South Korea plans to increase its investment on biotechnology sector to 851.5 billion won (908.55 million U.S. dollars) in a bid to take a globe lead in the field, said the Ministry of Science and Technology of South Korea on Friday.

The government will also inject 34.2 billion won (36.4 million U.S. dollars) into the fields of stem cell research, with most of the funding to be allocated to adult stem cell studies, the ministry said.

According to the ministry, state spending on biotechnology has been increasing at an annual rate of 23 percent in the country since mid-1991.

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