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[Alpha Biz=(Chicago) Reporter Paul Lee] The government will expand the size of policy financing to 91 trillion won to foster global super-gap industries such as semiconductors and secondary batteries. 

 

Seven more industries, including aerospace and carbon materials, were additionally designated as future promising industries and business restructuring targets, raising the policy financing supply target by 10 trillion won from the original plan. In addition, it plans to foster new industries by creating an innovative growth fund worth 3 trillion won.

The Financial Services Commission held its second policy financial support meeting at the Korea Federation of Banks in Jung-gu, Seoul on the 22nd, attended by industrial policy-related ministries such as the Ministry of Trade, Industry and Energy, the Ministry of Science and ICT, and the Ministry of Health and Welfare, as well as policy financial institutions such as the Korea Development Bank, the Industrial Bank of Korea, and the Korea Credit Guarantee Fund.

The meeting discussed plans to supplement the supply of funds to policy financial institutions that reflect recent industrial issues, plans to create innovative growth funds, and ways to reform the joint standards for innovative growth this year to improve the operation of joint standards for innovative growth.

Kim So-young, vice chairman of the Financial Services Commission, said, "We plan to add 7 industries as targets for policy finance and expand the supply of policy finance to 91 trillion won in each department's key areas by reflecting the current industrial issues such as newly announced policies by department." 

 

“We will create an innovative growth fund with a total scale of 3 trillion won to enhance growth engines through fostering new future industries and scale-up of venture companies,” he added.

The government has decided to increase the supply of policy financing funds to 91 trillion won.

The government also plans to create an innovative growth fund worth 3 trillion won. The fund consists of an innovative industry fund (worth 1.5 trillion won) that fosters new industries and creates growth engines and a growth support fund (worth 1.5 trillion won) that fosters global unicorn ventures.

The innovative industry fund will invest more than its policy investment in global super-gap industries and future promising industries such as future mobility, space exploration, quantum technology, and future medical care. In particular, it will invest more than 60% of its formation in small and medium-sized companies. The growth support fund will focus on the middle and later stages of sluggish development of private capital to support the emergence of global unicorn companies.

 

 

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