South Korean President Moon Jae-in said he plans to invest 2.2 trillion won ($1.92 billion) to turn the country into one of the world's five largest Covid-19 vaccine manufacturing bases by 2025, his office said.

The remarks were made at a meeting of a public-private committee newly launched to explore ways to boost vaccine production amid global supply shortages and shipment delays, Reuters reports.

Moon said he will designate Covid-19 vaccines as one of the three national strategic technologies, along with semiconductors and batteries, to ramp up investment, tax breaks and other incentives to help firms localise materials, parts and equipment.

“We will strive to take a leap forward to become one of the top five global vaccine producers by 2025,” Moon told the meeting, pledging 2.2 trillion won ($1.92 billion) over the next five years.