The term “Bio-economy” encompasses biotechnological activities and processes that translate into economic outputs, particularly those with industrial application. Within the South African context, these may include but are not limited to, technological and non-technological exploitation of natural resources such as animals, plant biodiversity, micro-organisms, and minerals to improve human health, address food security and subsequently contribute to economic growth and improved quality of life.
The vision is for South Africa’s bio-economy to be a significant contributor to the country’s economy by 2030 in terms of the gross domestic product (GDP). This is to be achieved through the creation and growth of novel industries that generate and develop bio-based services, products and innovations. Such endeavours should translate into a corresponding increase in new companies and growth of existing companies that provide and utilise these solutions. On a macro-economic and developmental level, South Africa’s thriving bio-economy has the potential to make the country more competitive internationally (especially in the industrial and agricultural sectors); create more sustainable jobs; enhance food security; and create a greener economy as the country shifts towards a low-carbon economy.
The Bio-economy Strategy provides an economic engine for the new economy that would, in turn, provide a basis for future growth. The Bio-economy Strategy ident has been formulated to be more productive, more responsive and more relevant to the needs of South Africans; and to make a marked positive impact on the lives of all South Africans. This new strategy provides a high-level framework to guide biosciences research and innovation investments, as well as decision-making as South Africa adapts to the realities of global transition to a low carbon economy. Designed to have a technology-push and market-pull approach, the strategy addresses the country’s developmental goals and needs, as well as its industrial and agricultural competitiveness.