The Korea Industrial Complex Corp. (KICOX) signed a memorandum of understanding (MOU) with the Industrial Bank of Korea (IBK) at the IBK headquarters on November 23 to jointly help small and mid-sized firms to grow together.
Under the latest agreement, which is to renew the former mutual growth agreement signed in 2014, the two will increase the amount of funds from 20 billion won (US$17 million) to 30 billion won (US$25.5 million) as demand of small and mid-sized firms’ mutual growth loans is on the increase.
Meanwhile, the KICOX has selected a total of 150 companies, which are considered anchor businesses in the regions that can lead the accompanied growth, as “KICOX Global Leading Companies” from 2014 to the present and focused on various support projects. As a result of its shared growth efforts, it received a presidential citation and was chosen as an excellent organization in the Government 3.0 evaluation, leading the mutual growth.
KICOX President Hwang Kyu-yearn said, “The mutual growth fund, which is jointly operated with the IBK, has played a crucial role in strengthening the competitiveness of small giants which will serve as a stepping stone for South Korea’s economic growth. We will keep seeking out and pushing ahead cooperation projects for the shared growth in various sectors in the future.”