Headline, May 25, 2021

"Uzbekistan declares the Aral Sea region a zone of environmental innovations"

Over the past years, under the leadership of the President of Uzbekistan Shavkat Mirziyoyev, comprehensive measures of unprecedented scale and significance have been carried out in the field of solving environmental problems. Measures to solve problems associated with the consequences of the drying up of the Aral Sea are outlined as the most important priorities in this direction. All this is gaining great urgency and relevance in the context of global climate change and worsening environmental disasters. Today, there is a growing understanding in the world that the negative changes associated with the Aral Sea catastrophe pose a serious threat not only to the countries of Central Asia, but also to sustainable development on a global scale. President of the Republic of Uzbekistan Shavkat Mirziyoyev addressed the 72nd session of the UN General Assembly on the issue of drying up the Aral Sea On May 18, 2021, during the plenary meeting of the 75th session of the United Nations General Assembly, at the suggestion of the President of the Republic of Uzbekistan Shavkat Mirziyoyev, a special resolution was unanimously adopted on declaring the Aral Sea region a zone of environmental innovations and technologies.

‘Korea seeks a solid foundation for steady advancement of the ROK-U.S. alliance’

The followings are the opening remarks by President Moon Jae-in at Joint Press Conference following the ROK-U.S. Summit in the U.S. on May 22. _ED. President Biden and Vice President Harris, I am deeply grateful to you for your special hospitality. The Korean and U.S. leaders and their delegations having face-to-face discussions today will bring hope for overcoming COVID-19 and become a meaningful gift to both Koreans and Americans on the 139th anniversary of diplomatic relations. President Moon Jae-in (left) and U.S. President Joe Biden hold a joint press conference in the U.S. President Biden and I had candid conversations like old friends as we spent several hours together for the ceremony to award the Medal of Honor to a Korean War veteran as well as at the one-on-one and expanded summits. We confirmed that our interests and commitments are the same on many issues, including the enhancement of democracy, inclusive growth, the broadening of the middle class, and climate change responses. In particular, we reaffirmed the robustness of the ROK-U.S. alliance and our shared vision of making our alliance even stronger.

Amb. Sripriya Ranganathan of India presents Lord Buddha Statue to Tongdosa Temple

The following article was contributed by the Embassy of India in Seoul to The Korea Post for publication which is also carried by the Korean-language Internet edition (www.koreapost.co.kr) as well as on the English Internet (www.koreapost.com). –Ed  The Embassy of India in Seoul, in collaboration with the authorities of the Tongdosa Buddhist Temple in Yangsan-si, Gyeongsanganm-do, organized a series of events in connection with the gift of a statue of Lord Buddha by the Indian Council for Cultural Relations (ICCR) to the people of the Republic of Korea. Photo shows Ambassador Ranganathan of India (sixth from left) with Ven. Hyun Moon (Head Monk of Tongdosa Temple) in white robes on her right. The meeting was also attended by Secretary to the President for New Southern and Northern Policy Yeo Han-gu, Reps. Park Seong-jun, Jeong Pil-mo, and Choi Jong-youn—together with other noted dignitaries from the  culture circles and academia. This included a handing-over ceremony at the Embassy of India in Seoul on April 30, 2021, an enshrining ceremony of the statue in Tongdosa on May 16, 2021 and a ceremony to dedicate the statue to the Korean people, coinciding with the Vesak celebrations on May 19, 2021.

S. Korea to Play Role of Facilitating Dialogue between N. Korea, US

Foreign Minister Chung Eui-yong said on Monday that South Korea will take appropriate steps to facilitate dialogue between North Korea and the U.S. when such a role is required. Appearing on a KBS program, the minister made the remarks while explaining the outcome of the recent summit between President Moon Jae-in and U.S. President Joe Biden. Chung noted that President Biden expressed support for "inter-Korean dialogue, engagement and cooperation" in a joint statement issued after the summit, which means that South Korea now has significant room and space in operating its North Korea policy. The minister refused to elaborate on strategies or discussions between Seoul and Washington over how to resolve the North Korean nuclear issue, saying that it would be inappropriate to make those details public just yet. But he added that the allies made a few very important agreements to reactivate the Korean Peninsula peace process at the summit by reaffirming the goal of achieving complete denuclearization and lasting peace in the region through diplomacy and dialogue.

