Choi Sang-mok, the acting president and Minister of Strategy and Finance, said on the 5th, "We will establish a $50 trillion fund for advanced strategic industries and launch the fund as soon as preliminary procedures, including legal amendments, are completed."
On this day, the acting president noted, at the meeting of ministers related to national affairs and the economy held at the Seoul Government Complex in Jongno-gu, Seoul, "We will broadly support large corporations to small and medium-sized enterprises in the fields of advanced strategic industries such as semiconductors, artificial intelligence (AI), secondary batteries, and bio."
He emphasized, "Securing leadership in advanced technology requires proactive large-scale investment" and noted, "Timing is crucial in supporting advanced industries."
He added, "We will provide diverse support according to corporate demand," and stated, "We will actively utilize low-interest loans equivalent to government bond levels along with equity investment through the establishment of special purpose companies (SPCs)."
The government plans to prepare and submit the 'Korea Development Bank Act amendment' and the 'Agreement on national guarantee for bonds of the advanced strategic industry fund' to the National Assembly within this month.
The acting president also expressed his intention to activate the 'National Contract Dispute Mediation System.' As the public procurement market size is rapidly growing, this is to ensure that contracting institutions and participating corporations can swiftly resolve disputes before litigation.
He said, "We will expand the target of the national contract dispute mediation from 'comprehensive construction projects worth 1 billion won or more' to '4 hundred million won or more' and extend the mediation claim period from 'within 40 days from the occurrence of the grounds' to 'within 60 days.'"
He stated, "To effectively respond to the rapidly increasing demand for mediation, we will establish a dedicated organization in the defense industry within the mediation committee and introduce a speedy mediation system for small claims."