Korea Development Bank-Busan City, Agreement to Foster 'Busan Power Semiconductor Materials and Components Specialized Complex'

On the 23rd, Korea Development Bank and Busan Metropolitan City signed a Memorandum of Understanding (MOU) for the "Joint Development of the Busan Power Semiconductor Materials, Parts, and Equipment Specialized Complex" at Busan City Hall, attended by Kang Seok-hoon, Chairman of Korea Development Bank, and Park Hyung-joon, Mayor of Busan.

This MOU was promoted following the designation of the area around Gijang-gun, Busan, as a specialized complex for materials, parts, and equipment in the power semiconductor sector?key components for electric vehicles?in July last year, laying the foundation for establishing a national important materials, parts, and equipment cluster. Korea Development Bank and Busan Metropolitan City plan to focus on revitalizing the regional economy and fostering the power semiconductor ecosystem through early stabilization of the specialized complex by organically dividing roles that leverage each institution's strengths.

To this end, both institutions agreed to mutually cooperate in providing customized financial support for resident (and prospective) companies in the specialized complex, fostering resident (and prospective) companies through internal and external cooperation and mutual information sharing, and offering financial advisory and mediation related to the creation and development of the specialized complex.

As part of nurturing non-memory semiconductors and supporting resident companies in the Busan power semiconductor materials, parts, and equipment specialized complex, Korea Development Bank has decided to provide a total of 63 billion KRW in investment and loans this year to IQ Lab, a venture company engaged in power semiconductor design and manufacturing, for establishing the nation's first 8-inch SiC (Silicon Carbide) power semiconductor production facility and relocating its headquarters to Busan.

Chairman Kang Seok-hoon stated, "This MOU is significant as both institutions have timely initiated cooperation at a moment when proactive investment is necessary to secure domestic competitiveness in power semiconductors," adding, "Through close collaboration with Busan City, we will spare no financial support to ensure that the Busan power semiconductor materials, parts, and equipment specialized complex can leap forward as a core base for advanced power semiconductor technology and supply chains."

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