Pentagon: US Working on Details of Vaccine Provision to S. Korean Troops

The U.S. Department of Defense said on Monday that it is working on the details of how and when U.S. vaccines will be provided to South Korean troops working with U.S. Forces Korea. U.S. President Joe Biden made a surprise announcement on Friday that the U.S. will provide COVID-19 vaccines to fully inoculate all 550-thousand South Korean troops that work closely with U.S. troops in South Korea. Pentagon spokesperson John Kirby said in a press briefing that the defense department obviously supports the president's direction to provide the vaccines. Kirby added that the U.S. is still working through the details of how that's going to occur. He also refused to provide any details when asked if the allies have plans to resume a large-scale joint military exercise. But he said that training with South Korea is a significant component of the U.S.' ability to meet its treaty commitments to South Korea, adding there will be constant assessments and reviews on what training events might be best.

S. Korea's Consumer Sentiment Rises for Fifth Month in May

South Korea's consumer sentiment rose for the fifth consecutive month in May as the country's economy is on a recovery path amid robust exports and the continuing COVID-19 vaccination program. According to the Bank of Korea on Tuesday, the composite consumer sentiment index(CCSI) came in at 105-point-two for May, up three points from the previous month. The index grew for the fifth straight month since December and marked the highest level since June 2018, when the sentiment index came to 106-point-three. A reading above 100 means optimists outnumber pessimists. The central bank said the index gained on expectations for an economic recovery amid strong exports and ongoing COVID-19 vaccinations. Meanwhile, a subindex measuring people's future outlook on housing prices, which is not factored into the consumer sentiment index, rose two points on-month to 124 in May to post the first gain this year.

DP recommends gov't offer distancing rule exemptions for fully vaccinated people

The ruling Democratic Party (DP) on Monday recommended the government provide fully vaccinated people with incentives, such as exemptions from self-quarantine and the gatherings ban, in order to speed up the government's vaccine campaign, party officials said Monday. In a ruling party-government meeting, the DP's COVID-19 vaccine committee made such a recommendation to health authorities regarding those who have completed their vaccine regimens, according to committee chairperson Rep. Jean Hye-sook. Currently, the greater Seoul area is under Level 2 social distancing, the third highest in the five-tier scheme, while the rest of the country is mostly subject to Level 1.5 distancing. Operating hours of commercial establishments, such as restaurants and bars, are also restricted to 10 p.m., with private gatherings of five or more people banned nationwide.

Moon orders thorough steps to follow up on his summit deal with Biden, Cheong Wa Dae says

President Moon Jae-in instructed the government and his Cheong Wa Dae team Monday to take thorough follow-up measures to implement his summit agreement with U.S. President Joe Biden, according to his office. Moon convened a meeting with his Cheong Wa Dae aides and also had a weekly meeting with Prime Minister Kim Boo-kyum as scheduled, a day after returning from his visit to the U.S. for the summit talks. Citing deals on economic cooperation, COVID-19 vaccines, the alliance and the Korea peace process, he issued an order for related ministries to let the people know about them in detail and feel the impact of concrete measures, Cheong Wa Dae spokesperson Park Kyung-mee said in a press statement.

'China is aware Moon-Biden statement targets China despite no mention of Beijing': Chinese amb.

China is aware that part of a joint statement from last week's summit between South Korea and the United States is targeted at Beijing, though it made no mention of the country, the top Chinese envoy here said Monday. Chinese Ambassador Xing Haiming made the remarks amid expectations that the statement following the first in-person summit between Presidents Moon Jae-in and Joe Biden on Friday could stir unease in China, as it touches on sensitive issues involving the Taiwan Strait and the South China Sea. "There was no mention of China, but it's not that (Beijing) is unaware it is targeting China," Xing told reporters after a forum, noting he watched the summit between Moon and Biden unsatisfactorily. "For instance, the Taiwan issue is an internal Chinese affair, but that was brought up. There exists no problem with the South China Sea as free transit is guaranteed. That's a matter involving China and its neighboring countries," he added.

US ready to engage with North Korea: Blinken

The US has put the diplomatic ball in Pyongyang’s court, with its Secretary of State Antony Blinken stressing that Washington is prepared to engage with North Korea to discuss denuclearization, but it remains uncertain whether the reclusive regime will respond. “We are waiting to see if Pyongyang actually wants to engage. The ball is in their court,” Blinken said in an interview with ABC on Sunday, adding that Washington is prepared to pursue diplomacy with the North even as the sanctions remain in place. Blinken’s remarks come after US President Joe Biden’s summit with South Korean President Moon Jae-in in Washington on Friday. At the meeting Biden demonstrated a clear willingness to engage in dialogue with Pyongyang toward the goal of the complete denuclearization of the Korean Peninsula and said he would meet the country’s leader, Kim Jong-un, under the right conditions.

