Then Samsung Electronics Vice Chairman Lee Jae-yong visits the fourth plant of Samsung Biologics, the biotech arm of Korea's Samsung Group, in Incheon, 27 kilometers west of Seoul, Oct. 11. Courtesy of Samsung Electronics

Korea will push for deregulation and provide various supportive measures for bio companies to promote their planned investment and nurture the sector as a new growth engine, the industry ministry said Wednesday.

Samsung Biologics, SK Bioscience and other bio firms have announced plans to invest a combined 13 trillion won ($9.91 billion) by 2026 to secure advanced technologies and lead the global market.

The government will beef up tax and financial incentives and help them with administrative procedures, including licensing and the location selection process, the Ministry of Trade, Industry and Energy said during a meeting to mark the day for bio business leaders.

The government also said it will support their development of advanced biopharmaceutical production technologies and the digitalization of the manufacturing process.

The country's biohealth exports reached an all-time high of $16.28 billion last year. During the first 11 months of this year, the figure came to $15.1 billion, according to government data. (Yonhap)