[Asia Economy Reporter Kangwook Cho] The industries supported by the Industrial Stabilization Fund have been expanded to include automobile, machinery, petrochemical, refining, and steel sectors.
On the 9th, the Korea Development Bank announced through a press release that "in accordance with Article 28-2, Clause 3 of the Enforcement Decree of the Korea Development Bank Act, seven industries including automobile, shipbuilding, machinery, petrochemical, refining, steel, and aircraft manufacturing have been designated as targets for the Industrial Stabilization Fund."
Accordingly, the bank plans to issue an additional announcement on the 10th to add these seven industries to the fund's support targets, bringing the total number of supported industries to nine.
Until now, the fund's support was limited to the aviation and shipping industries. Article 28 of the Enforcement Decree of the Korea Development Bank Act designates aviation and shipping as the fund's support targets, but allows the Financial Services Commission, in consultation with the Minister of Economy and Finance and the relevant ministry heads, to designate additional industries.
Meanwhile, the Industrial Stabilization Fund Operation Deliberation Committee held its 7th meeting on the same day and approved the investment plan for the Special Purpose Vehicle (SPV) to support cooperating companies in the industrial sector.
The committee plans to establish the organization next week and launch the support program for cooperating companies in the industrial sector.
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