Military prepares to receive new US vaccines

The Ministry of National Defense said Monday that it will consult with health authorities as it prepares to receive new coronavirus jabs from the US to vaccinate 550,000 Korean soldiers. The supply could cover the entire armed forces. The aid comes as part of a comprehensive COVID-19 partnership that President Moon Jae-in and US President Joe Biden reached at their in-person meeting in the US last week. The Korean military, which has yet to find out when it is receiving the vaccines or which vaccine it will get, has finished giving first doses of COVID-19 vaccines to about 80 percent of all service members aged 30 and above, and plans to inoculate younger troops as early as next month. A week earlier, the US military offered Johnson & Johnson vaccines to Korean troops. Neither side confirmed how many shots were administered.

S. Korea, U.S. vow to strengthen space cooperation

Defense Minister Suh Wook met with the U.S. Space Command chief on Monday in Seoul and discussed ways to boost bilateral cooperation in space and other defense fields, the defense ministry said. Gen. James Dickinson is in South Korea to meet senior defense leaders here, according to officials. His detailed itinerary is not immediately available. During the meeting, Suh and Dickinson noted cooperation in the space field that began in earnest in 2013, and shared the need to continue efforts together to maintain a strong deterrence and better deal with growing space threats, according to the ministry. “The two sides discussed ways of cooperation to ensure safe space environments and to advance the Korea-U.S. alliance,” the ministry said. “They vowed to beef up bilateral space cooperation further down the road.”

Korea faces China dilemma after fruitful summit with US

Korea and the United States promised to strengthen their ties not only in security but also economic development at a summit between President Moon Jae-in and his U.S. counterpart President Joe Biden, Friday (local time). But one of the daunting tasks that remain for Moon is how to address Seoul's relations with Beijing in the immediate future. The Moon administration has been relying on a balancing act between the U.S. and China due to their respective strategic and economic importance to Korea, but a joint statement released after the summit indicated that the balance of its strategic diplomacy has been tipped in Washington's favor. In response, China expressed concern about the statement Monday, saying it was interference in its domestic affairs. Chinese Foreign Ministry spokesman Zhao Lijian said, "China cannot tolerate any foreign interference on the Taiwan issue," referring to a reference made in the statement to the Taiwan Straits and freedom of navigation in the South China Sea. The spokesman said neighboring countries should be careful about their rhetoric on the Taiwan issue and there were no problems regarding the South China Sea because each country was enjoying freedom of navigation and aviation.

G7 envoys urge Korea to take bigger role on international stage

Envoys to Korea from the G7 countries said Korea's participation in the upcoming G7 Summit in Britain shows its enhanced status in the international community, encouraging it to play a bigger role in resolving global challenges. Their remarks came during a roundtable of diplomatic missions from the G7, May 13, co-organized by The Korea Times and the Korea Foundation (KF). The event was held about a month ahead of the summit, slated for June 11 to 13 in Cornwall, England, where Korea has been invited as a guest country along with India, Australia and South Africa. At this year's summit, the participating nations will discuss how to tackle a handful of urgent global issues, such as the COVID-19 pandemic and climate change. Envoys from the G7 countries ― Ambassadors Simon Smith of the United Kingdom, Michael Danagher of Canada, Philippe Lefort of France, Michael Reiffenstuel of Germany, Federico Failla of Italy, Maria Castillo Fernandez of EU and U.S. Charge d'Affaires ad interim Robert Rapson ― took part in the roundtable to discuss the importance of the summit and share their thoughts on the potential agenda. A representative from the Japanese Embassy in Seoul, another G7 member, was unable to attend.

Regulators pressed to apply measures amid crypto volatility

The Financial Services Commission's (FSS) lackluster attitude toward the handling of the burgeoning cryptocurrency market here is escalating the confusion felt by investors. After FSC Chairman Eun Sung-soo shared his ultra-negative views of the booming digital currency market last month, the regulator remains taking a wait-and-see approach, without taking any concrete actions or sharing specific regulatory plans. This passive approach is due to fears that issuing any warnings without a detailed future policy roadmap will end up widening the volatility of major large-cap cryptocurrencies. But market experts are calling for the FSC to no longer delay announcing regulatory guidelines at a time when central governments from other economic powerhouses ― such as the United States and China ― are taking preemptive steps to minimize market confusion. For now, it is shifting the responsibility onto commercial banks, urging them to sign partnerships with crypto exchanges based on their own judgment. Major banks, such as KB, Hana and Woori, are not opening any real-name accounts for exchanges due to the risk that they will be held responsible for any financial incidents involving cryptocurrency transactions.

