Next Year's Policy Finance Supply of 212 Trillion Won... 102 Trillion + α to 5 Major Sectors

Financial Services Commission Holds 5th Policy Finance Support Council Meeting

The government will provide 212 trillion won in policy finance throughout the year 2024. In particular, the government will focus on supporting the five major strategic sectors, including global super-gap fields, with '102 trillion won + α'.

On the morning of the 19th, the Financial Services Commission held the '5th Policy Finance Support Council' at Front1 in Mapo-gu, Seoul, chaired by Vice Chairman Kim So-young, to discuss these plans with related ministries and policy finance institutions.

Export containers are loaded onto a ship at Busan North Port. Photo by Jin-Hyung Kang aymsdream@

At the council meeting, the policy finance supply plan for next year was established. Accordingly, policy finance institutions (Korea Development Bank, Industrial Bank of Korea, Korea Credit Guarantee Fund) plan to supply 212 trillion won in policy finance next year, an increase of about 3.4% (7 trillion won) compared to this year. In particular, the five major strategic sectors will receive 102 trillion won + α, an increase of 11.5%.

Specifically, 17.6 trillion won will be supplied to global super-gap fields such as semiconductors, secondary batteries, and displays, an increase of 12.8% compared to this year, and 12.6 trillion won will be supplied to the unicorn company development sector, expanded by 39.5%.

Additionally, 28.7 trillion won will be provided to ease corporate management difficulties in preparation for the continued three-high (high interest rates, high exchange rates, high oil prices) phenomenon, an increase of 8.9%, 22.1 trillion won to future promising industries, up 8.8%, and 21.4 trillion won to existing industry business restructuring and industrial structure advancement, up 4.0%.

Vice Chairman Kim said, "In 2024, financial support must be more actively provided to resolve corporate funding difficulties amid challenging economic conditions such as high interest rates, while strengthening competitiveness in core and new industries. If any necessary measures arise due to changes in economic and industrial conditions in each ministry, we will actively consult with the relevant industrial departments, including additional policy finance supply, to respond accordingly."

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