Korea Development Bank (KDB) Chairman Park Sang-jin speaks during a press conference at the bank headquarters on Yeouido, Seoul, Wednesday. Courtesy of KDB
Korea Development Bank (KDB) will spend 30 trillion won ($20 billion) this year for productive and inclusive growth of Korea’s high-tech industries and regional economies, the company head said Wednesday.
KDB Chairman Park Sang-jin said the drive can be advanced by the potential launch of a state-run investment entity in the southeastern region, upon the passage of related bills at the National Assembly, further helping the country move away from a Seoul-centric growth model toward more balanced, sustainable growth.
The head of the state-run policy lender also expressed hope for an orderly restructuring of HD Hyundai Chemical, a newly unified body between Lotte Chemical and HD Hyundai Chemical.
This can be a test case for effective and efficient government-led reform of many traditional, growth-driving manufacturing industries under pressure for downsizing and outright closures, in the face of new global supply-and-demand dynamics.
“We will mobilize our utmost efforts to provide 30 trillion won in financial aid packages before the year’s end,” Park said during a press conference at KDB headquarters in Seoul's financial district of Yeouido.
“We will hold seminars and information sessions in non-Seoul regions to help regional small and medium-sized businesses access government financial assistance," Park said.
Apart from the 30 trillion won earmarked as part of the Lee Jae Myung administration’s “National Growth” initiative, the state-run lender will spend 100 trillion won to strengthen the competitiveness of high-tech industries.
About 75 trillion won will be spent to extend financial support for businesses in non-Seoul areas to seek balanced growth.
Some 50 trillion won will be spent to further advance highly competitive industries, while about 25 trillion won in lending and investment will be extended for the Lee administration’s national growth drive.
Source: Korea Times News
