KDB Industrial Bank Provides 30 Billion KRW Facility Fund to Ajou Steel, the First Reshoring Project
Support for Construction of Ajusteel Smart Factory Following Withdrawal of Philippine Manila Corporation
Proactively Identifying Demand from U-Turn Companies for Active Financial Support in the Future
[Asia Economy Reporter Kangwook Cho] KDB Industrial Bank is accelerating efforts to align with the government's reshoring policy.
On the 27th, the bank announced that it recently provided financial support worth 30 billion KRW for the construction of a smart factory for Ajou Steel Co., Ltd. located in Gumi, Gyeongbuk. Ajou Steel is the first company to decide on reshoring since the introduction of the 'Comprehensive Package for Expanding the Attraction of U-Turn Companies' at the emergency economic meeting presided over by the president on June 1st.
Ajou Steel withdrew its Manila, Philippines subsidiary, which had been continuously operating at a loss due to deteriorating profitability. Subsequently, the company plans to invest a total of 60 billion KRW in two phases to build a smart factory in the Gimcheon 1 General Industrial Complex next month for the production of eco-friendly construction and home appliance interior and exterior materials.
KDB Industrial Bank executed financial support of 30 billion KRW to ensure the successful reshoring of Ajou Steel. Earlier, on the 13th, the bank signed a memorandum of understanding with Gyeongsangbuk-do for 'mutual cooperation to support reshoring and productivity advancement of small and medium-sized enterprises in the Gyeongbuk region.'
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A bank official stated, "Starting with this reshoring financial support and the memorandum of understanding, we plan to continuously strive to contribute to revitalizing the economy by supporting the successful smart reshoring of domestic small and medium-sized enterprises through long-term low-interest policy funds such as the 'Equipment Investment Boom-up Program' and 'Job Creation Enterprise Support Fund.'"
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