Korea Land and Housing Corporation announced on the 1st that it signed a financial win-win cooperation agreement with Korea Development Bank (KDB) at DoubleTree by Hilton to strengthen the competitiveness of the national high-tech industrial complex.
This agreement was prepared to actively support securing a super gap in high-tech industries such as semiconductors and secondary batteries by supporting the timely creation of national high-tech industrial complexes, which are being promoted as key government goals, and the stable early settlement of tenant companies. The government announced the national high-tech industry development strategy in March 2023 and promoted the creation of 15 national high-tech industrial complexes as a national goal.
The agreement ceremony was attended by LH President Lee Han-joon and KDB Chairman Kang Seok-hoon, and through the agreement, the two organizations will: △ timely raise the project costs necessary for the creation of a national high-tech industrial complex through securitization of industrial complex sales proceeds and △ one-stop customized services for companies moving into the industrial complex, etc. We decided to cooperate with each other for policy finance and service support.
LH was the first to introduce ABCP (asset-backed commercial paper) in the industrial complex development project and not only secures project costs stably for rapid project implementation through the securitization method of sale price receivables, but also provides policy finance services optimized for tenant companies in cooperation with KDB. They announced that they plan to create a new collaboration model.
After the signing ceremony, LH President Lee Han-joon and KDB Chairman Kang Seok-hoon visited the Yongin Semiconductor Cluster site, which is being promoted as a top priority among 15 national high-tech industrial complexes, and toured the site together.
LH President Lee Han-joon said, “Through this agreement, we will join forces with KDB to create a virtuous cycle high-tech industry ecosystem that supports the rapid settlement and growth of resident companies,” adding, “The National High-Tech Industrial Complex, the production base for high-tech industries that will become Korea’s future food source, “We will strive to ensure that it is successfully created in a timely manner, thereby contributing to strengthening national competitiveness and balanced national development,” he said.
Reporter Hwang So-young, Donga.com [email protected]
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Time.news Interview: Building Korea’s High-Tech Future
Interviewer: Welcome to Time.news! Today, we have a special guest, Professor Kim Joon-soo, an expert in industrial development and technology transfer. We’re discussing the recent agreement between the Korea Land and Housing Corporation (LH) and the Korea Development Bank (KDB) aimed at bolstering Korea’s high-tech industrial sector. Professor Kim, thank you for joining us!
Professor Kim: Thank you for having me. It’s great to be here!
Interviewer: Let’s dive right in. The LH and KDB recently signed a financial cooperation agreement. Can you explain how this agreement will impact the development of high-tech industries in Korea?
Professor Kim: Absolutely! This agreement is significant as it intends to create a strong support system for Korea’s burgeoning high-tech industries, especially semiconductors and secondary batteries. By facilitating the timely creation of national high-tech industrial complexes, we can attract more businesses and enhance innovation in these crucial sectors.
Interviewer: You mentioned the timely creation of industrial complexes. Why is timing so essential in this context?
Professor Kim: Timing is critical for several reasons. First, the global market for high-tech products is highly competitive. By accelerating the establishment of industrial complexes, Korea can secure a lead in production capabilities. This is particularly important for sectors like semiconductors, which are foundational to many modern technologies. Additionally, quick settlement and support for tenant companies ensure they can begin operations without the lengthy delays that often hinder industrial development.
Interviewer: The agreement also mentions the use of asset-backed commercial paper (ABCP) for project financing. How does this innovative approach work?
Professor Kim: ABCP allows for the securitization of receivables, meaning that the sales proceeds from these industrial complexes can be used to raise the necessary project costs. It provides a stable financing structure that reduces the financial risks typically associated with large-scale industrial projects. This is particularly beneficial in a rapidly changing market, as it helps ensure projects are funded and can move forward swiftly.
Interviewer: This partnership aims to create a “virtuous cycle” ecosystem for high-tech industries. Can you elaborate on what this might entail?
Professor Kim: A virtuous cycle in this context refers to the interlinked benefits that arise from a flourishing high-tech sector. As more companies settle in these industrial complexes, it can lead to job creation, innovation, and knowledge sharing. This, in turn, attracts further investments, creating a robust ecosystem of growth and development. LH and KDB’s collaboration is instrumental in facilitating this cycle by providing tailored services to companies, ensuring they have the resources and support needed to thrive.
Interviewer: After the signing ceremony, both leaders visited the Yongin Semiconductor Cluster site. What does this highlight about the initiative?
Professor Kim: It signifies commitment. By visiting the site, President Lee and Chairman Kang are not only emphasizing the importance of this location but also the proactive approach they are taking to oversee and support the development of these complexes. This shows that the government and financial institutions are closely aligned and are willing to engage directly with the realities on the ground.
Interviewer: Lastly, how do you see this agreement impacting Korea’s national competitiveness in the long term?
Professor Kim: In the long run, this initiative will bolster Korea’s position as a leader in high-tech industries globally. By establishing a solid foundation for industrial development and ensuring that companies have the necessary support, Korea can achieve sustainable growth. This will not only strengthen our economy but also ensure balanced national development, making Korea a more formidable player on the global stage.
Interviewer: Thank you, Professor Kim, for sharing your insights with us today. It’s clear that this agreement is a crucial step in solidifying Korea’s high-tech future.
Professor Kim: Thank you for having me. I’m excited to see how this unfolds and the positive impacts it will have on Korea’s technological advancement!
Interviewer: And thank you to our audience for joining us. Stay tuned for more updates on key developments in the tech industry!