Minister of Foreign Affairs Cho Tae-yul Meets with CEO of Coalition for Epidemic Preparedness Innovations (CEPI)

1. Minister of Foreign Affairs Cho Tae-yul met with CEO Richard Hatchett of the Coalition for Epidemic Preparedness Innovations (CEPI) on Monday, August 26, in Seoul during the latter's visit to Korea. The two sides discussed ways to strengthen cooperation between the Republic of Korea and CEPI, including expanding CEPI's investment in Korean biotech companies.

※ CEPI is a global public-private partnership platform launched on the occasion of the Davos Forum in 2017 to secure funds for the development and stockpiling of vaccines for new infectious diseases.

2. Minister Cho said that the Korean government has expanded its contribution to the international community by significantly increasing its offical development assistance (ODA) budget for this year. He also explained that the Korean government's 18 million U.S. dollar support to CEPI this year is part of its commitment to contribute to strengthening global health systems.

3. CEO Hatchett noted that Korea's contribution is playing a significant role when many countries find it difficult to continue their contributions to global health organizations due to global issues such as the Russia-Ukraine war. He also mentioned that CEPI is maintaining a mutually beneficial relationship with Korea by investing more than 410 million U.S. dollars in Korea's institutions and companies such as SK Bioscience in order to support vaccine development, and that Korea-CEPI cooperation is expected to continue in various fields.

※ CEPI announced its plan to invest a total 400 million U.S. dollars in SK Bioscience's efforts to develop COVID-19 vaccines and mRNA vaccine platforms.

4. Minister Cho emphasized the need for CEPI's continued investment in Korean companies and asked for its efforts to diversify bilateral cooperation, including through the WHO Global Training Hub for Biomanufacturing.

※ In 2022, the WHO designated Korea as the sole global hub for training personnel for the production of vaccines and bio products in middle and low income countries.

5. The Korean government contributed 33 million U.S. dollars to CEPI from 2020 to 2023 and is participating in the Investors Council of the organization. Accordingly, CEPI plans to hold its Board meeting in Korea for the first time from Thursday, August 29, to Friday, August 30. CEO Hatchett also plans to have discussions with Korean companies and the International Vaccine Institute (IVI) during his visit to Korea.