[Exclusive] Park Young-sun "In talks with Moderna to establish domestic bio factory... Intent to invest $200 million"

Asia Economy Interview
"Moderna CEO Highly Values Young Korean Talent, Has Trust"

Park Young-sun, former Minister of SMEs and Startups and a preliminary candidate for the Seoul mayoral election from the Democratic Party of Korea, is being interviewed on the 4th at the CH Building in Gangseo-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporters Park Cheol-eung and Oh Ju-yeon] Park Young-sun, former Minister of SMEs and Startups and a candidate for the Seoul mayoral by-election, announced that she is in discussions with Moderna, a COVID-19 vaccine manufacturing company, about establishing a new bio factory. According to Park, Moderna has expressed an intention to invest approximately $200 million (about 220 billion KRW) if appropriate conditions are met. Park identified the area around the Changdong train depot in Seoul as a suitable site for the research and development (R&D) center. If this plan is finalized, it is expected to significantly boost efforts to develop the northeastern region of Seoul into a bio-industry special zone.

In an interview with Asia Economy on the 4th, Park said, "On my last day as minister (January 20), I held a video conference and briefing with Moderna." She added, "Moderna expressed willingness to invest $200 million in R&D if suitable conditions are met. They want to use the Korean factory as a foothold to expand into Asia." Park further stated, "Since I have been the person in continuous dialogue with Moderna, I will act as a liaison for the time being, and a meeting with Moderna is scheduled next week along with Koo Yoon-chul, Director of the Office for Government Policy Coordination."

Park also mentioned, "The Moderna CEO has reportedly visited Korea about 40 times. They highly value Korea’s excellent young talent and have built trust through video calls with President Moon Jae-in." She expressed optimism, saying, "If the Moderna factory is established in Changdong, attracting such bio companies will increase jobs and serve as a catalyst for transforming the area into a world-class bio cluster."

Last December 29, President Moon held a video call with Moderna CEO St?phane Bancel and agreed on supplying vaccines to Korea. At that time, CEO Bancel said, "The Korean government prioritizes bio-drug development, and Korean conglomerates have strong production capabilities." He added, "Although production capacity was lacking, contract manufacturing will enable large-scale production capacity." While the call mentioned a ‘contract manufacturing’ method using facilities of Korean vaccine producers, Park explained that subsequent discussions evolved to include plans to build a new factory in Korea.

Moderna is a U.S. biotechnology company that started in 2010 from a research lab at Harvard Medical School. It is known to have earned 3 trillion KRW in revenue over 10 years, with a stock market value reaching 35 trillion KRW.

◆ "COVID-19 Support... Seoul City Must Actively Participate"

Upon declaring her candidacy for Seoul mayor, Park pledged projects such as undergrounding the Gyeongbu Expressway. She emphasized, "Projects involving tunneling through underground bedrock to build roads are already underway in Singapore, and the same method will be applied to the Seobu arterial road." She added, "The concept of underground cities will continue to expand in the future." Park also expressed her determination for Seoul city to actively engage in urgent COVID-19 support measures.

Park said, "Compensation should be provided to some extent for past losses caused by gathering bans or restrictions." She explained, "Loss compensation is possible through the Small Enterprise and Market Service’s Yellow Umbrella Mutual Aid insurance. Since government or local government subsidies are involved, it is not unfavorable for the mutual aid association." She continued, "The Seoul Credit Guarantee Foundation is already playing a significant role, and loans backed by guarantees can be facilitated through it. For industries facing severe difficulties, Seoul city could even pay the interest on their behalf."

Park emphasized that she can fully utilize the know-how gained while serving as Minister of SMEs and Startups in managing Seoul city affairs. Regarding reconstruction in the Gangnam area, which differs somewhat from other party candidates like Assemblyman Woo Sang-ho, Park expressed her conviction that it is necessary. She stated, "While allowing reconstruction and redevelopment in Gangnam, public community spaces must be included." She added, "In my constituency, Guro, creating public libraries, daycare centers, and cafes has received positive responses from residents. This also increases the value of apartments."

Park Young-sun, a preliminary candidate for the Seoul mayor from the Democratic Party of Korea, is being interviewed on the 4th at the CH Building in Gangseo-gu, Seoul. Photo by Kang Jin-hyung aymsdream@