ANNOUNCEMENT 26 Jul 2021
On July 26th, 2021, the Export-Import Bank of Korea announced they invested KRW 100 billion (circa USD 86.8 million) to a project in the next-generation mobility sector, which is an integral part of the Korean New Deal.
NUMBER OF INTERVENTIONS
South Korean Export-Import Bank (한국수출입은행). Bank News. Press Release. "Imports and exports, invested 100 billion won in next-generation mobility" ("수출입銀, 차세대 모빌리티 분야에 1000억원 출자") of 26 July 2021. Available at:
On July 26th, 2021, the Export-Import Bank of Korea (hereinafter referred to as the Korean Eximbank) announced the allocation of KRW 100 billion (USD 86.6 million) to a next-generation mobility sector project.
According to the Korean Eximbank, the objective of the funding concerns the electric, hydrogen, autonomous vehicles, urban air mobility (UAM), environmentally-friendly ships, and aerospace fields. More specifically, the state aid will support automobile manufacturing and serve as a primer for other private investments in the space development sector.
The next-generation mobility sector includes the following focuses:
The financing supports the Korean Government's Korean New Deal policy (referred to as the K-New Deal). On January 21st, 2021, the Korean Eximbank announced that it plans to invest KRW 80 trillion (USD 72.7 billion) in the strategy over the next 10 years. Korean Eximbank funding will be distributed in two distinct phases: KRW 30 trillion (USD 27.2 billion) will be dispersed from 2021-2025 and concentrate on major export products, like second batteries and 5G, while the remaining KRW 50 trillion (USD 45.5. billion) will be distributed between 2026 and 2030 and focus on green and digital sectors. In addition, the Korean Eximbank plans to contribute KRW 17.5 trillion (USD 15.2 million) in the future mobility industry alone.
To view more information on investments related to the K-New Deal, please, see related state acts.
The Korean New Deal (K-New Deal)
In July 2020, the Korean Government announced the K-New Deal, worth USD 133 billion. The policy is split into two investment categories, that of a "Green New Deal" and a "Digital New Deal," and serves as a blueprint for Korea's future investment decisions.