South Korea aims to become the world's fifth largest vaccine producer by the year 2025.
And President Moon Jae-in affirmed this goal on Thursday, chairing the inaugural meeting of the preparatory committee.
He also pledged to designate vaccine development as one of the nation's strategic technology areas.
"For the next five years, we plan to invest 2.2 trillion won (US$ 1.9 billion). We will vastly expand tax benefits for research and development and facility investment, while boosting the production capacity of local companies through self-reliance regarding the production and technology of necessary parts, materials and equipment."
To that end, the government plans to foster over 2-hundred medical scientists, 10-thousand experts in clinical trials and 2-thousand experts in bio-production every year.
President Moon also highlighted the need to produce local vaccines for vaccine sovereignty saying that South Korea is expected to commercialize its first domestic vaccine by the first half of next year.
He said the government will offer various support measures, including those for expenses related to clinical trials in order to speed up the development process.
The president also vowed to cooperate with countries, such as Germany and the UK for vaccine partnerships as well as the U.S.