A 150 trillion won National Growth Fund that invests in promising industries such as domestic artificial intelligence and semiconductors took its first step with a memorandum of understanding (MOU) between Korea Development Bank and the five major financial holding groups and the unveiling of the fund's secretariat signboard.
Lee Eog-weon, Chairperson of the Financial Services Commission (FSC), said at the National Growth Fund secretariat signboard unveiling and MOU ceremony held on the 17th at the Korea Development Bank annex in Yeongdeungpo-gu, Seoul, that the government, industry, and the financial sector must think deeply together about the future and vision of advanced industries and find answers for an effective implementation strategy centered on mega projects, and that the five major financial holding groups and Korea Development Bank should play the central role. At the ceremony, all the chairpersons of the five major financial holding groups (KB, Shinhan, Hana, Woori, NongHyup), including Korea Development Bank Chairperson Park Sang-jin, were in attendance.
Lee said that through the National Growth Fund, which is regarded as the largest fund since the founding of the nation, Korea must redirect the flow of capital, pool innovation capabilities, and bring about a great transformation of its advanced industries, adding that not only the scale but also the support methods and collaboration framework are a new path not taken before, so the existing mindset and work practices must be radically overhauled.
The financial authorities are continuously soliciting investment demand from line ministries and companies engaged in advanced industries to enable swift investment execution in time for the National Growth Fund's launch on Feb. 10. The secretariat will handle financial support including receiving and preliminary reviewing individual projects of the National Growth Fund and arranging joint support, as well as the practical work of disbursement and post-management. Korea Development Bank plans to group the National Growth Fund secretariat with existing investment-related units, such as the Innovation Growth Finance Division, into a National Industrial Growth Support Group to concentrate capabilities.