quirky but genuine symbol of Yoon's effort to connect. Now, with just days to go before his own crucial meeting with US President Donald Trump, South Korean President Lee Jae Myung appears to be preparing in his own way -- by practicing his golf swing. Given Trump's well-documented love of the game, Lee seems to be betting that time on the fairway could help establish rapport. The strategy is hardly unprecedented: Former Japanese Prime Minister Shinzo Abe famously used golf to develop a strong personal relationship with Trump during his first term, a dynamic that many believe smoothed Tokyo-Washington relations. Lee may well be hoping to replicate that playbook. But for Lee, good chemistry with Trump would mean more than just pleasant rounds of golf. The upcoming summit will be a defining moment for his presidency and for South Korea's place in the world. On the economic front, the stakes could not be higher. Washington recently announced a 15 percent tariff on Korean exports to the US, tied to conditions that Seoul invest $350 billion in the American economy and purchase $100 billion worth of US energy. The details remain fluid. Trump has also signaled plans to impose a 100 percent tariff on semiconductor imports — a measure that could devastate Korea's flagship industry — though it is not yet clear whether Korean firms might win exemptions. Much of this will be settled in person, and the results will directly affect how much Korean companies can sell in their largest overseas market. Security concerns are equally pressing. The Seoul-Washington alliance, now 72 years old, faces a transformed geopolitical landscape. China's rise, North Korea's growing hostility and deepening Pyongyang-Moscow military ties all demand a strategic rethink. The alliance must expand its scope from deterring North Korean aggression to countering China's military presence in the wider region — an adjustment that would reshape the roles and capacities of both US and Korean forces. Another contentious topic will be defense cost-sharing: Trump has repeatedly demanded steep increases to the roughly 1.5 trillion won ($1.08 billion) South Korea currently pays to host 28,000 American troops. While these decisions will ultimately be driven by national interests and cold calculations, Trump's track record makes clear that personal rapport plays an outsized role in his foreign policy. Leaders he likes — Abe, and even Kim Jong-un — often find negotiations more fruitful. Those who lose his favor, such as former Canadian Prime Minister Justin Trudeau, can face protracted and bruising disputes. In that regard, Lee begins at a disadvantage. His earlier political career included sharp critiques of US foreign policy. He once described the US as an 'occupying force' responsible for Korea's post-liberation division, and during a meeting with a visiting US senator, he pointedly cited the 1905 Taft-Katsura Agreement as a Washington-endorsed prelude to Japanese colonization of Korea. The remark drew accusations of diplomatic impropriety. Since taking office, however, Lee has worked to shed his perceived anti-American image. He has repeatedly emphasized the centrality of the Seoul-Washington alliance to South Korea's security and, compared with some liberal predecessors — especially former President Moon Jae-in — he has sought closer ties with the US while maintaining greater distance from China. Relations with Japan, which had improved under Yoon after plunging to historic lows under Moon, have also been a priority for Lee to sustain. This shift might reflect his embrace of alliances and internationalism, but some of Lee's closest political allies carry their own history of anti-American activism. His first prime minister, Kim Min-seok, was once convicted for orchestrating a 1985 sit-in at the US cultural center in Seoul, wrongly believing the US had condoned the 1980 Gwangju crackdown. Ruling Democratic Party Chair Jung Chung-rae, a trusted Lee confidant, served four years in prison for his role in a 1989 raid on the US ambassador's residence in Seoul. Today, both men, like Lee, publicly affirm their commitment to the alliance, recognizing the decisive role the US plays in South Korea's trade and security. But their pasts may still color perceptions in Washington, particularly with a president like Trump, who often relies on instinctive judgments of personal loyalty. For Lee, then, the meeting will be about more than policy; it will be about optics, trust and chemistry. Trump is transactional, but also intensely personal. If he feels camaraderie with Lee, negotiations on tariffs, defense spending and military strategy could move more smoothly. If not, Korea may find itself facing tougher demands and fewer concessions.
