IBK, Ministry of Industry Sign MOU to Establish Technology Innovation Specialized Fund

[Asia Economy Reporter Kwon Haeyoung] On the 11th, IBK Industrial Bank of Korea signed a 'Business Agreement for the Establishment of a Technology Innovation Specialized Fund' with the Ministry of Trade, Industry and Energy at the Glad Hotel in Yeouido, Seoul, to invest in the research and development (R&D) activities of small and medium-sized enterprises (SMEs) and mid-sized companies.

According to this agreement, IBK will deposit and manage the Ministry of Trade, Industry and Energy's industrial technology funds and invest 180 billion KRW in the Technology Innovation Specialized Fund to support the technological innovation activities of SMEs and mid-sized companies. The Technology Innovation Specialized Fund will be established with a total scale of 500 billion KRW from IBK and private investors' resources.

IBK explained that the fund size is expected to increase further if government contributions or profitability expand in the future.

Additionally, in November last year, IBK was selected as the first-priority dedicated bank for industrial technology funds tendered by the Ministry of Trade, Industry and Energy and the Korea Institute for Advancement of Technology. Among the annual budget of about 50 trillion KRW, IBK will be responsible for managing approximately 30 trillion KRW, which is 60% of the budget.

Yoon Jong-won, President of IBK, stated, "We are honored to be able to supply venture capital to SMEs and mid-sized companies through a new R&D method," and added, "We will fulfill the role of a policy financial institution so that Korea can leap forward as a technological powerhouse centered on companies with technological capabilities."

This content was produced with the assistance of AI translation services.