A total of 267 trillion won in policy and private financial support will be provided for domestic corporations affected by U.S. tariff measures. A corporate restructuring innovation fund of 1 trillion won will also be established to support the restructuring and financial soundness improvement of export-oriented key industries.
On the 3rd, the Financial Services Commission held a meeting with five major financial holding companies and policy financial institutions at the Government Seoul Building to discuss financial support measures in response to U.S. reciprocal tariffs.
The Industrial Bank of Korea and other policy financial institutions decided to provide a total of 172.1 trillion won to corporations affected by tariffs by next year. The support areas include resolving management difficulties (36.3 trillion won), export diversification (33.3 trillion won), enhancing industrial competitiveness (91.5 trillion won), and supporting restructuring corporations (11 trillion won), among four key areas. The five major financial holding companies also plan to provide a total of 95 trillion won.
The Financial Services Commission noted that by the end of last month, about 63 trillion won was supported through policy finance, while the five major financial holding companies supported about 45 trillion won through financial cost reductions.
To support the restructuring and financial soundness improvement of export-oriented key industries, the Financial Services Commission and the Korea Asset Management Corporation (KAMCO) are also promoting the establishment of the 6th corporate restructuring innovation fund worth 1 trillion won. The fund will target restructuring corporations in the petrochemical, steel, automotive, semiconductor, secondary battery, and display industries.
Kwon Dae-young, vice chairman of the Financial Services Commission, presiding over the meeting, said, "Financial support should not only help businesses survive but also provide a solid foundation for affected corporations to strengthen their fundamental competitiveness and discover new growth engines."