▲The largest southwestern offshore wind farm in Korea (photo provided by Doosan Heavy Industries & Construction)
The government fully supports the export of’K New Deal’. A total of 30 trillion won worth of loans will be provided for exports and orders for green new deals such as carbon neutrality and renewables, and a joint public-private green new deal task force (TF) will be established.
The Ministry of Trade, Industry and Energy and the Ministry of Science and ICT announced the’K-New Deal Globalization Strategy’ at the ’26th Emergency Economy Central Countermeasure Headquarters Meeting and the 9th Korean New Deal Ministers’ Meeting’ held on the 13th.
Through this strategy, the government aims to expand overseas orders for green projects to 30GW by 2025 and increase digital exports to $250 billion.
Green Energy, Green Mobility, Water Industry, D·N·A Convergence Industry Intelligent Government, Smart SOC, and non-face-to-face industry, which are two celebrations of the Green New Deal and Digital New Deal, strengthen the competitiveness of 7 leading industries to dominate overseas markets. It is a strategy that I will do.
First of all, from this year to 2025, it provides a total of 30 trillion won worth of export and order loans and increases the loan limit by up to 10 percentage points (P). It provides additional interest rates of 0.3% and 0.5% for mid-sized companies and SMEs.
Prior to receiving orders, we will provide mid- to long-term financial guarantee limits to overseas clients on the premise of participation in Korean companies. After receiving orders, we will expand export guarantees and insurance support for the expansion of production facilities, working capital, and monetization of export bonds.
Reinforcing the foundation for entry into the market of developing countries in the Green New Deal by expanding the proportion of ODA for the Green New Deal from 6.4% to the average level of the Organization for Economic Cooperation and Development (OECD) (22.7%) among public development assistance (ODA) with high participation of small and medium-sized companies. I decided to do it.
The preliminary feasibility study period for public institutions is shortened from 4 months to 2 months, and the proportion of publicity evaluation is increased from 35% to 40% to support overseas project orders and development.
To this end, a joint public-private Green New Deal TF was installed within the Overseas Order Support Council to discover promising projects and provide support for project exports and orders, such as financing, ODA, and consulting. The Green New Deal order support center will also be established in KOTRA trade centers in three countries, including the US, Vietnam, and Chile.
In the field of digital new deal, the D·N·A convergence industry utilizes domestic empirical results in major fields such as 5G and artificial intelligence for each strategic stage, and supports the discovery of business models with global versatility.
In addition, through the’K-Digital Alliance’, which will be launched in the first quarter of this year, it will promote advanced overseas expansion that includes companies in digital and other fields.
The investment in overseas companies in the digital field will be expanded to 226 billion won by using a global venture fund and a digital media content fund. A newly established fund of 30 billion won for the discovery and fostering of digital export companies, and foreign companies advancing to Digital New Deal selected as the’national representative of innovative companies’ have preferential interest rates. It provides fund guarantees of up to 10 billion won to high-growth digital companies, and provides mid- to long-term low-interest purchase funds to overseas importers of domestic 5G equipment.
Establish an overseas expansion TF within the Digital New Deal Public-Private Cooperation Meeting, and use the overseas diplomatic missions of major strategic countries, overseas IT support centers, KIC, and the Digital Government Cooperation Center as a base for the advancement of the Digital New Deal to establish an all-round support system.