Sooeun Invests 100 Billion KRW in Next-Generation Mobility Sector
9 Fields Including Next-Generation Power Devices
[Asia Economy Reporter Kim Jin-ho] The Export-Import Bank of Korea announced on the 25th that it will launch a 100 billion KRW investment project to foster the next-generation mobility sector.
This investment decision by the bank was made to rapidly shift the automotive paradigm centered on future vehicles and to provide a catalyst investment for the creation of a private-led space development ecosystem.
The bank's 100 billion KRW investment will be focused on next-generation mobility sectors related to the K-New Deal, including electric, hydrogen, autonomous vehicles, urban air mobility (UAM), eco-friendly ships, and aerospace. The final fund size is expected to exceed 400 billion KRW.
To align with the government's K-New Deal policy and to maximize the fund managers' investments in the next-generation mobility sector, the bank will offer incentives. Specifically, if fund managers commit to investing at least 1.5 times the bank's contribution in the next-generation mobility sector and exceed this amount, a portion of the benchmark returns attributable to the bank will be provided to the fund managers as incentives.
Bank President Bang Moon-kyu stated, "The automotive industry, traditionally represented by internal combustion engines, is transforming into a service-oriented paradigm characterized by eco-friendliness and intelligence through convergence with advanced industries such as information and communication technology (ICT). We will support our companies with mid- to long-term funding necessary for technology development and facility investment so they can quickly transition to related parts, materials, and upstream and downstream industries to capture the market."
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The bank's next-generation mobility fund investment project was announced on the bank's website on the 23rd. After selecting fund managers and obtaining approval from the Minister of Strategy and Finance, the goal is to finalize the fund formation in the second half of the year.
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