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President Moon Jae-in took part in a signing ceremony for a Korea-U.S. global vaccine partnership in New York, September 21, accelerating his efforts to make the Asian country become a global hub for vaccine production.

The signing ceremony took place during President Moon’s visit to the U.S. from September 19 to 23.

The ceremony was part of follow-up measures for the comprehensive KORUS Global Vaccine Partnership that President Moon and U.S. President Joe Biden agreed on during their White House summit in May. The partnership is intended to enhance the allies’ joint capabilities in order to contribute to the expansion of global vaccine supplies through scientific and technological cooperation.

Participants in the ceremony included President Moon, Health Minister Kwon Deok-cheol, Trade Minister Yeo Han-koo and Korean Ambassador to the United States Lee Soo-hyuck, in addition to representatives from 16 vaccine-related companies and research institutes from the two countries.

During the ceremony, Massachusetts-based vaccine material producer Cytiva announced its decision to invest $52.5 million in Korea over two years beginning next year.

The company had already submitted a report on its investment plan to Korea’s Ministry of Trade, Industry and Energy.

“We believe that the government’s willingness to nurture the vaccine industry by utilizing the country’s production capabilities and global vaccine production hub strategies have led Cytiva to make its investment decision,” a Cheong Wa Dae official said.

Cytiva plans to produce disposable cell culture fluid, an essential material for vaccine production, in Korea with the aim of boosting global supply. There has been a global shortage of the material due to the prolonged COVID-19 pandemic.

Korea-based small and medium-sized companies signed four memoranda of understanding (MOUs) with counterparts in the U.S. during the ceremony to strengthen cooperation in the fields of vaccine materials, components and equipment.

Four other MOUs signed by U.S. and Korean research institutes called for expanded cooperation in research and development.

“MOUs signed by research institutes indicate that Washington has begun to view Seoul as a partner in cooperation over the medium and long term and not just over the short term,” the Cheong Wa Dae official said.

President Moon hailed the ceremony as an “important achievement” that came four months after he and U.S. President Biden agreed to establish the comprehensive KORUS Global Vaccine Partnership.

“I expect the combination of the U.S.’s development capabilities and Korea’s production capabilities will contribute to increasing the supply of vaccines worldwide,” President Moon said during the ceremony.

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