KOTRA Holds Korea-US Vaccine Cooperation Agreement Ceremony and Business Consultation Meeting in New York

[Asia Economy Reporter Jeong Hyunjin] KOTRA announced on the 22nd that it held a 'Korea-US Vaccine Cooperation Agreement Ceremony,' a 'Korea-US Global Vaccine Business Roundtable,' and business meetings between companies in New York, USA, where the United Nations (UN) General Assembly is taking place, to support the globalization of the domestic vaccine industry.

KOTRA explained that this event was held on the 21st, hosted by the Ministry of Trade, Industry and Energy and the Ministry of Health and Welfare, and organized by KOTRA and the Korea Health Industry Development Institute to stabilize the supply chain of vaccine raw materials and strengthen cooperation related to vaccine development and production.

The Korea-US Vaccine Cooperation Agreement Ceremony was held with the attendance of President Moon Jae-in, and the global life sciences company Cytiva submitted an investment report. The total investment amount was 52.5 million USD (approximately 62.2 billion KRW), marking the first case of reporting investment in Korean production facilities related to vaccines since COVID-19. Subsequently, representatives from 16 vaccine-related companies and research institutions from Korea and the US signed eight memorandums of understanding (MOUs) concerning △ raw material supply △ joint vaccine development △ contract manufacturing.

At the Korea-US Global Vaccine Business Roundtable, representatives from 12 companies from both countries exchanged various opinions on △ stable supply measures for vaccine raw materials △ cooperation plans for COVID-19 and next-generation vaccine development. In the business meetings held in the afternoon, consultations were conducted for joint vaccine development, strengthening cooperation on raw materials, and securing contract manufacturing orders for overseas-developed vaccines.

Yoo Jung-yeol, President of KOTRA, who oversaw this project, said, "We will actively support stabilizing and diversifying the supply chain of vaccine raw materials, attracting investment from promising overseas vaccine companies, and strengthening global partnerships of our vaccine-related companies."

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