The government and private companies plan to invest several trillion won in establishing the country as a global hub for vaccine supply and production.

During the second K-Global Vaccine Hub panel meeting on Tuesday, the government promised to provide funds to build production lines for local vaccine manufacturers while private firms pledged to invest over six trillion won through 2024.

Samsung Biologics will invest over four trillion won in vaccine factories, while SK bioscience will inject 270 billion won into research and development(R&D). 

Bio-pharmaceutical giant Celltrion will also pump some one-point-five trillion won into building vaccine factories and R&D centers.

At the meeting presided over by Prime Minister Kim Boo-kyum, the government pledged to create a favorable environment for the vaccine industry and provide funds for companies in need.