Hyundai Motor and Others to Invest 90 Billion KRW This Year in Policy-Type New Deal Sub-Fund from the Private Sector
MOU on 'Industry-Finance New Deal Investment Cooperation' in Future Cars and Industrial Digital Sectors
Future Car and Industrial Digital Sector 'Industry-Finance New Deal Investment Cooperation' MOU
View original image[Sejong=Asia Economy Reporter Joo Sang-don] Hyundai Motor Group, the Korea Evaluation Institute of Industrial Technology (KEIT), and the Korea Institute for Advancement of Technology (KIAT), along with other private investment institutions, have agreed to invest a total of 90 billion KRW in sub-fund matching funds for the policy-type New Deal Fund in 2021.
On the 4th, the Ministry of Trade, Industry and Energy announced that industry, finance, and policy-type New Deal Fund management institutions gathered at Hyundai EV Station Gangdong to sign a "Future Mobility and Industrial Digital Sector Industry-Finance New Deal Investment Cooperation Memorandum of Understanding (MOU)" reflecting this agreement.
Through the MOU, private investment institutions and New Deal Fund management institutions agreed to mutually cooperate to establish a future mobility and industrial digital investment fund worth a total of 200 billion KRW this year as a sub-fund of the policy-type New Deal Fund. To this end, Hyundai Motor Group and KEIT plan to invest 30 billion KRW each, KIAT 20 billion KRW, and IBK Industrial Bank 10 billion KRW, totaling 90 billion KRW in policy-type New Deal sub-fund matching funds.
The financial sector participating in the MOU plans to invest a total of 1.1 trillion KRW (IBK Industrial Bank 1 trillion KRW, Hana Financial Group 100 billion KRW) in the New Deal Fund over the next five years.
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Seong Yoon-mo, Minister of Trade, Industry and Energy, said, "I hope that today’s Future Mobility and Industrial Digital Investment Fund will supply sufficient patient capital to innovative companies in the future mobility sector and become a new successful model of industry-finance investment cooperation that fosters a dynamic industrial ecosystem." He added, "The Ministry of Trade, Industry and Energy will focus on promoting future mobility transitions such as electric and autonomous vehicles, expanding green energy like solar and wind power, smart green industrial complexes, and industrial digital transformation."
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