CJ Cheiljedang aims to be No. 1 in green bio globallyCJ Cheiljedang, a manufacturer with interests in food and bioengineering, will sharply increase investment in bio research with the goal of becoming the world’s No. 1 bio company.
CJ announced it will invest 80 billion won ($72 million) in what it calls a green bio research this year, a 50-percent jump from last year’s 53 billion won.
In green bio, useful materials are extracted utilizing an organism’s ability to create new types of functional products and additives.
“The bio market value is estimated to stand at 120 trillion won and CJ Cheiljedang’s target is to take 50 trillion won of that,” said a press officer from CJ at a press event held in Suwon, Gyeonggi, on Wednesday. “Based on our strength in environmentally-friendly technologies, we will become the No. 1 company in the world.”
The investment funds being committed will go toward research on extracting useful materials based on the functions of organisms.
By Jin Min-ji
More in Industry
Transport Ministry permits 10 more flights to China
Government-led sales campaign ends Sunday
Traffic increased to pre-coronavirus levels in May