SEOUL (REUTERS) - South Korean President Moon Jae-in said on Thursday (Aug 5) that he plans to invest 2.2 trillion won (S$2.26 billion) to turn the country into one of the world's five largest Covid-19 vaccine manufacturing bases by 2025, his office said.
The remarks were made at a meeting of a public-private committee newly launched to explore ways to boost vaccine production amid global supply shortages and shipment delays.
Mr Moon said he will designate Covid-19 vaccines as one of three national strategic tech areas, along with semiconductors and batteries, to ramp up investment, tax breaks and other incentives.
"We will strive to take a leap forward to become one of the top five global vaccine producers by 2025," Mr Moon told the meeting, pledging more than two trillion won over the next five years.
The project also aimed to nurture some 200 new medical scientists, 10,000 clinical trial professionals and 2,000 bio-production workers every year, he said.
Health Minister Kwon Deok-cheol said the funds will also be used to support the development of homegrown vaccines, including securing original technology for mRNA products.
Seven local drugmakers are set to launch the third phase of their respective clinical trials in the latter half of this year, starting with SK Bioscience in August, Mr Kwon said.
"Currently the frontrunning candidate is (SK Bioscience's) protein-based vaccine, which we will work to distribute for public use early next year," Mr Kwon told a briefing.
"Local companies also formed a mRNA vaccine consortium in June, with the goal of developing a Korean vaccine by the end of next year."
Mr Moon added that he is seeking to expand international cooperation by forging vaccine partnerships with Germany, Britain and other countries, and bringing in foreign investment and companies.
He and United States President Joe Biden agreed to clinch a partnership that blends US vaccine expertise and Korean production capacity at their summit in May.
The committee includes medical and vaccine experts, venture capitalists and drugmakers, including SK Bioscience, Samsung Biologics, ST Pharm and Ecell.
Mr Moon has made the vaccine production drive a key priority for the remainder of his term, due to end in March, amid pressure at home over the fourth Covid-19 wave and a slowed immunisation campaign.
