MOCIE lowers interest rates

Interest rates for industrial funds will be drastically reduced to bolster the economy and promote facility investment. Industrial funds for next year are being distributed from this month.

The Ministry of Commerce, Industry and Energy announced the decision as investments on private facilities have recently shown obvious decreases. The government decision to bring down interest rates for industrial funds mainly focuses on facilities investment. Rates will be but from the current 5.75% to 5%.

According to recent MOCIE plans for next year, the government set 324.7 billion won aside for facilities investment for private companies. The parts and materials industries will get 70 billion won while the aerospace and bio-tech industry will receive 60 billion won, 130 billion won in total.

Mining in Kwangju and machinery in South Kyongsang province will receive 36.4 billion won. Industrial infrastructure in logistics and the environment will get a 158.3 billion won injection.

Kim Jong-gap, industrial policy division manager, said, "We are planning to spend industrial funds next year earlier than scheduled in order to boost the domestic economy and prevent a depressions. The new finds announced this month will be distributed starting next year."