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Korea Exim News

Korea Eximbank raises fund to foster core strategic industries and stabilize supply chains

Date 2022.02.23 View 4091

□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Bang Moon-kyu, “Korea Eximbank”) announced on February 23 that it will invest 100 billion won to create a fund targeting Korea’s core strategic industries including semiconductors, batteries, biohealth and future cars.

 

ㅇ The final fund size is aimed at 500 billion won or more.

 

ㅇKorea Eximbank plans to expand its investment destinations to cover both upstream as well as downstream companies in the supply chain of the core strategic industries and proactively manage supply chain risks and diversification, which have recently emerged as key issues for economic security.

 

* Core Strategic Industries: Korea Eximbank selected the semiconductor, battery, biohealth, and future car sectors with 48 categories as "core strategic industries" reflecting the government policies of "BIG3 Intensive Promotion Plan(Dec. 2020)" and "Korea-U.S. Partnership(May 2021)" aiming to secure future growth engines.

 

 

□ "We need to build a K-Supply Chain to ensure the stabilization of Korean companies’ position in global supply chains in preparation for the post-COVID-19 era and expand the exports of the industries leading innovative growth, such as BIG3," said Chairman Bang Moon-kyu.

 

ㅇ He added, “We need to equip and diversify our supply chains by fostering high-tech industries such as semiconductors and batteries, securing essential raw materials and parts in the related industries, expanding their overseas production bases, and promoting M&As of foreign companies with core technologies.”

 

 

□ Korea Eximbank's global investment plan for the core strategic industries will be announced on the bank’s website today. The fund is expected to be launched within this year once a fund operator is selected and the Minister of Strategy and Finance gives approval.

 

 

□ Apart from this fund, Korea Eximbank plans to contribute an additional 100 billion won in the first half of this year to support small-and medium-sized companies to enter overseas markets and make ESG investments.

 

 

□ Meanwhile, Korea Eximbank will provide a total of 14 trillion won in finance to the innovative growth industries, including 6.5 trillion won to the core strategic industries this year.