Anduk Geun: "We Will Foster K-Bio Exports as the Second Semiconductor"

Minister Ahn Visits Samsung Biologics Songdo Campus
"Korean Exports Positive for 13 Consecutive Months, Trade Surplus Maintained for 17 Months"
Focused Support for 1 Trillion Won 'Bio Trade Insurance' Until Year-End

Anduk Geun, Minister of Trade, Industry and Energy, stated on the 31st, "The government will take the lead to firmly establish K-Bio as Korea's second semiconductor in exports."

On the same day, Minister Ahn visited Samsung Biologics' Songdo campus to directly inspect the Contract Manufacturing Organization (CMO) production line for pharmaceuticals and listen to the opinions of the bio industry on site, making these remarks.

Anduk Geun, Minister of Trade, Industry and Energy. (File photo)

Minister Ahn emphasized, "Although external conditions such as the U.S. presidential election, the Russia-Ukraine war, and the Middle East situation are challenging, our exports are expected to continue a positive trend for the 13th consecutive month in October and maintain a trade surplus for the 17th consecutive month. This year, the record-high performance is gradually becoming visible, and among the top 10 global exporting countries, Korea is recording the highest export growth rate, maintaining a solid upward momentum in exports."

He continued, "K-Bio temporarily slowed down with the end of COVID-19 but has now entered a normal trajectory, surpassing $15 billion in exports post-pandemic and expected to achieve the highest export performance ever. Our bio companies are firmly establishing themselves as new leaders in Korea's export boom by acquiring the largest number of biosimilar approvals ever and signing CMO contracts despite increasingly fierce global competition," he said.

Along with this, he promised unwavering support to ensure K-Bio firmly establishes itself as the second semiconductor in exports. Minister Ahn explained, "As early as next year, when next-generation ADC (antibody-drug conjugate) anticancer drugs begin full-scale mass production, bio exports will reach a new upward inflection point. We will intensively support bio trade insurance worth 1 trillion won by the end of the year and significantly expand the currently operating K-Bio Desk from 7 to 12."

Additionally, the government plans to build a robust supply chain by raising the self-sufficiency rate of bio materials, parts, and equipment, currently at about 15%, to 30% by 2030. It will also focus on bio manufacturing innovation and training specialized personnel to maintain a super-gap, which is fundamental to strengthening export competitiveness.