As the international market of bioplastics production is stretching day by day, the production capacity of the global bioplastic industry is expected to increase fourfold till 2017. Same is true about the Korean bio-industry with production value of about 7.12 trillion won according to the 2012 report. An announcement has been made by the Ministry of trade, industry and energy in the Korean market in 2014 according to which about 215 billion won will be invested during next five years on the biochemical industry for growth and development. Korea possesses a well setup record of R&D in the biomaterial industry. In 1999, KBPA (Korea Biodegradable Plastics Association) has been set up for expansion of bioplastics market in the country. Read more about this matter here at - http://www.asiatoday.com/pressrelease/bioplastics-industry-korea-%E2%80%93-where-next
According to a report, the Korean companies are working to invest upon the bioplastics production since 1993 and also those companies are successful in relevant research and development programs. Still something is missing till now for the right balance. A general concern in this direction is that regulations of the Korean Government are not favorable for the bioplastics industry. Despite of proper investment in green industries and green growth by the former president, Lee Myung Bak, the bioplastics industry in the country is not being benefitted as per expectation.
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