Global healthcare firm upbeat about investment potential in China

Frederic Oudea, the global chairman of Board of Directors at French pharmaceutical giant Sanofi, expressed confidence in China's innovation potential and its supportive business environment, explaining why the company has decided to further expand production in the world's second largest economy.

During a recent interview with China Global Television Network (CGTN) in Beijing, Oudea spoke about Sanofi's participation in major Chinese expos, such as the China International Import Expo (CIIE) and the China International Supply Chain Expo (CISCE), saying this reflects the significance Sanofi attaches to the Chinese market.

"I think our presence in these expos is a way to say 'yes, we are here'. We believe in the potential of China in terms of innovation. We saw the development in the last 10 years of a lot of biotechs, the emphasis on innovation. And we just want to say we want to be there and to participate in this innovation process," he said.

Earlier this month, Sanofi said it will invest 1 billion euros in a new insulin plant in Beijing.

"We have in mind the Healthy China 2030 strategy, which puts of course this development and the access to drugs as a core part of the strategic agenda for the country. And I must say there is an environment which is very supportive for investment by MNCs. We will have the support of the Chinese government and of course of the Beijing local regional authorities for this project," Oudea said

Oudea said his company saw its investments in China as part of a journey to provide better access to new drugs and vaccines.

"I'm convinced that there's a strong potential for us and we will of course play our part, if I may say, in this journey in the coming years to provide a better access and a more affordable access to new drugs whether it's to treat diseases, also to prevent diseases and of course as you know, we are also a big player in the vaccines, which is an important part of health protection," he said.

Global healthcare firm upbeat about investment potential in China

The deepening political turmoil has taken a serious toll on South Korea's economy as international investors are selling their holds of the country's assets.

According to data from the Korea Exchange released on Saturday, due to President Yoon Suk-yeol's controversial martial law declaration earlier this month, foreign investors rapidly fled the South Korean stock market from December 4 to 20, with net sales of more than three trillion Korean won in 13 trading days.

On December 4 alone, the first trading day after the martial law, foreign capital net sales reached 40.79 billion Korean won.

In the foreign exchange market, the Korean won also suffered from continuous selling. At the close of trading on Tuesday, the Korean won had depreciated to 1,456.4 per U.S. dollar.

South Korea's political turmoil has also impacted the country's real economy.

According to a survey from the Korea Federation of Small and Medium Business (KBIZ), 46.9 percent of the restaurants and hotels surveyed saw sudden cancellation of year-end event orders or other types of losses after the martial law was declared on Dec. 3. Among the companies that were not directly affected by the political turmoil , 46.6 percent expressed their worries on their future operations.

"The situation has turned worse after the president was impeached. It is the president who created this mess. The economy is now at the bottom. No foreign tourists come, and even local customers don't come at all," said Kim Jae-joo, owner of a restaurant in South Korea.

According to another survey from the KBIZ, 26.3 percent of the surveyed small and medium-sized export companies suffered economic losses due to the political turmoil, and 63.5 percent of the surveyed companies are worried that their future export would be impacted.

Deepening Political turmoil takes serious toll on South Korea's economy