Jecheon in central South Korea will be hosting the World Korean Medicine-Bio Industry Expo next month.
Themed Recreation of Korean Medicine-Evolve into the Korean Medicine Bio Industry, the event will be held at the Korean Medicine Expo Park, and will begin on September 22, running for 19 days.
Expo to boost global natural product market
The expo will focus on Korean medicine and biotech industries, and comes six years after an inaugural international fair on hanbang (traditional Korean medicine) in 2010.
The 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.
Joung Sa-whan, secretary-general of the organising committee, said the exhibition will provide a boost to the global natural product market, closely related with the Korean medicine industry, given that the industries of Korean medicine, biotech and natural products are expected to take the lead in the development of the fourth industrial revolution that is underway worldwide.
The global natural product market, estimated at around 1,000 trillion won (US$890 billion), is forecasted to grow at eight to 10 per cent per annum, Joung added.
The regional government and Jecheon municipality will co-host the exhibition, while 19 government agencies and public institutions, including the Ministries of Industry and Trade, Interior, Culture and the Korea Trade-Investment Promotion Agency, will play supporting roles.