The nation's health minister Kwon Deok-cheol held a briefing on Thursday, addressing the specific plans to turn South Korea into a global vaccine powerhouse.
First, the government says it will boost the production of domestically-made vaccines.
This will be done by injecting 145 million U.S. dollars in financial support for phase three clinical trials this year.
Currently, seven South Korean companies are in the process of developing a COVID-19 vaccine.
SK Bioscience is set to be the first to undergo phase three clinical trials in August, with aims to commercialize the vaccine in the first half of next year.
Vaccines that are given the green light to proceed to the final trial stage will be available for pre-purchase.
And to help more companies enter phase three more quickly, the time taken to reach clinical approval will be reduced by half.
South Korea will also put more emphasis on recruiting test participants, by offering certain incentives including discounts on cultural activities.
Authorities say they will also actively promote the development of domestic mRNA vaccines.
This comes as Samsung Biologics is planning a trial production of the Moderna vaccine starting at the end of August.
Currently, the company is under a consignment production deal with the U.S. drug maker.
Meanwhile, South Korea is also looking to strengthen cooperation with international bodies, by participating in the World Health Organization's vaccine technology transfer hub.
The country will also cooperate with the Asian Development Bank to build production bases in developing countries
It will also promote exports of local vaccines by providing financial support.
Although South Korea is currently the ninth largest vaccine producer in the world, authorities believe that it's possible to reach the goal of becoming the fifth largest, if these strategies are put into place.
Choi Min-jung, Arirang News.