Establishment of a Biotech manufacturing cluster to increase accessibility and affordability of healthcare and medical equipment in Central America
- Sector: Health
- Year: 2020
- Beneficiary Executing Agency:
Ministries of Commerce, Science, Technology, and Innovation and Investment Promotion Agencies
The Republic of Korea´s response to COVID-19 is globally recognized as a benchmark. ROK has strategically invested in critical biotechnology manufacturing infrastructure and has shown that proper investments in pandemic preparedness and infrastructure development can enable countries to overcome pandemics effectively.
The COVID-19 pandemic exposed many flaws of global healthcare systems, especially in Central America (CA), where inequality is high and access to healthcare services is limited, which is exacerbated by the region being very dependent on foreign manufacturers. In this regard, the Republic of Korea can transfer its knowhow and technologies to the region.
Support the Bank implement a strategy to attract foreign companies, South Korean Bio-Technology firms within the healthcare, medical equipment, services and manufacturing sectors to form a biotechnology cluster in a member country. As well as, increase the accessibility and affordability of healthcare products and services within the region by manufacturing critical products and equipment in Central America (CA).
Upon the execution of this technical cooperation there will be an assessment of the readiness and relative attractiveness of member countries to identify the host country of the Biotechnological Cluster. As well as the identification and engagement of potential South Korean investors and local investors.