Korea Herald
14 hours ago
- Korea Herald
Lee, Philippine president discuss economic cooperation in phone talks
President Lee Jae Myung spoke by phone with Philippine President Ferdinand Marcos Jr. on Thursday and discussed ways to expand cooperation in trade, infrastructure and shipbuilding, Lee's office said. In their first conversation since Lee took office in early June, the two leaders noted that South Korea has become the largest investor in, and the largest source of visitors to, the Philippines, and agreed to continue the momentum in brisk exchange and cooperation, presidential spokesperson Kang Yu-jung said in a written briefing. "The two leaders discussed expanding trade and investment based on the Korea-Philippines free trade agreement," Kang said. "They also discussed broadening the mutually beneficial cooperation, including Korean companies' participation in the Philippines' infrastructure projects, such as maritime bridges and railways, as well as the shipbuilding industry," she added. During the talks, Lee described the Philippines as a "long-standing ally" that was the first Asian nation to participate in the 1950-53 Korean War and sent the largest contingent among Asian countries, according to the office. Marcos expressed hope for closer cooperation to further advance the strategic partnership, which was elevated last year, it noted. (Yonhap)
Korea Herald
19 hours ago
- Korea Herald
From ashes of war to arsenal of world: South Korea's defense industry boom
As top 10 arms exporter, Seoul's modern weapons soar globally, but guarding tech, talent remains challenge It was 72 years ago that the bloody 1950–53 Korean War ended with an armistice. Today, the once-war-ravaged nation stands among the world's leading arms exporters, its factories turning out advanced tanks, artillery systems and fighter jets destined for battlefields far beyond the Korean Peninsula. South Korea's arms industry is riding a wave of global demand, but the current geopolitical climate brings both opportunity and risk. Its weapons are in high demand for their advanced technology and fast delivery, yet the country must tread carefully, as shifting alliances and regional tensions complicate the path forward. Turning crisis into opportunity South Korea, in recent years, has often been listed among the world's top 10 arms exporters, in the ranks with the United States, Russia and China. It was No. 10 among global arms exporters, with a 2.2 percent share of the market in the 2020-2024 period, according to the Stockholm International Peace Research Institute. The South Korean government is now setting its sights on breaking into the ranks of the world's top four arms exporters. 'South Korea has rapidly matured into one of the world's leading arms exporters, backed by a highly capable manufacturing base, proven platforms and a track record of delivering on time and at scale,' Yu Ji-hoon, a research fellow at the Korea Institute for Defense Analyses, told The Korea Herald. Yet it took decades of sustained effort to get this far. In 1971, the United States began withdrawing troops from South Korea, reducing the number of American soldiers stationed there, even as tensions with North Korea persisted in the decades after the Korean War. The withdrawal was carried out under the Richard Nixon administration, which pushed for allied nations to strengthen their own self-defense capabilities. This prompted South Korea to concentrate its efforts on developing and producing advanced weaponry to achieve self-reliance in defense. In 1973, the government launched a full-scale initiative to promote the heavy and chemical industries, a critical component in manufacturing weapons, according to the Korea Development Institute. The Russian arms repayment project, a unique post-Cold War arms-for-debt arrangement between Seoul and Moscow, which started in the late 1980s, was another driving force behind the South's defense industry. Instead of cash repayments, Russia repaid part of the debt with military equipment and related technology. Until the mid-2010s, South Korea's arms exports were largely concentrated in ammunition, naval vessels and some aerospace components. But its export portfolio has since started to diversify and expand. Provider of world-class weapons In South Korea's expanding arms export portfolio, the K2 tank, dubbed "Black Panther' and built by Hyundai Rotem, has been a flagship item. It first entered service with the military here in 2014. The K2 is South Korea's most advanced main battle tank, designed for speed, precision and adaptability on the mountainous Korean Peninsula. In recent years, it has drawn major international orders, most notably from Poland, as militaries seek modern armor to replace aging Cold War units. It is central to South