SEOUL– South Korea’s trade ministry on Monday launched a new task force that will establish a long-term strategy to help Asia’s No. 4 economy emerge as a global vaccine production hub amid the protracted COVID-19 pandemic.
“Based on South Korea’s various free-trade networks with 57 countries, the country will bolster ties with major partners in terms of the global vaccine supply chain,” Trade Minister Yeo Han-koo said in a statement during a meeting with related organizations.
During the meeting, the ministry said it plans to support South Korean firms’ efforts to join the global supply chain of the vaccine industry, while providing a set of incentives for overseas firms seeking to invest here.
Asia’s No. 4 economy has been making efforts to player a bigger role in the supply of vaccines amid the COVID-19 pandemic.
Samsung BioLogics Co. currently plans to start the supply of U.S. biotech firm Moderna Inc.’s vaccine from its local factory in the near future.
SK Bioscience Co., a vaccine development subsidiary of South Korea’s SK Group, also has been producing AstraZeneca’s COVID-19 vaccine here.
Earlier this month, President Moon Jae-in said South Korea aims to become the world’s fifth-largest vaccine-producing nation in the next four years.
Moon has pledged to designate vaccine development as one of the nation’s three strategic technology areas, along with those of semiconductors and batteries, and invest 2.2 trillion won (US$1.92 billion) in the next five years.
Source: Yonhap News Agency