Gyeonggawon Publishes Analysis Report on Impact of US Presidential Election and Biosecurity Act

Cover of the report "The Direction of the U.S. Presidential Election and the Path Our Industry Should Take" published by the Gyeonggi-do Economic Science Promotion Agency

With the U.S. presidential election just three weeks away and the proposed enactment of the Biosecure Act, which includes sanctions on Chinese biotech companies, there are opinions that continuous technological innovation and expansion of global cooperative countries are necessary.

The Gyeonggi-do Economic Science Promotion Agency published two reports on the 17th analyzing the U.S. presidential election and the Biosecure Act issues: “The Direction of the U.S. Presidential Election and the Path for Our Industry” and “U.S. Supply Chain Restructuring Policy and the Biosecure Act: Opportunities and Challenges for the Korean Bio Industry.”

The report “The Direction of the U.S. Presidential Election and the Path for Our Industry” analyzed the major policies of both candidates, Harris and Trump, regarding the U.S. presidential election, focusing on the impact on Korea’s semiconductor, automobile, and bio industries according to differences in policy directions.

Currently, the U.S. presidential election is difficult to predict due to the intense competition between Harris and Trump.

The agency analyzed that depending on the election results, changes are expected in various areas such as the economic environment and industrial policies, and regardless of who is elected, the future global technological hegemony competition and the expansion of protectionist trade policies are expected to continue.

In light of these prospects, the agency advised that ▲ strengthening R&D and technological innovation to secure advanced technologies ▲ nurturing global core talents ▲ reinforcing export strategies ▲ expanding global multilateral cooperation are necessary.

In the report published on the same day, “U.S. Supply Chain Restructuring Policy and the Biosecure Act: Opportunities and Challenges for the Korean Bio Industry,” the agency analyzed the impact of the Biosecure Act, currently being legislated in the U.S., on Korea’s bio industry.

The Biosecure Act contains provisions that prohibit the U.S. government from engaging in transactions, contracts, and providing subsidies to biotech and life science companies that pose national security concerns.

The agency predicted that if the Biosecure Act is implemented, the position of Chinese companies in the U.S. will weaken, creating the possibility for Korean bio companies to emerge as a global bio hub.

However, it also emphasized that uncertainties such as intensified competition among global companies and the burden of facility investments remain, and to respond to changes in the global bio supply chain, active investment and support for domestic Contract Development and Manufacturing Organizations (CDMOs), diversification of global supply chains, and strengthening innovation capabilities are necessary.

Kang Sung-chun, president of the agency, stated, “Since the upcoming U.S. presidential election and the legislative push for the Biosecure Act will have a significant impact on Korean industries, proactive strategy formulation and agile response are essential,” adding, “The agency will provide multifaceted support to help our companies maintain competitiveness in the global market and timely suggest directions for our industry and economic policies through timely policy research in line with the changing industrial environment.”

This content was produced with the assistance of AI translation services.