Yeo Han-gu, Chief Trade Negotiator, Visits Vaccine Raw Material SMEs "Will Actively Support Overseas Expansion"

[Asia Economy Reporter Joo Sang-don] Yeo Han-gu, head of the Trade Negotiation Department at the Ministry of Trade, Industry and Energy, announced on the 19th that "we will actively support the overseas expansion of our vaccine companies, including expanding trade insurance and facility investment support."

As his first on-site visit to a company since taking office, Yeo visited I-Cell, a small and medium-sized enterprise specializing in vaccine raw materials located in Anyang, Gyeonggi Province. During the meeting, he stated, "We will establish a 'Global Vaccine Hub Industry Trade Support Task Force (TF)' within the Trade Negotiation Department and actively support the establishment of a global vaccine hub as 'One Team Korea' together with related ministries, affiliated organizations, and companies."

Yeo said, "By utilizing the various free trade agreement (FTA) networks and channels we currently possess, we will expand vaccine partnerships not only with the United States but also with major countries such as the European Union (EU), strengthening global vaccine production cooperation through matching domestic vaccine raw material supply companies with overseas global vaccine manufacturers." He promised, "Through various incentives such as location and tax benefits, we will actively attract foreign investment in high-quality vaccine materials and parts companies to firmly establish South Korea's global vaccine supply chain."

At this meeting, Kim Doo-hyun, CEO of I-Cell, raised various on-site requests including support for domestic and overseas market development, government research and development (R&D) project execution, funding support for R&D and commercialization, venture investment, and securing specialized personnel.

In response, Yeo stated that KOTRA will continuously support matching I-Cell with domestic large corporations and overseas demand companies using its domestic and international networks. Participants from related ministries and organizations pledged to do their best to ensure that the companies' requests are implemented as quickly and smoothly as possible.

Going forward, the Trade Negotiation Department plans to actively promote "wealth-creating trade" through close on-site communication and cooperation with the industry regarding new core trade agendas such as supply chains, technological hegemony, digitalization, and climate change.

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