Hanwha Partners with Banks to Support Defense, Shipbuilding Suppliers
Translated from Korean, summarized and contextualized by DistantNews.
At a glance
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Official statement
New plan
- Hanwha, along with the Korea Development Bank and the Korea Credit Guarantee Fund, signed an MOU to support its defense and shipbuilding subcontractors.
- The agreement aims to stabilize the supply chain and enhance the competitiveness of related industries through facility investment support.
- Hanwha's four affiliates will contribute funds to the KCG, which will then provide preferential guarantees, while KDB will offer loans for facility investments.
Hanwha has initiated a "mutual growth financial support" program, signing a memorandum of understanding with the Korea Development Bank (KDB) and the Korea Credit Guarantee Fund (KCG). This initiative aims to bolster facility investments for subcontractors in the defense and shipbuilding sectors.
The agreement, signed at the KDB headquarters in Yeouido, Seoul, was attended by key figures including Hanwha Ocean CEO Kim Hee-cheol, Hanwha Aerospace Vice President Moon Ji-hoon, Hanwha Systems Vice President Kwak Jong-woo, and Hanwha Engine CEO Kim Jong-seo, alongside KDB Chairman Park Sang-jin and KCG Chairman Kang Seung-jun.
Under the pact, Hanwha Aerospace, Hanwha Ocean, Hanwha Systems, and Hanwha Engine will allocate special funds to the KCG. They will also identify and recommend subcontractors eligible for facility investments. In return, the KCG will offer preferential guarantees, and the KDB will provide loans to support these investments. Hanwha anticipates this collaboration will stabilize the supply chain for the defense and shipbuilding industries and strengthen the overall ecosystem.
"Hanwha will actively discover and recommend partner companies in need of facility investment, enabling them to utilize the system," stated Hanwha Ocean CEO Kim Hee-cheol, emphasizing the company's commitment to supporting its partners.
Hanwha will actively discover and recommend partner companies in need of facility investment, enabling them to utilize the system.
DistantNews Editorial
Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.
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