Eun Sung-soo, Financial Services Commission Chairman - Policy Finance Institution Heads "Korean New Deal Cooperation" Consensus

Exchange of Opinions at Breakfast Meeting
Chairman Lee Dong-geol: "Discussion on Inducing Private Liquidity to Support Innovative Companies"
President Yoon Jong-won: "Exploring Support Measures for SMEs Including Green New Deal"

Financial Services Commission Chairman Eun Sung-soo is having a breakfast meeting with heads of policy financial institutions at a restaurant in Yeouido on the 29th. From the left, clockwise: Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund; Lee Dong-geol, President of the Korea Development Bank; Yoon Jong-won, President of the Industrial Bank of Korea; Eun Sung-soo, Chairman of the Financial Services Commission; and Bang Moon-kyu, President of the Export-Import Bank of Korea.

[Asia Economy Reporter Kangwook Cho] Eun Sung-soo, Chairman of the Financial Services Commission, met with Lee Dong-geol, President of the Korea Development Bank, Yoon Jong-won, President of the Industrial Bank of Korea, Bang Moon-kyu, President of the Export-Import Bank of Korea, and Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund, to discuss key issues and urged active participation in the 'Korean New Deal.' The heads of policy financial institutions agreed to explore multifaceted measures such as financial support for the digital and green New Deal sectors and inducing private investment by maximizing the capabilities of each institution.

According to the Financial Services Commission on the 29th, Chairman Eun held a breakfast meeting with the heads of policy financial institutions at a restaurant located in Yeouido, Seoul. At the meeting, Chairman Eun emphasized the role of policy financial institutions in the successful promotion of the 'Korean New Deal.'

He stated, "The 'Korean New Deal' initiative, promoted by the previous government, will be an important opportunity to lay the foundation for stable growth as a leading economy," adding, "For the success of the project, the financial sector must play an active role to concentrate market funds into innovative and productive sectors."

The heads of policy financial institutions expressed strong agreement with the purpose of the 'Korean New Deal,' which aims to fundamentally improve the economic and social structure, anticipating significant changes in the global environment following the COVID-19 pandemic.

Lee Dong-geol, President of the Korea Development Bank, introduced an internal task force consisting of 16 department heads to support the project. Through this, they plan to review support for innovative companies in the New Deal sector and ways to guide private liquidity into the New Deal sector, and discuss these with the government.

Yoon Jong-won, President of the Industrial Bank of Korea, said they are reviewing tasks related to strengthening support for the renewable energy sector (Green New Deal) and promoting non-face-to-face and digital finance (Digital New Deal) to ensure the successful establishment of the project. He specifically mentioned seeking measures to support small and medium-sized enterprises related to the New Deal.

Bang Moon-kyu, President of the Export-Import Bank of Korea, stated, "We are reviewing measures to provide financial support benefits when companies participating in the Korean New Deal engage in export-import and overseas market entry," adding, "We will actively support our companies to lead the global market through this."

Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund, said, "We are forming a working-level consultative body related to the Korean New Deal and discovering detailed promotion tasks through workshops," and added, "We will consult with the government as soon as detailed measures such as guarantee support are prepared."

Additionally, the heads of policy financial institutions expressed their commitment to faithfully fulfill their roles in stabilizing the financial market and supporting small, medium, and micro enterprises until the crisis caused by COVID-19 is resolved. They also said they would proactively consider extending measures such as loan and guarantee maturity extensions. However, they voiced difficulties in personnel management due to increased workload, aging staff, and an increase in wage peak personnel.

Chairman Eun said he would consider various measures to expand new hiring, including improving the personnel structure. He also urged the Korea Development Bank to ensure thorough management of the Industrial Stability Fund's practical operations.

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