KOTRA Holds Integrated Online Briefing with Related Organizations Supporting Vaccine Companies

Companies Struggle with Supply Chain Stabilization, Technology Collaboration, Client Acquisition, and Information Provision

[Asia Economy Reporter Park Sun-mi] KOTRA announced on the 16th that it held an online briefing session on the signing ceremony of a business agreement to support standards, testing, and certification for domestic vaccine, raw materials, and equipment companies, as well as sharing the current status of financial and export sanctions related to the Ukraine crisis and support measures by relevant organizations.

This briefing was held as a side event of the 2nd cooperation meeting of the 'Top 10 Related Organizations for Vaccine Hub' jointly hosted by the Ministry of Health and Welfare and the Ministry of Trade, Industry and Energy.

The top 10 vaccine industry support organizations signed a business agreement on November 2 last year to strategically support Korea's global vaccine hubization, including ▲ rapid development of domestic COVID-19 vaccines ▲ expansion of global production cooperation ▲ rapid establishment of a global vaccine hub infrastructure.

At this briefing, KOTRA, together with related organizations such as Korea Trade Insurance Corporation, Korea International Trade Association, Export-Import Bank of Korea, Small and Medium Business Corporation, Korea Technology Finance Corporation, Korea Credit Guarantee Fund, KDB Industrial Bank, and Industrial Bank of Korea, shared information on international economic and export sanctions against Russia targeting vaccine, raw materials, and equipment companies, and provided guidance on support measures by each institution in case of future damages.

In particular, KOTRA is operating a special project to support emergency cargo storage and inland transportation related to the Ukraine crisis. For domestic small and medium-sized enterprises and mid-sized companies exporting (including planned exports) to Russia and Ukraine, KOTRA plans to alleviate logistics difficulties by providing cargo storage and transportation support at KOTRA joint logistics centers in nearby regions (countries) in case of cargo control issues during local transportation.

Separately from the online briefing, 12 organizations related to standards, testing, and certification in the vaccine industry, including KOTRA, signed a business agreement to strengthen support for standardization, testing, and certification of vaccine-related technologies and products. KOTRA will support overseas testing, certification, and bidding information for Korean vaccine companies by utilizing its overseas trade office network.

Jung Woi-young, Head of KOTRA's Innovation Growth Headquarters, said, "The difficulties faced by our vaccine companies in overseas expansion appear in various areas such as stabilizing raw material supply sources, technology cooperation, discovering business partners, and providing information related to standards, testing, and certification." He added, "We will strive to reflect these diverse needs through the development of customized support projects for vaccine companies and providing information using KOTRA's overseas network."

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