South Korea launches US$2 billion plan to make Covid-19 vaccine production as important as semiconductors

Seoul wants Covid-19 vaccine production to be a new growth engine alongside semiconductors and batteries

Experts say the push will help to enhance the country’s status as a global supplier of strategic products amid deepening US-China rivalry

Reading Time:4 minutes

A health worker holds up a shot containing AstraZeneca’s Covid-19 vaccine in South Korea. Photo: YNA/dpa

Published: 7:00am, 10 Aug 2021Updated: 7:00am, 10 Aug 2021

South Korea’s plan to boost vaccine production, making it one of the new drivers of its economy along with semiconductors and batteries, will enhance its importance as a global supplier amid deepening US-China rivalry, said analysts.

Seoul last week announced it would inject 2.2 trillion won (US$1.9 billion) into the sector, with a view to catching up with major vaccine producers including China, India, the EU and the US over the next five years.

President Moon Jae-in said South Korea planned to help close the gap in the Covid-19 vaccine shortfall that has left poorer nations grappling for access.

“Without a sufficient supply of vaccines for all countries, we will not be able to prevent the spread of the coronavirus amid continuous emergence of new variants. Korea will take the lead in solving this problem by becoming a global vaccine production hub,” he said.

A health worker administers a Pfizer-BioNTech Covid-19 vaccine shot in Seoul. Photo: EPA-EFE

About 200 new medical scientists, 10,000 clinical trial professionals, and 2,000 bio-production workers will be nurtured every year as part of the policy.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x