S.Korea's Moon pledges $1.92 bln by 2025 to boost COVID-19 vaccine production (updated)

SK Bioscience Co

05/08/2021 08:12

(Adds details, background)
    By Hyonhee Shin
    SEOUL, Aug 5 (Reuters) - South Korean President Moon Jae-in
said on Thursday he plans to invest 2.2 trillion won ($1.92
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. 
    Moon said he will designate COVID-19 vaccines as one of the
three national strategic technologies, 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," Moon told the
meeting, pledging 2.2 trillion won ($1.92 billion) over the next
five years. 
    The panel includes medical and vaccine experts, venture
capitalists and drugmakers including SK Bioscience  302440.KS ,
Samsung Biologics  207940.KS , ST Pharm  237690.KQ  and Ecell. 
    Moon has made the vaccine production drive a key priority
for the remainder of his term, due to end in March, facing
pressure at home over the fourth COVID-19 wave and a slowed
immunisation campaign.
    ($1 = 1,144.4200 won)

 (Reporting by Hyonhee Shin; Editing by Christopher Cushing and
Raju Gopalakrishnan)
 ((hyonhee.shin@thomsonreuters.com; 822 3704 5658;))