Latest news with #KoreaDevelopmentBankAct
Korea Herald
04-08-2025
- Business
- Korea Herald
Cancellation of treasury stocks, support for semiconductor industry
Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Choi Eun-seok (People Power Party) ● This bill would introduce shareholder rights plans (poison pills), allow the issuance of dual-class shares, introduce veto-right shares and codify the business judgment rule, to expand measures to defend corporate control. Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea) ● This bill would mandate the immediate cancellation of treasury stocks upon acquisition and require treasury stocks acquired before the enforcement of this bill to be canceled within six months. Pending Bill: Partial Amendment to the Korea Development Bank Act Proposed by Rep. Kang Min-kuk (People Power Party) and Rep. Kang Jun-hyeon (Democratic Party of Korea) ● This bill would strengthen support for semiconductors and other high-tech strategic industries by establishing the High-tech Strategic Industry Fund, with a planned scale of 50 trillion won ($36 billion). Promulgated Bill: Telecommunications Business Act Competent Authority: Ministry of Science and ICT ● With the repeal of the Mobile Device Distribution Improvement Act, mobile carriers are no longer required to disclose mobile device subsidies publicly, and the cap on additional subsidies, which was previously limited to 15 percent of the publicly disclosed subsidies, is also removed. The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.
Korea Herald
14-04-2025
- Business
- Korea Herald
High-tech fund for chip industry, bank services in rural areas
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Partial Amendment to the Serious Accidents Punishment Act Proposed by Rep. Ku Ja-keun (People Power Party) ● This amendment seeks to address ambiguities in the current law to reduce confusion in the field, while easing criminal liability for managing officers and corporations in cases of serious accidents. Proposed Bill: Partial Amendment to the Korea Development Bank Act Proposed by Rep. Kang Min-kuk (People Power Party) and Rep. Kang Jun-hyeon (Democratic Party of Korea) ● This amendment strengthens support for semiconductors and other high-tech strategic industries by establishing the High-tech Strategic Industry Fund, with a planned scale of 50 trillion won ($35 billion). Pending Bill: Partial Amendment to the Banking Act Proposed by Rep. Choi Eun-seok (People Power Party) ● To improve access to financial services in rural areas and enhance user convenience, this amendment permits nonfinancial institutions, such as post offices, to offer bank agency services. Competent Authority: Ministry of Science and ICT ● This bill requires persons who install and operate unstaffed kiosks to take measures to enhance accessibility for vulnerable groups, such as assigning employees to assist with kiosk use or providing real-time voice guidance services. ● This amendment increases the maximum fine for the divulgence of national core technology to foreign countries from 1.5 billion to 6.5 billion won.
Korea Herald
05-03-2025
- Business
- Korea Herald
Korea ups ante in chips, AI with W50tr policy financing
New visa initiative to boost Korea's high-tech workforce with global talent The South Korean government has announced plans to establish a 50 trillion won ($34.4 billion) fund over the next five years to bolster strategic technology industries, including semiconductors, secondary batteries and artificial intelligence, amid intensifying global tech competition. 'Competition is escalating as the entire industry undergoes rapid transformation centered around cutting-edge technologies. In this swiftly changing industrial landscape, 'seizing time' is more crucial than anything else,' acting President Choi Sang-mok said during a meeting with economy-related ministers at the government complex in Seoul on Wednesday. The new funding program is designed to support the industrial ecosystem comprehensively, with a focus on infrastructure and technology development for companies engaged in national strategic technologies. Eligible sectors include semiconductors, secondary batteries, displays, biopharmaceuticals, defense, robotics, vaccines, hydrogen technology, future mobility and artificial intelligence. Administered by the state-run Korea Development Bank, the 50 trillion won fund will provide low-interest loans — comparable to government bond rates — and equity investments through a designated special-purpose company. Early-stage investments in infrastructure and technological development will be a key component of this initiative. To strengthen South Korea's high-tech industrial ecosystem, the government intends to extend support not only to large conglomerates, but also to small and medium-sized enterprises. The 50 trillion won initiative will include some part of a previously announced 17 trillion won policy financing plan for the chip industry. Authorities plan to submit an amendment to the Korea Development Bank Act to the National Assembly within this month, creating a legal framework for the new fund. The fund comes at a critical time as South Korea faces growing global competition, particularly from China, in maintaining its position as a digital powerhouse. The country is also working to protect its export-driven economy from rising protectionist measures, particularly following new US tariffs on Canada, Mexico and China, introduced on Tuesday. In response to demographic shifts caused by a rapidly aging population and declining birth rates, the government has introduced a revised visa strategy aimed at attracting top global talent. 'To revitalize our economy and society while adapting to demographic and economic changes, leveraging foreign labor is no longer an option but a necessity,' Choi said while presiding over a meeting with the Committee for Policy on Foreign Human Resources on Wednesday. By the end of March, the government will introduce a "Top-Tier Visa" for foreign professionals with exceptional skills in high-tech fields, including semiconductors, displays, rechargeable batteries, biopharmaceuticals, robotics and defense. To qualify, applicants must meet the following criteria: a master's or doctoral degree from a top 100 global university, over eight years of experience, with at least three years at a top 500 global company, and employment at a Korean high-tech firm offering an annual salary exceeding three times the gross national income per capita (approximately 140 million won). Holders of the Top-Tier Visa, along with their families, will be granted resident (F-2) status, allowing for long-term stays and unrestricted economic activities in Korea. They would become eligible for permanent residency after three years. The government also plans to introduce a "Youth's Dream in Korea" visa, providing opportunities for cultural experiences and internships to young individuals from allied nations, particularly UN member states that participated in the Korean War or those with strong economic ties to Korea. 'This visa aims to foster a virtuous cycle of talent development and promote a positive image of Korea abroad,' the Ministry of Trade, Industry and Energy said in a statement. Starting in March, authorities will launch a pilot project for a "Metropolitan Visa," allowing local governments to recommend foreigners for visa issuance based on regional labor demands. This regional visa system will help directly attract talent to areas in need of economic revitalization, with a focus on student (D-2) and special ability (E-7) visas to address manpower shortages across various industries.
