President Moon Jae-in said Wednesday that South Korea is overcoming COVID-19 and showcasing the potential of its biotechnology to the world by achieving progress in the development of vaccines and treatments.

Moon visited a biotech cluster in Songdo, Incheon, on Wednesday and vowed to further cultivate the sector. He added that antibody and plasma treatments for the coronavirus could be marketed as early as the end of the year.

The president said Korea's biotechnology industry is safeguarding human lives during the pandemic, with many countries around the world requesting Korean test kits.

At an event held at Yonsei University's Songdo international campus, the president stressed that the country will go beyond being a production hub for biomedicine and advance into a biotech powerhouse.

Moon laid out detailed plans to foster 47-thousand bio sector personnel by 2025 and expand the research and development budget from one-point-three trillion won this year to one-point-seven trillion next year.

He also promised to support the development of new "blockbuster" drugs that generate annual sales of over one trillion won. Moon added that 40 companies plan to invest more than ten trillion won by 2023 and create 9,000 jobs.