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Trade Minister discusses investment with Thermo Fisher Scientific for global vaccine hub 2022-05-11

Trade Minister Yeo held a videoconference on May 9 with Thermo Fisher Scientific, a U.S. supplier of scientific instrumentation, consumables, and software services, to discuss investment prospects of establishing a life science materials production plant in Korea amid the company’s plans to expand its vaccine materials infrastructure.

Thermo Fisher Scientific is a global producer of both raw and subsidiary life science materials with approximately 100,000 personnel across 60 countries. It plans to invest over USD 650 million in expanding vaccine production plants in candidate locations like the U.S., Europe and Asia. Specific region and investment scope are still being contemplated.

This meeting is a follow-up to Minister Yeo’s visit to the company’s Korean branch office in April, convened to discuss matters of investment in Korea with Thermo Fisher Scientific Headquarters' executives.

Making mention of the KORUS Global Vaccine Partnership and Korea’s global vaccine hub roadmap, Minister Yeo relayed to Thermo Fisher Scientific’s Senior Vice President Dan Shine the favorable investment environment and government support program Korea can offer. Korea has designated vaccines as one its national strategic technology areas and provides investment tax cuts, rent concessions, and cash subsidies to particularly high-performing foreign-invested companies.

Moreover, the trade chief emphasized the successful business progress of Thermo Fisher Scientific since entering the Korean market in 1994, promising Korea’s continued contribution as world’s second leading bio medical products manufacturer.

In a move towards achieving its global vaccine hub vision, Korea sealed investment deals with Cytiva and Sartorius in 2021, two life science companies based in the U.S. and Germany, respectively.