Moon Welcomes Appointment of Special Envoy on N.Korea

President Moon Je-in has expressed delight at the appointment of veteran point man Sung Kim as U.S. President Joe Biden's special envoy to North Korea. Biden made the surprise announcement at a joint press conference with Moon at the White House last Friday. Moon welcomed it as an expression of Washington's "strong will" to have dialogue with Pyongyang. On Sunday, Moon called Kim's appointment a "surprise present." "We expect that this will bring North Korea to the negotiation table," a Cheong Wa Dae spokesman said. However, Kim will continue to serve as U.S. ambassador to Indonesia, so the post seems to be largely symbolic and thrown to Moon as a friendly sop in return for massive Korean investment in the U.S. "He reminds me of Stephen Bosworth, who was a part-time special envoy as he served both as the dean of a college and special representative for North Korea policy during the Obama administration," a former senior diplomat said. The post had been vacant for four months, which prompted speculation that North Korea is low on the Biden administration's list of priorities.

Biden Promises Vaccines for Korean Soldiers

President Moon Jae-in was disappointed in hopes of securing substantial amounts of coronavirus vaccines from his U.S. counterpart Joe Biden over the weekend, but Biden promised to send enough to vaccinate Korean soldiers who work with the U.S. Forces Korea. He made the announcement during a joint press conference with Moon after their summit at the White House last Friday. "There are 550,000 Korean soldiers, sailors, airmen who work in close contact with the American forces in Korea," Biden said. "We'll provide full vaccinations for all 550,000 of those Korean forces engaging with American forces on a regular basis, both for their sake, as well as the sake of the American forces." But Vice Health Minister Kang Do-tae said Sunday more discussion is needed which vaccine they will get. Presumably they will be given the same Pfizer, Moderna or Johnson & Johnson vaccines as the USFK. "We expect that a detailed decision will be made in the near future," a Defense Ministry spokesman said Sunday. Vaccination of some 110,000 Korean soldiers and civilian military employees over 30 who agreed to take the AstraZeneca vaccine is nearly complete. Pfizer and other vaccines will be given to another 420,000 soldiers under 30 soon.

N.Korea Wipes Moon from Diplomatic Record

North Korea has pointedly left pictures of recent summits with President Moon Jae-in out of a book celebrating the alleged diplomatic achievements of leader Kim Jong-un. The North seems to feel duped by South Korea after several summits with the U.S. that Moon brokered led to no easing of international sanctions. The book pictures Kim rubbing shoulders with world leaders like Chinese President Xi Jinping, Russian President Vladimir Putin and former U.S. President Donald Trump. It describes the 2018 U.S.-North Korea summit as a "miraculous" meeting that "wrote a new history" in bilateral relations. Pictures show Kim and Trump shaking hands, sitting face-to-face at a meeting, signing a joint statement as well as the meeting hall, commemorative coins, stamps and foreign press clippings. It even describes the abortive 2019 U.S.-North Korea summit in Hanoi as the "historic second reunion." And although Trump's brief meeting with Kim at the border truce village of Panmunjom four months later is celebrated over 10 pages, none of them show Moon, who was also there.

Moon, Biden’s agreement on approach to N. Korea based on Panmunjom, Singapore statements represents progress

During a Friday summit at the White House, South Korean President Moon Jae-in and US President Joe Biden discussed the US’s North Korea policy and cooperation on a range of issues, including COVID-19 vaccines, semiconductor and battery supply chains and China policy. Moon and Biden agreed during the summit to seek an approach to North Korea involving dialogue and diplomacy and based on an inter-Korean statement signed in Panmunjom in April 2018 and the North Korea-US statement signed in Singapore that June. That agreement represents significant progress. The Biden administration was initially critical of Trump’s “top-down” approach to dialogue with North Korea, which was focused on summits. But in his summit with Moon, Biden shifted his stance to upholding the Singapore joint statement, a hallmark of Trump’s approach. That was the result of the South Korean government’s tireless campaign to win over the Biden administration.

