South Korea's President Moon Jae-in has unveiled a $1.9 billion plan to help catapult the east Asian nation as a global production hub for vaccines.

Addressing a meeting at Cheong Wa Dae on the government's vaccine hub strategy, Moon pledged to designate vaccine development as one of the nation's three strategic technology areas, along with those of semiconductors and batteries.

Moon said that South Korea should aim to become the world's fifth-largest vaccine-producing nation in the next four years, in line with the country's bid to become a global COVID-19 vaccine production hub.

Currently China, India, the EU and the US serve as production hubs for vaccines.

“Without a sufficient supply of vaccines for all countries, we will not be able to prevent the spread of the coronavirus amid continuous emergence of new variants. Korea will take the lead in solving this problem by becoming a global vaccine production hub,” Moon said.

“Having our own vaccine is also crucial for us to secure vaccine sovereignty,” Moon said. “The government will make both financial and regulatory support to speed up the launch of the first Korean vaccine.”

South Korea is presently dependent on coronavirus vaccines from AstraZeneca, Johnson & Johnson, Moderna and Pfizer. Just about 41 per cent of the country’s 52 million population had received at least one vaccine shot.

The plan will involve investment in nurturing 200 new medical scientists, 10,000 clinical trial professionals, and 2,000 bio-production every year.

The country's health ministry said that tax breaks and other incentives will be offered to help firms localise raw materials, parts and equipment.

The government will also earmark funds to support the development of homegrown vaccines, including securing original technology for mRNA products

While South Korea is world’s second-largest manufacturer of biomedicines and home to global drug makers like Samsung Biologics and SK Bioscience, it has very limited capability in vaccine manufacturing.

SK Bioscience's synthetic antigen-based vaccine is set to enter the phase three clinical trial during the latter half of this year.

A consortium of local companies have come together to form a mRNA vaccine consortium with a view to developing a Korean vaccine by the end of next year.

The country's health ministry is seeking to expand international cooperation by forging vaccine partnerships with Germany, Britain and other countries, and bringing in foreign investment and companies.