Singapore, March 5 -- Taiwan-based Formosa Group Executive Committee member and Chairman Sandy Wang, who leads the group's bio and eco-friendly energy sectors, recently announced the decision to establish a bio-medical research centre withinKorea Advanced Institute of Science and Technology (KAIST) and invest approximately KRW 18 billion ($12.5 million) or more over 5 years.

In addition, to commercialise the research results, KAIST and Formosa Group will establish a joint venture in Korea with KAIST Holdings, a KAIST-funded company.KAIST Holdings will invest KAIST's intellectual property rights, and Formosa Group will invest a corresponding amount of funds.

The KAIST-Formosa joint venture will provide research funds to the KAIST-Formosa...