Support for Vaccine Process Training and Local Factory Establishment in Developing Countries
Officials pose for a commemorative photo after signing the Memorandum of Intent for Vaccine and Health Cooperation between Korea and the Asian Development Bank (ADB) on the 26th. From the left: Yoon Tae-sik, Director General for International Economic Affairs at the Ministry of Economy and Finance; Um Woo-jong, Secretary General of ADB; and Lee Kang-ho, Head of the Global Vaccine Hub Promotion Team at the Ministry of Health and Welfare. (Photo by Ministry of Economy and Finance)
[Sejong=Asia Economy Reporter Moon Chaeseok] On the 26th, the Ministry of Economy and Finance and the Ministry of Health and Welfare announced that they signed the 'Korea-ADB Vaccine and Health Cooperation Letter of Intent (LOI)' with the Asian Development Bank (ADB) in Seoul.
The government and ADB agreed to cooperate on training vaccine production specialists within the Asia-Pacific region, expanding regional vaccine production through promoting private investment, supporting infectious disease response in developing countries, and strengthening health systems.
Regarding the training of vaccine specialists, ADB will participate in the Korean-style NIBRT (K-NIBRT) project to promote the establishment of a joint Korea-ADB vaccine process training course targeting developing countries in the region. By linking Korea's policy finance with ADB's private finance support system, they plan to support domestic vaccine companies in establishing local production plants in developing countries. Based on Korea's information and communication technology (ICT), they will also promote the construction of related infrastructure such as early infectious disease surveillance systems and diagnostic testing centers in developing countries within the region.
Yoon Tae-sik, Director General for International Economic Affairs at the Ministry of Economy and Finance, said, "This will lay the foundation for Korea and ADB, the largest development bank in the Asia-Pacific region, to develop as key partners in regional vaccine and health cooperation." Lee Kang-ho, Head of the Global Vaccine Hub Promotion Team at the Ministry of Health and Welfare, said, "This letter of intent is the first partnership signed with an international organization since the launch of the global vaccine hub policy," and expressed expectations that "it will serve as a catalyst to accelerate global vaccine cooperation."
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