Yoon: "Boston is the World's Top Cluster... We Must Discuss Collaboration"

During his state visit to the United States, President Yoon Suk-yeol stated on the 28th (local time) that Boston and Korea must closely cooperate in the advanced industry cluster sector to create economic synergy between the two countries.

On the morning of the same day, President Yoon chaired the 'Korea-US Cluster Round Table' at a hotel in Boston, discussing cooperation plans for advanced industry clusters between Korea and the US.

[Image source=Yonhap News]

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At the meeting, President Yoon said, "Boston, which fought for America's freedom and independence 250 years ago, has become the most innovative and world-class cluster on the planet," adding, "Top university talents worldwide are leading startups in advanced industries such as bio and IT, making Boston the hub of global tech bio companies." He further stated, "They collaborate with world-class financial institutions, consulting firms, law firms, research institutes, and hospitals to create the world's best companies and jobs through innovation, generating infinite economic value."

In fact, Boston is recognized as a leading bio cluster with global pharmaceutical and bio companies, research institutes, major universities such as the Massachusetts Institute of Technology (MIT) and Harvard University, and venture companies concentrated there. President Yoon announced in February that he would actively consider establishing a 'Korean version of the Boston Cluster' to enable venture companies and young people to lead biohealth.

Accordingly, President Yoon said, "I would like to hear your valuable experiences and insights on how collaboration and new value creation have been achieved in various fields such as research and development, investment, legal affairs, and management within the Boston Cluster." He continued, "I hope that through this meeting, useful discussions on cooperation plans to accelerate innovation in advanced clusters between the two countries can take place."

Meanwhile, President Yoon also visited the 'Investment, Local Entry, and Intellectual Property Consultation Meeting' held as a side event on the same day and encouraged ventures and startups. According to the presidential office, the ventures and startups attending the consultation meeting are expected to attract investment funds exceeding 15 million US dollars. Practical results followed as well. A total of four MOUs related to cluster cooperation, including those between the Korea Advanced Institute of Science and Technology (KAIST) and Massachusetts General Hospital (MGH), were signed that day. Additionally, Daewoong Pharmaceutical signed a technology export contract for new drug candidate substances with US-based Additum Bio; Kakao Healthcare signed an MOU for technological cooperation using AI with Google; and GMS Healthcare signed an MOU worth up to 20 million US dollars with Westcop to supply laboratory refrigerators to the US public procurement market. In total, nine MOUs in the bio sector were signed, the presidential office reported.

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