S. Korea-US alliance evolve into global partnership from security agreement

The “U.S.-ROK Leaders’ Joint Statement” announced Friday afternoon after a summit in Washington between South Korean President Moon Jae-in and US President Joe Biden is poised to go down as a milestone heralding a “new era” in the bilateral relations and a dramatic break from their history over the past seven decades. The two leaders declared that the South Korea-US alliance had been upgraded into a truly global alliance, declaring their relationship as a “linchpin for the regional and global order” with a significance that “extends far beyond the Korean Peninsula.” This signifies that the scope of roles and responsibilities that Seoul has to contend with have broadened beyond the regional framework of the Korean Peninsula and North Korean nuclear issue into a wider range of areas that include the promotion of values of democracy and human rights — which amounts to an effort to contain China — as well as compliance with international norms and cooperation on advanced industry areas.

Samsung Biologics to produce Moderna COVID-19 vaccines in S. Korea on consignment

Samsung Biologics (Samsung Bio) and the US-based global pharmaceutical company Moderna concluded a contract for fill-finish manufacturing of COVID-19 vaccines. Moderna also signed a separate memorandum of understanding (MOU) on discussions with the South Korean government over potentially investing directly to build vaccine production facilities in South Korea. For now, the focus has been on South Korea establishing strategic diversity to prepare for the possibility of the current pandemic dragging out into the long term — as the latest agreement means that South Korean businesses will be involved in consignment production on three out of four different types of COVID-19 vaccines, including ones based on mRNA technology. But it's uncertain how much practical benefit the consignment production deals will bring in terms of increased domestic vaccine availability and profitability for the companies involved. Some observers have noted that the Samsung Bio arrangement only involves a low level of cooperation in filling and packaging, without any transfer of the manufacturing technology for the vaccine solution.

Maryland Gov. Hogan pledges $250,000 for the ‘Wall of Remembrance’

Maryland Governor Larry Hogan said Saturday local time that the State of Maryland will provide 250,000 U.S. dollars for the “Wall of Remembrance” for war dead from the Korean War, which will be constructed in Washington, D.C. The State of Maryland plans to donate 250,000 dollars for maintenance and repair of the Wall of Remembrance through the Korean War Veterans Memorial Foundation, which is the first one among the U.S. state governments. The Wall of Remembrance, a sculpture standing 1 meter in height and measuring 50 meters in circumference, will be erected to remember the sacrifice of Korean War veterans. Ground was broken for the structure on Friday. The scripture will have the names of 36,574 American soldiers and some 7,000 KATUSA soldiers of the Korean Army who perished in the Korean War. The State of Maryland said, “More than 15,000 Marylanders participated in the war and 531 of them lost their lives.”

Pres. Moon praises his summit with Biden as the best one ever

South Korean President Moon Jae-in sees the South Korea-U.S. summit as one of the most successful summits ever. Moon mentioned on social media on Saturday (local time) after his meetup with U.S. President Joe Biden, "The meeting produced the best ever outcomes. It was a better-than-expected achievement,” adding that it was the best visit with the perfect discussion part of it. The South Korean president gave a meaning to a partnership with Washington for vaccines and direct support of vaccines for South Korean military troops, saying that he was told that despite public opposition within the United States, the U.S. government put a high value on the alliance with South Korea. The ruling Democratic Party of Korea has issued welcome messages in series. "My heart is full,” Ruling party leader Song Young-gil said on Facebook on Saturday. “The summit talk brought about greater outcomes than hoped across the whole agenda items including vaccine supply, economic cooperation and bilateral partnership.” Lee Nak-yeon, the former chairman of the ruling party, assessed the removal of the missile guidelines as the best ever achievement made in the history of South Korea. 　

BOK to test digital currency from August

The Bank of Korea (BOK) will begin experimenting with a central bank digital currency (CBDC), a digital currency to be issued by the central bank from August. The BOK said the experiment does not presume the issuance of a CBDC. “We will launch CBDC simulations in August and complete the first stage of experiments for the basic functions of a CBDC by December,” said the central bank on Monday. The BOK will create a CBDC experiment environment on a public cloud to enable users to exchange their deposits for the CBDC or use the CBDC to buy products and services to verify the utility and technical feasibility of the CBDC. A CBDC, a currency electronically issued by a central bank, does not have credit risks, unlike cryptocurrency. The bank will begin the second-stage experiments next year to test CBDC transfers between countries and offline CBDC transfers and payments in an environment with no access to the Internet. The BOK allocated up to 4.96 billion won of budget to the research on a CBDC. The BOK said there is no huge need to issue a CBDC at the moment. “The research is in the case for changes in the future payment environment,” said a member of the BOK. “When the use of cash diminishes significantly, a CBDC can emerge as a safe asset and a means of payment.”

