Kang Seok-hoon, Chairman of the Korea Federation of Banks, "This Year Unprecedented Super Uncertainty... Focus on Structural Reform"

Kang Seok-hoon, Chairman of the Korea Development Bank, stated on the 2nd that "the South Korean economy is at risk of falling into the 'quagmire of ultra-low growth' amid an 'era of ultra-uncertainty,'" and pledged to focus efforts on key tasks such as industrial structure reform.

Chairman Kang attended the 2024 opening ceremony held at the main auditorium of the Yeouido headquarters in Yeongdeungpo-gu, Seoul, with executives and employees present, and said, "The year 2024 will be an unprecedented era of ultra-uncertainty, making it more difficult than ever to predict even a step ahead."

Chairman Kang presented four goals for concentrating the bank’s capabilities this year: leading industrial reform, creating new axes of growth, strengthening global business, and enhancing internal controls.

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

First, he said, "In the era of economic security, for South Korea to leap forward as a global pivotal country, it is essential to secure ultra-differentiated technologies," adding, "By expanding capital and significantly increasing the scale of industrial promotion programs, the Korea Development Bank should become the vanguard of 'industrial structure reform' and actively lead large-scale investments in ultra-differentiated technologies and advanced strategic industries."

Chairman Kang also emphasized that, amid the rapid aging and declining productivity of regional economies that have driven high economic growth, the southern region centered on Busan, Ulsan, and Gyeongnam?where industrial capital is abundantly accumulated?must be developed as a new axis of economic growth for the national economy’s leap forward.

Regarding global business, he said, "Based on detailed plans, we must expand our global network, gradually increase overseas business assets, and solidify the growth foundation to enhance global competitiveness and become the leading force of K-finance on the world stage," adding, "In particular, I hope that the Middle East, with which we have built trust over the past year and established a foundation for cooperation, will become a strong partner of the Korean economy going forward."

Regarding internal controls, he stressed, "In times of widespread uncertainty, perfection that checks even the smallest details is required," and urged, "Please strengthen the internal control management system without any gaps to ensure that the tower called Korea Development Bank does not crack, covering credit management, risk management, fund and capital management, and financial consumer protection."

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