Australia’s Victorian government has signed a memorandum of understanding with Korea Health Industry Development Institute to expand cooperation in mRNA vaccine research and manufacturing capabilities.

Under the deal inked on March 11, both parties agreed to make joint efforts to explore potential research collaboration and investment opportunities that may lead to the development of RNA ecosystems in their respective jurisdictions.

“Victoria has Australia’s largest biomedical ecosystem and is leading Australia’s RNA technology research and production capabilities, faithfully playing an unrivalled hub in Australia’s pharmaceutical and bio sectors,” said CEO Michael Kapel of the state-run mRNA Victoria in a statement.

The government agency is responsible for leading the Victorian government’s commitment to establish the state’s mRNA and RNA industry, providing domestic and international companies with market-entry support and facilitating the engagement and partnership for RNA research development, clinical cooperation, commercialization and manufacturing.

“The State of Victoria is Australia’s leader in pharmaceutical and biological manufacturing, responsible for nearly 60 percent of Australia’s pharmaceutical exports, while Korea has a high capacity in vaccines manufacturing, materials development and an outstanding workforce capacity in the sector,” said Victoria’s Commissioner to Korea Adam Cunneen.

He added that taking advantage of shared interest between the two countries, complementary strengths, and partnership would create a win-win opportunity for the development and commercialization of mRNA technology.

The Victorian government is seeking to build strong relationship with Korea, with a presence through a business office in Seoul to foster a mutually beneficial relationship with Korean business community, the statement read.