Korea Biotechnology Industry Organization (Korea BIO) and the U.S. Biotechnology Innovation Organization (BIO) signed a memorandum of understanding (MOU) to promote the bioeconomy of both countries on Tuesday (local time) in Washington, DC, on the sideline of President Yoon Suk Yeol’s state visit.

The two associations signed the MOU in line with U.S. President Joe Biden's goal of building a thriving and secure global bioeconomy with American allies, which was highlighted in the National Biotechnology and Biomanufacturing Initiative announced in September.

Under the MOU, the two will collaborate and discuss policy issues to stabilize the global supply chain of the bioindustry and support cooperative activities to promote partnerships among members of both organizations.

Notably, the two associations will collaborate on issues such as joint research, production, R&D, and market information sharing between the two bioindustries with the goal of stabilizing the supply chain not only for biopharmaceutical raw materials, but also for the entire bioindustry, including healthcare, food, and energy.

The associations will also use the bio conventions hosted by the two organizations, BIX (BioPlus-Interpex Korea) in Korea and BIO Convention in the U.S., as platforms to promote exchanges between bio companies in the two countries.

"We look forward to sharing future strategies for the Korean and U.S. bioindustries through this MOU," Korea BIO President and Samsung Bioepis CEO Ko Han-sung said. "Through this MOU, we will continue to provide support to revitalize the bioeconomy of both countries and strengthen our partnership as allies."