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Korea to provide financial support for blockchain and other new growth areas

Up to 250 billion won in facilities funds offered to mid-sized firm

  • Shin Eun-dong
  • 2019-01-24 10:42:46
Korea to provide financial support for blockchain and other new growth areas

The Korean government will provide 15 trillion won in the next three years beginning in 2019 to help strengthen the competitiveness of the domestic industrial ecosystem. Blockchain, in particular, has been selected to be among the three strategic investment groups in the new growth sector, thereby receiving financial support.

The Financial Services Commission (FSC) announced its operating plan for corporate investment support programs Wednesday and said the programs would be implemented through state-run banks from Thursday.

A total of 10 trillion won will be invested in programs intended to develop the country’s industrial structure over three years. The Korea Development Bank will offer 7 trillion won to independent mid-sized firms including candidates for mid-sized firms and the Industrial Bank of Korea will provide small and medium-sized companies with 3 trillion won.

The plan is focused on two sectors: innovation of major industries and new growth. The four major industries that would get concentrated support this year are automobiles, shipbuilding, displays and petrochemicals and four manufacturing groups to be innovated are materials, components and equipment; semiconductors, displays and batteries; automobiles and shipbuilding; and textiles and home appliances.

The new growth sector includes three strategic investment groups: data, blockchain and sharing economy, artificial engineering and hydrogen economy and eight core industries: future cars, drones, biohealth, smart city, smart farm, smart factory, new energy and fintech. Independent mid-sized firms are able to get up to 250 billion won in funds for facilities and 30 billion won in operational funds per company.

The FSC, Korea’s top financial regulator, said the latest support programs would help reinforce the mid- and long-term competitiveness of major industries and prompt smaller firms to make forays into new industries. Companies wishing to use the support programs can consult at the headquarters and branches of the KDB and the IBK and apply from Thursday. /edshin@decenter.kr


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