Gov’t To Provide IT Venture Companies With Trade Financing

The government decided to provide IT venture companies with trade financing, and to expand the zone for foreign investors only in the Daebul Industrial Complex in Youngahm, Chunnam. The government decided this in a meeting at Cheong Wa Dae yesterday, presided over by Deputy Prime Minister Jin Nyum, in which economic ministers discussed the issues regarding exports as well as activation of investment.

The government also decided to establish the IT venture company promotion centers in Tokyo (Japan), the U.S.’ East Coast, Shanghai (China), and England during the second half of the year. Moreover, the government planned to make inroads into the U.S. market by sending a trade-investment delegation to the U.S. along with President Kim Dae-Jung’s tour of South America.

Economic ministers will also accompany President Kim Dae-jung on his tour of South America during the latter half of the year to help domestic firms increase exports there. An economic delegation will also be dispatched to the U.S. by the end of the year

The government decided to expand the current zone, which can be used by foreign investors only, from 130,000 pyong to 330,000 pyong by designating an additional 200,000 pyong (one pyong equals 3.3 square meters) of land in the Daebul Industrial Complex for foreign investors only.

The government also decided to support the exports by expanding the `inclusive exports financial system,` which supports the 80-90 percent of the anticipated amount of exports of the leading companies as well as mid and small size companies, to include the software and IT facilities.

Park Joong-Hyun sanjuck@donga.com