Government of Andhra Pradesh and Gangwon Techno Park from South Korea have signed a memorandum of understanding (MoU) to share knowledge and technology in the field of biotechnology on the second day of BioAsia being held in Hyderabad.

The MoU was inked between InKyo Kim, president of Gangwon Technopark and T Satyanarayana Rao, in-charge managing director of Andhra Pradesh Industrial Infrastructure Corporation (APIIC). Pradeep Chandra, principal secretary, Industry and Commerce, government of Andhra Pradesh was also present on the occasion witnessing the important agreement.

The main objective of the MoU is to exchange and share ‘know-how’ knowledge and information in field of biotechnology and related areas and to facilitate emerging companies and educational institutes to provide education and training which would further enhance co-operation and growth of business among the two states.

“The potential of biosimilar products is very high and if it can be tapped in the right direction the industry can reap to a tune of five to ten billion dollars in the coming days. The MoU will help in fine tuning the opportunities with technology and marketing facilities in the two Asian countries. The collaboration is beneficial to both the partners as they can engage together to explore optimum Biotech resources and products in the state,” said Pradeep, speaking on the occasion.

Andhra Pradesh has a well established biotechnology park at Genome Valley in Hyderabad and it has all the facilities available for the pharma and biotechnology companies engaged in research and development. InKyo Kim said that the objective was to take advantage of the resources and facilities being offered by the APIIC to promote biotech sector and enhance the contribution of their products by 30 per cent to the overall industrial GDP.

With this, overall BioAsia 2013 has witnessed two important MoUs signed, one is between Department of Biotechnology (DBT), government of India and Spain and the second one is between APIIC and Techno Park from south Korea.