'Global Vaccine Hub Industry and Trade Support TF' Launch Meeting... "Expanding Vaccine Partnerships with the US, EU, and Others"

Support for Overseas Expansion of Domestic Vaccine Raw Material Companies
Focused Support to Strengthen Vaccine Supply Chains through Investment Attraction from Global Vaccine Companies

Yeo Han-gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy. (File photo) [Image source=Yonhap News]

[Asia Economy Reporter Joo Sang-don] On the 30th, the Trade Negotiation Headquarters of the Ministry of Trade, Industry and Energy held a 'Global Vaccine Hub Industry and Trade Support Task Force (TF) Inaugural Meeting' at the Korea Chamber of Commerce and Industry to discuss support measures in the industrial and trade sectors for achieving results from the 'Korea-US Global Vaccine Partnership.'

In his opening remarks, Yeohangoo, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, emphasized, "We will utilize the Trade Negotiation Headquarters' network channels of free trade agreements (FTAs) with 57 countries to expand vaccine partnerships to major countries such as the US and the EU and strengthen cooperation in the global vaccine supply chain."

At this meeting, the following were discussed: ▲ promptly holding global vaccine business forums targeting major countries to actively support the integration of domestic vaccine raw material companies into the global vaccine supply chain by matching them with leading global vaccine manufacturers overseas ▲ selecting key target companies among leading global vaccine companies abroad and actively attracting domestic investment through various incentives such as location and tax benefits ▲ supporting domestic vaccine development from a trade perspective by incorporating overseas expansion and foreign direct investment attraction into the global vaccine supply chain.

Lee Seung-gyu, Vice Chairman of the Korea Bio Association, who attended the meeting, stated, "For the leap to a global vaccine hub and the development of domestic vaccines, effective government support that companies in vaccine raw materials and parts need is urgently required." He expressed expectations for various support measures through the Trade Negotiation Headquarters' accumulated global FTA network and international cooperation experience and urged active support.

An official from the Ministry of Trade, Industry and Energy said, "Going forward, the Trade Negotiation Headquarters plans to actively promote 'trade that creates national wealth' by discovering additional support measures through the 'Global Vaccine Hub Industry and Trade Support TF' and advancing close on-site communication and cooperation with related organizations and industries to accelerate the leap to a global vaccine hub and domestic vaccine development."

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