[New Year's Message] Chairman Dong-geol Lee: "KDB is a Macroeconomic Adjuster... Will Fulfill the Mission of Policy Finance"

▲Stability and Continuity ▲Internal Renewal ▲Solidarity and Cooperation: Three Key Themes Presented

[Asia Economy Reporter Park Sun-mi] Lee Dong-geol, Chairman of the Korea Development Bank (KDB), emphasized in his New Year's address on the 3rd that policy finance should play the role of a macro-level coordinator that induces and promotes cooperative games among market participants, moving from supplying industrial funds to generational change in companies. He stressed that KDB must fulfill its historic mission in the era of transitional policy finance this year.

Chairman Lee cited the Joseon Dynasty's standardized tax system "Daedongbeop (大同法)," which levied rice taxes based on the size of owned land, taking as long as 100 years to become established, saying, "What we need to do now is to bring forward the time of innovation even a little." He presented three key words for this: ▲stability and continuity ▲internal reform ▲solidarity and cooperation.

First, he said, "We must firmly establish what has been done well, such as innovation-driven growth and industrial restructuring," and added, "For new areas like carbon finance and new industry finance, we must solidly lay the foundation to create sustainable conditions." He noted that restructuring is an unfinished task and more marginal companies may emerge, but urged adherence to principles to make new practices the norm.

Also, "reform is not just about changing things, but about keeping what should be kept and changing what should be changed," he said, adding, "When promoting new businesses, we must consider whether this work is the key to opening a new door and whether the risks are manageable for us." He mentioned that talent development is the starting point of reform and said that KDB must change its rigid culture to enhance internal capabilities.

Chairman Lee also said, "Industrial transition such as carbon finance cannot be achieved alone," and added, "A leadership economic entity is needed to lead the formation of patient capital worth tens of trillions of won, and KDB can excellently fulfill that role. To participate in establishing global standards, we should also strengthen solidarity with the international community."

Finally, Chairman Lee expressed his hope that "Korea's policy finance will attract global market attention and that KDB will be respected as a ‘great bank,’" emphasizing that everything cannot be achieved overnight.

This content was produced with the assistance of AI translation services.