South Korea Regains Role to Restore Dialogue Between N.K. and the U.S., But No Carrots for North Korea

President Moon Jae-in and U.S. President Joe Biden stated the Panmunjom Declaration along with the Singapore Joint Statement as the foundation for their policies on North Korea, giving the South Korean government room to encourage talks between North Korea and the United States with progress in inter-Korean relations. President Moon is expected to promote contact with North Korea based on the results of the latest summit in Washington and concentrate on creating an opportunity for the North and the U.S. to resume talks in his last year in office. However, the agreement on North Korean policies was declarative in nature and there were no specific “carrots” the North wanted, such as the lifting of sanctions, so it is unclear as to how North Korea will respond. In the joint press conference following the summit between the leaders of South Korea and the United States at the White House on May 21 (local time), President Moon said, “President Biden and I reaffirmed our belief that dialogue based on commitments made between the two Koreas and between the U.S. and North Korea are essential for making a peaceful Korean Peninsula.” He continued and said, “President Biden expressed his support for inter-Korean dialogue and cooperation,” and added, “I expect a positive response from North Korea.”

“ROK-US Joint Military Exercises Could Be a Potential ‘Negotiation’ Card Against North Korea”

Paul LaCamera (57), an Army general who has been nominated for the commander of the United States Forces Korea (USFK) and the commander of the ROK-US Combined Forces Command spoke about the joint military exercises conducted by the two countries and said that he was aware the exercises were a potential card in negotiations with North Korea. LaCamera appeared at the Senate confirmation hearing on May 18 (local time) and when asked if he felt it was necessary to resume large-scale joint military exercises, which had been scaled back after the North Korea-U.S. summit in Singapore in 2018, LaCamera stressed the importance of the joint exercises in securing readiness and argued that the actual exercises were much better than computer simulations. He also said that it was his job to find a way to reduce the risks from not being able to conduct actual exercises. In the written answers LaCamera submitted ahead of the hearing, he spoke on the role of the joint military exercises in deterring North Korean aggression and said, “Exercises can both deter and provoke,” and added, “If confirmed, I will consult with both the ROK partners, Commander USINDOPACOM, and U.S. interagency partners to determine the appropriate scope and scale of an exercise designed to provide trade space to support the diplomatic goals.”

Korea turning into a global biologics and drug contract manufacturing base

South Korea has become unquestionable powerhouse in biologics contract manufacturing as Korean names have become responsible for global supplies of four Covid-19 vaccines available. Samsung Biologics’ fill-finish service to Moderna vaccine is added to the existing pipeline - SK Bioscience behind AstraZeneca and Novavax vaccines and Korus Pharm and Huons Global consortiums behind Russia’s Sputnik V. Samsung Biologics shares gained 0.46 percent and SK Bioscience 1.55 percent in early Monday trading due to weekend confirmation on their deals with U.S. vaccine makers. Samsung Biologics closed the day 0.35 percent lower at 858,000 won ($761.25) while SK Bioscience ended up 0.93 percent at 163,000 won. Korean CMOs have been approached by vaccine developers as they have preemptively achieved economies of scale.

BOK to outsource trial on central bank digital currency in Aug

The Bank of Korea (BOK) will test out the viability of a central bank digital currency (CBDC) as an actual currency through an outsourced project, although it maintains the move should not be understood as a herald to its issue. The BOK announced it is opening the tender for an outsourced research on CBDC trial. At the first phase of the two-stage test, the central bank will create an environment for a mock test at public cloud based on distributed ledger technology and mainly check whether CBCD can be saved in a digital wallet for electronic payment, used for money transfer, used as substitute for bank deposits and payment method for buying goods and services. It will focus on scalability and security issues at the second phase of the study to see its potential to be used for overseas remittance, buying digital arts and copyrights and offline transactions.

Samsung Biologics’ Moderna deal may include tech transfer, speed up local rollout

Samsung Biologics Co. shares extended gains Monday morning as it was confirmed to become responsible for a bulk of Moderna’s global Covid-19 vaccine supplies and possibly secure mRNA-based vaccine technology as well as speeding up vaccine rollout at home. According to the pan-government support committee for Covid-19 treatment and vaccine on Monday, governments and drug makers of Korea and the United States have entered into four contracts and memorandum of understandings (MoUs) on vaccine production and research during a vaccine partnership event held in Washington on Friday and Saturday, local time, on the sidelines of Korea-U.S. summit talks. The centerpiece was Samsung Biologics’ vaccine consignment production deal with Moderna, a pioneer in commercializing messenger RNA (mRNA)-based therapeutics and vaccines.

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