Korea's largest-ever defense export deals, including the one with Poland, signed in 2022,in which Warsaw ordered 180 K2 Black Panther tanks from Hyundai Rotem in a $3.37 billion agreement. Deliveries began within months, far faster than European or American suppliers could offer. In 2025, Warsaw followed with a $6.5 billion contract for 180 upgraded K2PL tanks, to be produced in part in Poland. The two phases, part of a broader plan involving the manufacturing of up to 1,000 K2s, have made Seoul one of the North Atlantic Treaty Organization's most important new arms partners and cemented South Korea's status as a major player in the global defense market. Other key weapons in the portfolio are the K239 Chunmoo Multiple Rocket Launcher System, K9 self-propelled howitzer, FA-50 fighter jets and Surion helicopters. Prominent deals made with global clients include K239 Chunmoo MLRS systems purchased by the United Arab Emirates and Saudi Arabia in 2017 and 2022, respectively. South Korea on Thursday signed a $250 million agreement to supply Vietnam with 20 K9 self-propelled howitzers, marking the weapon's first deployment to a member of the Association of Southeast Asian Nations bloc. The K9 is already in service in countries such as Turkey and Egypt. Experts say South Korea's growing appeal lies in its weapons' balance of cost and capability — and in its ability to offer buyers comprehensive, tailor-made packages. 'South Korean-manufactured weapons, including the K9 self-propelled howitzer, offer proven performance, interoperability with Western systems and cost-effectiveness,' explained Yu, who is also a former professor of military strategy at the South Korea's Naval Academy. 'More importantly, Seoul has demonstrated willingness to localize production, transfer technology and support customers' domestic capability development.' South Korean arms-makers are increasingly structuring export deals to include technology transfers and licensed local production, allowing buyer nations to build part — or in some cases most — of the weapons on their soil. This approach not only sweetens contracts in competitive bidding, but it also aligns with many countries' desire to develop their domestic defense industries. This is reflected in Hyundai Rotem's Poland deal, as well as Hanwha Aerospace will establish joint production lines for the K9 howitzer and Chunmoo rocket system, with Romania and Poland, respectively. 'It's a key all-in-one package deal strategy played out by South Korean arms manufacturers — providing technology transfer, customized weapons and factories for the buyers,' Choi Gi-il, a professor of military studies at Sangji University, said via phone. Rosy future, lingering risks South Korea's arms exports fell to $9.5 billion last year after hitting a record high of $17.3 billion in 2022 and sliding to $13.5 billion in 2023, according to its arms procurement agency, the Defense Acquisition Program Administration. DAPA is cautiously eyeing a $23 billion goal for this year. The agency's ambitions may get a lift this year from favorable geopolitical winds, according to an expert. NATO allies have recently agreed to more than double their defense spending target from 2 percent of gross domestic product to 5 percent by 2035, creating a surge of demand for new equipment. Adding to the momentum, Seoul's latest cooperation with Washington in the shipbuilding sector, under a joint initiative known as 'Make American Shipbuilding Great Again,' is expected to further bolster South Korea's defense export prospects. Seoul has put forward sweeping proposals for joint shipbuilding projects with the US, a move that was reportedly pivotal in securing a tariff agreement with the administration of US President Donald Trump earlier this month. 'Overall, South Korea's defense industry is likely to get a lift this year from NATO's increase in defense spending target and Seoul's role in building American ships, as well as cooperation on maintenance, repair and overhaul projects for the sector,' Choi of Sangji University said. Choi added that South Korea's existing top clients are likely to continue to make steady purchases. 'Looking at global arms exports by region, the most prominent markets include Eastern European countries facing wartime conditions and Middle Eastern nations, where unstable security situations are driving demand,' he noted. However, the new momentum carries its own risks. 'The global trend right now resembles Trump's reshoring policy, aimed at bringing manufacturing and supply chains — particularly in strategic industries — back to the US,' said Choi. 'For South Korea, that could mean a new battle to protect its hard-won edge, guarding against the loss of technology and skilled personnel as it undertakes certain projects.' mkjung@
