Export-Import Bank Establishes 400 Billion KRW 'Global BioHealth-K' Fund

Plan to Invest 100 Billion KRW to Foster Healthcare and Pharmaceutical Industries
Overseas Expansion of K-Bio Companies Gaining Momentum Amid COVID-19 Attention

[Asia Economy Reporter Kangwook Cho] The Export-Import Bank of Korea announced on the 6th that it is recruiting fund managers for the 'Global Bio-Health-K Fund' (tentative name), aimed at strengthening the global competitiveness of Korean companies in the healthcare and pharmaceutical sectors.

To successfully raise the fund, which targets a total of over 400 billion won, the bank is considering an investment of up to 100 billion won.

The fund will focus investments on promoting exports, overseas investment, and overseas business of bio companies in areas such as immunotherapy and gene therapy, medical systems, diagnostic kits and reagents, and advanced medical devices.

In particular, 25 billion won of the investment amount will be tailored to a separate fund specialized in venture companies (with a scale of 100 billion won).

Visiting Governor Bang Moon-kyu of the Export-Import Bank said, "Even amid the global pandemic caused by the spread of COVID-19, Korea's excellent diagnostic technology, medical systems, and ICT-based predictive models have attracted worldwide attention," adding, "This will serve as an opportunity to promote investment in the promising K-Bio industry for overseas expansion so that our companies can secure a leading position in the global market."

Governor Bang also stated, "We expect to drive global investment demand in the ICT technology-converged medical and pharmaceutical industries, where our companies have strengths."

The Export-Import Bank's Global Bio-Health-K Fund (tentative name) formation project has been announced on the bank's website, and after selecting the fund manager, the final investment decision will be confirmed through the approval process of the Minister of Strategy and Finance.

This year, the Export-Import Bank plans a total of 575 billion won in direct and indirect investments not only in the healthcare and pharmaceutical industries but also in the IT industry, overseas infrastructure, and shipbuilding and marine sectors.