Policy Finance Support for National Strategic Projects... Launch of the 'Policy Finance Support Council'

Composed of Policy Financial Institutions and Industrial Departments for Effective Supply of Policy Funds

[Asia Economy Reporter Sim Nayoung] To strengthen policy finance support for national strategic industries, the 'Policy Finance Support Council,' comprising economic ministries and policy finance institutions, has been launched. The Policy Finance Support Council is a consultative body consisting of policy finance institutions and industrial ministries to effectively supply policy funds where needed.

On the 14th, Kim Soyoung, Vice Chairman of the Financial Services Commission, presided over the 1st Policy Finance Support Council meeting at the Government Seoul Office. The Financial Services Commission stated, "We discussed the direction of policy finance support for the next year together with related industrial policy ministries and policy finance institutions."

Participating government ministries include the Financial Services Commission, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, Ministry of Science and ICT, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of Culture, Sports and Tourism, and Ministry of Health and Welfare, all of which are industrial policy ministries. Policy finance institutions involved are the Korea Development Bank, Industrial Bank of Korea, and Korea Credit Guarantee Fund.

Within the council, each ministry proposes key industrial policy tasks in their respective areas and the necessary policy finance support to achieve them. Policy finance institutions and ministries discuss these tasks, and the policy finance institutions plan to finalize the annual fund supply direction by reflecting the agreed-upon content.

The council is scheduled to hold regular meetings twice a year as a principle. However, to enable prompt responses to industrial policy issues, ad hoc meetings will also be held as needed.

The council will also establish plans related to next year's fund supply direction. Focusing on national agenda items such as 'Securing a Super-Gap in Future Strategic Industries,' 'Fostering Promising New Industries like Bio and Digital,' and 'Advancing Industrial Structures such as Manufacturing,' the ministries will concentrate their capabilities on the industrial strategy fields they have proposed. The fund supply plan will be finalized and announced through a signing ceremony between related ministries and policy finance institutions on the 26th of this month.

Kim Soyoung, Vice Chairman of the Financial Services Commission, said, "Recently, major countries have been strengthening their domestic-centered industrial policies by restricting competitors' access to core technologies or domestic markets to reorganize global supply chains, and are competitively promoting active industrial development policies such as finance and taxation to secure a super-gap position in future strategic industries. The government will also support the successful execution of the national industrial strategy by establishing an active and close cooperation system between policy finance and industrial ministries through the launch of the Policy Finance Support Council."

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