The Korea Biotechnology Industry Organization said Wednesday it has signed an agreement with its US counterpart Biotechnology Innovation Organization to bolster ties in the bio-economy, ranging from supply chain management to research and development.

The two organizations signed a memorandum of understanding for enhanced partnership on the sidelines of President Yoon Suk Yeol’s state visit to the US for a summit with President Joe Biden.

The agreement is the first of its kind signed between the two countries. Korean and US biotechnology advocacy groups represent some 600 and 12,000 member firms, respectively.

Under the agreement, the two organizations plan to find ways of stable supply chain management, including information sharing on any policy changes in the two countries.

When it comes to supply chain management, they agreed to join forces not just on securing raw materials for biopharmaceuticals but also on covering broader areas such as health care, food security and energy.

They also plan to boost cooperation on research, drug production and information sharing on market trends.

The two organizations also agreed to help accelerate exchanges between the two countries by using their own trade shows -- BioPlus-Interpex Korea (BIX) and the Bio International Convention in the US.

During the upcoming Bio International Convention in Boston in June, the Korean advocacy group plans to hold a business roundtable for companies from both countries. For the BIX in Seoul in July, the US organization is scheduled to discuss the industrial impact of the Inflation Reduction Act.

"Through this (memorandum), we look forward to sharing future strategies of our bio industry, a crucial industry for both countries,” said Samsung Bioepis CEO Ko Han-sung, who is also the president of the Korean biotechnology advocacy group. “We will ramp up support to invigorate the bio-economy of both countries and bolster our partnership as allies.”