President Moon, Overcoming Japan's Export Restrictions with 'Fund Profits' Directed to Korean New Deal Fund (Comprehensive)

Invest 10 million KRW each in 5 Korea New Deal funds totaling 50 million KRW
Subscribe to the fund online when the Pilseung Korea Fund profits are deposited on Friday

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in has decided to invest the profits from the 'Pilsung Korea Fund,' which symbolizes overcoming Japan's export restrictions, into the Korean New Deal Fund. President Moon plans to add some amount to the fund profits and invest 10 million KRW each into five Korean New Deal Funds, totaling 50 million KRW.

Kang Min-seok, the Blue House spokesperson, stated during a briefing at the Press Center on the 13th, "President Moon Jae-in will keep the principal of the Pilsung Korea Fund intact, redeem the profits, and add an amount to subscribe to five Korean New Deal Funds." In August 2019, President Moon invested 50 million KRW in the Pilsung Korea Fund to signify overcoming the wave of Japan's export restrictions together with the people.

[Image source=Yonhap News]

The Pilsung Korea Fund is known to have recently recorded a high return rate, approaching 100%. The Blue House conveyed that while the principal invested in the Pilsung Korea Fund will remain unchanged, the profits will be invested in five funds for the Korean New Deal (such as the Samsung New Deal Korea Fund and KB Korea New Deal Fund).

The Pilsung Korea Fund carries the meaning of overcoming the wave of Japan's export restrictions through cooperation between large corporations and small and medium-sized enterprises, and investing the profits into the Korean New Deal Fund is said to be a choice to add to that significance.

A key Blue House official said, "The redemption application was made yesterday morning, and the funds can be received three days later," adding, "If the deposit is made on Friday morning (the 15th), the plan is to subscribe online to the private Korean New Deal Funds."

Meanwhile, although President Moon personally visited a bank to subscribe to the fund in 2019, this time he plans to subscribe online considering the situation of the novel coronavirus infection (COVID-19).