Financial Services Commission Chairman Visits Advanced Technology Companies "Actively Striving for Sufficient Funding Supply"

by Yoo Jaehoon

Published 06 Aug.2024 15:00(KST)

Kim Byung-hwan, Chairman of the Financial Services Commission, said on the 6th, "For our core industries such as advanced industries, we will actively cooperate not only with policy financial institutions but also with the financial sector to ensure that funds are supplied at lower interest rates and in sufficient amounts."

Chairman Kim attended the 'Advanced Industry Companies Meeting' held at Dongjin Semichem Hwaseong Plant in Hwaseong, Gyeonggi Province, and stated, "Since the future of our economy lies in securing the competitiveness of advanced industries, we will continue to listen directly to the difficulties on the ground and consider effective support measures."

The meeting was attended by Kim Byung-hwan, Chairman of the Financial Services Commission, policy financial institutions (Korea Development Bank, Industrial Bank of Korea, Korea Credit Guarantee Fund), as well as representatives from companies engaged in advanced industries such as SK Siltron (semiconductors), Dongjin Semichem (semiconductors and displays), Techwing (semiconductors), KC (secondary batteries), Ram Technology (semiconductors), and Orbitech (nuclear power generation). In addition, Lee Yong-pil, Director of Advanced Industry Policy at the Ministry of Trade, Industry and Energy, was also present.

The Macroeconomic Financial Meeting, where financial authorities' leaders discuss South Korea's macroeconomy, was held on the 1st at the Bankers' Hall in Seoul. Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is delivering the opening remarks. Photo by Heo Young-han younghan@

Before the meeting, Chairman Kim visited the Dongjin Semichem Hwaseong Plant and toured the production facilities. This company succeeded in domesticating photoresist, a key material in semiconductor processes, and received a loan support of 91 billion KRW from the Korea Development Bank during this process. Additionally, under the 'Semiconductor Financial Support Program' announced last July, the company obtained a low-interest loan of 80 billion KRW in facility funds, which was used to expand the factories for semiconductor photoresist and thinner.

At the meeting, participating companies raised difficulties and urged for financial support. They said, "High-cost equipment and an environment suitable for that equipment are necessary for technology development in advanced industries, and without government interest and active support, continuous research and development is difficult." They added, "We ask for active interest and support for advanced industries, which are our main export industries and value-added creation industries." Following this, representatives from policy financial institutions introduced financial support policies.

Director Lee also stated, "The government plans to comprehensively support the strengthening of competitiveness in advanced industries such as semiconductors and secondary batteries by expanding financial support, extending investment tax credits, strengthening support for national advanced industry specialized complexes, expanding research and development (R&D) support, and nurturing core talents."

Chairman Kim said, "We will reflect the vivid opinions heard today from the field into policy," and added, "Going forward, the Financial Services Commission and the Ministry of Trade, Industry and Energy will communicate openly by industry groups and actively reflect the financial demands of field ministries and industries through the Policy Financial Support Council and other channels."