South Korea plans to invest 2.2 trillion won ($1.9 billion) to become one of the world's five largest COVID-19 vaccine manufacturing bases by 2025, its President Moon Jae-in said on Thursday, APA reports citing Reuters.
The remarks were made at a meeting of a public-private committee created to explore ways to boost vaccine production amid global supply shortages and shipment delays, Moon's office said.
Moon said he would designate COVID-19 vaccines as one of three national strategic technologies, along with semiconductors and batteries, aiming to ramp up investment, give tax breaks and offer other incentives to help firms localise materials, parts and equipment.
"We will strive to take a leap forward to become one of the top five global vaccine producers by 2025," Moon told the meeting.
The project aimed to nurture some 200 new medical scientists, 10,000 clinical trial professionals and 2,000 bio production workers every year, he said.