President Moon Jae-in said Thursday that South Korea aims to become the world's fifth largest vaccine-producing nation by 2025.
Presiding over an inaugural strategy meeting, Moon said the government will designate vaccines, along with semiconductors and batteries, as one of three key national strategic technologies, and invest two-point-two trillion won in vaccines over the next five years.
He also promised major tax breaks for vaccine-related research and development and facility investment and to maximize domestic output through self-sufficient production of essential materials, components and equipment.
President Moon also unveiled plans to bolster the sector by fostering scientists and experts in vaccines, clinical trials and bio-medicine.
He also vowed to secure vaccine sovereignty through support for domestic vaccines and to step up global cooperation including partnerships with the U.S., Britain and Germany in order to attract investment and global firms to Korea.
Moon added that vaccines are the most effective means of defense in the fight against COVID-19, and South Korea will lead efforts to dramatically increase the supply as a global vaccine hub.