Seoul National University Bundang Hospital (SNUBH) said it signed a memorandum of understanding (MOU) with the Greater Sacramento Economic Council (GSEC) on Tuesday.

GSEC is a prominent organization in Sacramento County, California, comprising government officials, academic leaders, and business representatives. The council is dedicated to driving economic growth and attracting investment to the Sacramento region.

The MOU is set to enhance the growth and global expansion of bio-healthcare startups housed within the SNUBH Healthcare Innovation Park's bio-cluster.

Both parties agreed to several key initiatives, including supporting SNUBH startups in the biotech field based on GSEC and UC Davis Aggie Square resources, organizing site visits and regular networking exchanges for technology and information sharing, and developing business models for joint research and commercialization of innovative technologies.

"This partnership with the GSEC will greatly contribute to the global expansion of innovative companies growing within SNUBH's bio-cluster," SNUBH Biomedical Research Institute Director Lee Hak-jong said.

Gary May, Chancellor of UC Davis, also expressed his commitment, stating, "We are dedicated to fostering mutual growth between SNUBH, innovative Korean biotech ventures, and Sacramento County."