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The state-controlled KDB Financial Group plans to foster 3 trillion won ($2.7 billion) in policy loans for businesses seeking to tap uncharted areas, its chairman Hong Ky-ttack said Wednesday.
Hong, who took office as the group chief 100 days ago, told a news conference that he would prioritize supporting the Park Geun-hye administration’s vision for a so-called creative economy.
Hong, who took office as the group chief 100 days ago, told a news conference that he would prioritize supporting the Park Geun-hye administration’s vision for a so-called creative economy.
Hong reiterated the roles of small innovators in powering the Korean economy to advance beyond its current growth limits.
He said the financial group “will allocate some 3 trillion won (in loans on preferred lending rates) for innovative businesses this year.”
According to KDB officials, the businesses seeking new growth engines refer to new-market pioneers that push for close consolidation of science, technology and culture.
Ever since President Park introduced her policy for a creative economy after taking office last February, the public and politicians alike have paid particular attention to the slogan.
She laid out a number of pointers for the development of a creative economy such as convergence of IT and science, and sustainability of small and medium enterprises, in line with goals of achieving an employment rate of 70 percent.
Hong also told reporters that the group would foster “funds worth 500 billion won for firms planning to carry out mergers and acquisitions in overseas markets.”
In addition, the chairman said KDB Financial was set to bolster its long-standing role as the nation’s leading provider of policy loans for state projects.
His remarks could mean that the Park government has scrapped former chairman Kang Man-soo’s and the Finance Ministry’s earlier project to dispose of public agencies’ stake in KDB Financial within several years.
He stressed that “KDB Financial will continue to take on the role of big brother” among several state-run firms such as the Korea Finance Corp. and the Export-Import Bank of Korea.
Born in Seoul in 1952, Hong worked as an economist at the Bank of Korea, an outside director for Samsung Card and NongHyup Financial group, and economics professor at Chung-Ang University after graduating from Sogang University in 1975.
He was a member of President Park’s economic think tank before her inauguration. He also served as a member of the economic team under the transition committee.
By Kim Yon-se (kys@heraldcorp.com)
