South Korean biotech companies seek to diversify from China as US tensions rise
South Korean biotech companies are working to diversify from China in anticipation that the US could tighten export restrictions on the sector to bolster its domestic industry and curb Chinese growth.
The Biden administration has identified biotechnology and biomanufacturing as strategic industries and is expected to introduce more specific measures within months.
In response to the rising tension between the US and China, South Korean chip companies Samsung Electronics and SK Hynix, along with automakers and battery producers, are expanding their North American operations.
This story originally appeared on: Financial Times - Author:Jamie Smyth
