Kang Seok-hoon, Chairman of KDB, "Establishing an Ultra-Crisis Response System... Risk Management"

"Must Put All Efforts as a Policy Financial Institution"

[Asia Economy Reporter Yu Je-hoon] Kang Seok-hoon, Chairman of the Korea Development Bank, on the 2nd presented the establishment of a super crisis response system and the fostering of future industries to expand new growth engines as this year's goals.

In his New Year's address announced that day, Chairman Kang stated, "In this era of super crisis, it is time to go beyond conventional response systems and establish the highest level of super response system, making every effort as a policy finance institution responsible for 1% of the Korean economy."

Regarding this year's economic situation, he first pointed out, "This year's business environment is a crisis situation beyond stagnation, and a super crisis beyond crisis," adding, "If the corporate insolvency crisis spreads to the deterioration of financial sector soundness, a new form of crisis where the real economy crisis spreads to a financial crisis, unlike before, cannot be ruled out."

Chairman Kang also ordered the super crisis response system and identified this year's key tasks as ▲ fostering future industries to expand new growth engines ▲ regional growth for the sustainable development of the national economy ▲ market stabilization and risk management to prepare for market dysfunction and economic uncertainty.

He explained, "The Korea Development Bank must take the lead in filling the financing gap that the private sector cannot cover and redraw the future economic and industrial map," adding, "We will supply venture and patient capital for advanced strategic technology development and support material, parts, and equipment companies as well as re-shoring companies."

Furthermore, Chairman Kang stated, "While market instability factors still persist, the Korea Development Bank must fulfill its role as the last resort to prepare for market volatility risks," emphasizing, "We must also make thorough preparations in risk management, such as preemptively addressing corporate insolvencies."

Chairman Kang Seok-hoon is speaking at an emergency press conference on Daewoo Shipbuilding issues held on the 26th at the Korea Development Bank headquarters in Yeouido, Seoul. Photo by Kim Hyun-min kimhyun81@

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