The Australian Embassy in Korea’s Trade and Investment Representation (Representative Julie Quinn) is participating in ‘BIO KOREA 5’, which opens on Wednesday, May 10th and will be held at COEX in Seoul for 12 days until Friday, the 3th. , has provided an opportunity to explore collaboration with Australian companies and research institutes.
The Australian Embassy in Korea’s Trade and Investment Representation is the Australian government’s international trade promotion and investment attraction agency. It promotes Australia’s diverse capabilities through in-depth market information and insights, and promotes business connections through its extensive global network. In addition, the official explains that it plays a major role in supplying Australian products and services to buyers around the world and providing maximum help to international students who want to study at top educational institutions.
In addition, the Trade and Investment Representative Office provides support for all investment inquiries. We work with each Australian state government and provide the information and industry and government contacts needed to establish or expand a business in Australia.
This exhibition provides opportunities for relevant potential customers to meet Australian representatives and explore collaboration with Australian companies and research institutions through the Australian pavilion, online partnering program, and seminars hosted by the Australian government.
Prepared in partnership with MTP Connect (Australian Medical Technology and Pharmaceutical Growth Centre), the Department of Home Affairs and five state governments, the Australia Pavilion showcases Australia’s extensive capabilities in mRNA technology, regenerative medicine, clinical trials, contract manufacturing, medical research and precision medicine. 5 representative companies are participating.
In particular, Australian medical research is well known worldwide. For example, in the field of life sciences, seven Australian universities are ranked among the world’s top 7 universities. In 100-2019, the Australian government invested a total of $20 billion directly in health and medical research, and plans to invest $12 billion in health and medical research over the next three years. Additionally, a Medical Research Future Fund (MRFF) is planned to provide ongoing funding for healthcare and medical research.
The Office of the Trade and Investment Representative also said, “Australia has excellent capabilities in the fields of vaccine development, synthetic biology, immunotherapy, oncology, and neurology, and provides an opportunity for an innovative partnership model that supports translational drug discovery and research collaboration processes based on this.” emphasized.
The Australian government’s major business research and development support program, ‘R&D Tax Incentive (R&DTI)’, is also considered an advantage to attract companies. This is a broad, market-focused program that covers all industry sectors.
Through R&DTI, ▲2% refundable tax exemption is possible for small and medium-sized enterprises (SMEs) with total annual sales of less than $43.5 million, and ▲2% non-refundable tax exemption is possible for large companies with annual total sales of more than 38.5 million dollars.
Companies that can apply for R&DTI must be ▲a corporation that follows Australian or foreign laws, ▲obliged to pay Australian income tax, ▲conducting or planning to conduct research and development activities, and ▲securing R&D expenses of $20,000 or more. .
The Trade and Investment Representative Department of the Australian Embassy in Korea said, “We wish to continue our long-term commitment to strengthen Korea-Australia life science and R&D partnerships and create future business opportunities through more diverse activities in the biotechnology field. “Korea and Australia are optimally positioned to play an important role in the development of biotechnology in the Asia-Pacific region, and we believe that closer cooperation can strengthen the technology and global presence of both countries,” he said. “We hope to build an even closer relationship and look forward to collaboration.”
Meanwhile, ‘BIO KOREA 18’, which celebrated its 2023th this year, was hosted by the Korea Health Industry Development Institute and Chungcheongbuk-do. Since 2006, BIO KOREA, which has been striving to promote the global status and continuous growth of the Korean health industry, has been strengthening its position as Korea’s representative bio-health international convention with world-renowned scholars and business experts participating every year. BIO KOREA 2023, together with domestic and foreign companies related to the health industry such as bio, pharmaceuticals, medical devices, cosmetics, and food, as well as companies and institutions of interest such as consulting, academia, and related organizations, offers various programs such as conferences, business partnering, exhibitions, and invest fairs. It goes on.