Minister of Industry Promotes Domestic Investment Attraction from Global Vaccine Companies

[Sejong=Asia Economy Reporter Kwon Haeyoung] Moon Seung-wook, Minister of Trade, Industry and Energy, has embarked on attracting investment from global vaccine raw material companies to Korea.

On the 10th, Minister Moon met with Emmanuel Rigner, CEO of the bio company Cytiva, who visited the Seoul Government Complex, to discuss investment in production facilities in Korea and cooperation in securing raw materials.

Cytiva is a global bio raw material company with over 8,000 employees in more than 40 countries worldwide. It is currently producing single-use cell culture bags, whose demand has surged recently due to COVID-19 vaccine production. Cytiva is considering additional investment in vaccine raw material production facilities due to the global surge in demand and is known to be considering Korea as an important investment candidate.

Minister Moon said, "Korea has great potential for market growth, and the government is promoting a global vaccine hub strategy that will play a pivotal role in vaccine research and development, production, distribution, and export based on excellent bio production capabilities." He added, "Cytiva’s investment in Korea should be viewed in terms of securing Korea’s domestic market and, in the mid to long term, contributing to the expansion of global vaccine supply as a global vaccine hub." He continued, "The government will expand support in various areas such as location, tax benefits, and cash support to back this. In particular, we will strive to ensure that active support is provided within the scope permitted by current laws when Cytiva invests in production facilities in Korea."

Cytiva has already established cooperative relationships with domestic companies such as SK Bioscience, Samsung Biologics, and Celltrion.

This content was produced with the assistance of AI translation services.