Ministry of Industry to Support 12 Strategic Industries Including Future Cars with 13 Trillion Won
The Ministry of Trade, Industry and Energy announced on the 18th that it is recruiting candidate companies for preferential policy financing support in 12 industrial sectors (display, hydrogen, future vehicles, aerospace, steel, carbon, machinery, battery, shipbuilding, semiconductor, optics, and electricity).
Companies that meet the candidate requirements will be able to receive expedited credit reviews from policy financial institutions (Korea Development Bank, Industrial Bank of Korea, Korea Credit Guarantee Fund) and, upon passing the review, additional preferential financial support will be provided.
The candidate company requirements have been established as objective criteria to identify companies with outstanding innovation and growth potential, reflecting the characteristics of each industry. Companies wishing to apply must submit an application form and supporting documents proving they meet the candidate requirements to the respective sector agency by September 11. The list of companies meeting the candidate requirements will be delivered to the policy financial institutions within September.
This recruitment of candidate companies is a follow-up measure to the "2023 Policy Financing Fund Supply Direction" announced by the government and policy financial institutions at the 'Policy Financing Support Council,' including the Ministry of Trade, Industry and Energy and the Financial Services Commission. The Financial Services Commission has selected five strategic tasks and plans to invest a total of 26 trillion won in key projects proposed by the relevant ministries for each industry. Approximately 13 trillion won will be supported in these 12 industrial sectors.
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The Ministry of Trade, Industry and Energy plans to closely monitor implementation and provide hands-on support together with the Financial Services Commission and policy financial institutions to help innovative and high-growth companies reduce their financial burdens.
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