Yes it’s in Korean, below is the translation. ___________
27 June 2024: Cooperation Notice (Ministry) 26 July 2024: Submission and acceptance of stabilization plan 9 August 2024: Review (Ministry) 14 August 2024: Final selection and notification (Ministry)
Press release date 2024. 6. 27. (Thu) 11:00 Distribution 2024. 6. 27. (Thu) 8:30Full-scale corporate support for supply chain stabilization begins- Applications for supply chain stabilization pilot businesses begin on June 27- Selection to be completed in August, with priority support including a 5 trillion won supply chain fundThe government's support for supply chain stabilization efforts promoted by private companies will begin in earnest. In order to reduce dependence on specific countries, the government has decided to designate companies that diversify import lines for key items to third countries, expand domestic manufacturing capacity, or develop import substitution technologies as pilot businesses and focus government support on them.To this end, the government plans to announce a plan for selecting pilot businesses for one month starting on June 27 and finalize the selection of pilot businesses by August. Companies wishing to be designated as pilot businesses should submit their supply chain stabilization plans to the relevant ministries by July 26 for review. Pilot operators are usually designated for a period of 3 years, up to 5 years, and government support is provided first. Up to 5 trillion won of the supply chain stabilization fund, which will be launched in the second half of this year, will be provided to pilot operators, and the government’s future preferential fiscal, financial, and tax measures will also be reviewed as priority applications (specific measures will be determined on a case-by-case basis). Choi Ji-young, Director General of International Economic Management at the Ministry of Strategy and Finance, stated, “Since stabilization of the supply chain of key items is ultimately achieved through corporate management activities, the government plans to support supply chain stabilization by communicating with the private sector as much as possible.”Application Period) ‘24.6.27 (Thu) ~ ‘24.7.26 (Fri)(Selection Target) Businesses or business groups that wish to contribute to the smooth introduction, production, and provision of economic security items and services(Selection Method) Based on the supply chain stabilization plan submitted by the business, the relevant ministry determines eligibilityAttached file 1Overview of selection of leading business operators for supply chain stabilization1 [Relevance to economic security items, etc.] The business plan must be related to the stable acquisition of economic security items or the stable provision of economic security services2 [Appropriateness of stabilization plan] The business plan must be suitable for the implementation of the basic supply chain stabilization plan and the corresponding implementation plan3 [Basic financial conditions] The basic financial conditions for project promotion, such as a financing plan and cash flow generation ability, must be in place□ (Selection Schedule)→→→`24.6.27 ~`24.7.26 ~`24.8.9 ~`24.8.14□ (Designated period) 3 years (However, if the relevant ministry deems it necessary considering the business schedule, etc., up to 5 years is possible)□ (Support for leading business operators) Priority support from the supply chain stabilization fund + policy supportᄋ (Supply chain fund) Priority/priority support and preferential interest rate application for leading business operators- Additional interest rate preference and fee reduction possible for SMEsᄋ (Policy support) 1 Diversification of import sources, 2 Production expansion, 3 R&D, 4 Stockpiling expansion related budget *Support, tax reduction, financial support, etc. ※ Support is reviewed by business□ (Required) Cooperation in submission of data and supply chain status survey, etc.Supply Chain RiskSupply Chain Stabilization Project· Most of the core minerals are imported, and concentrated in certain countries· Lack of infrastructure to stockpile raw materials, etc. in preparation for supply chain shocks(Diversification of importing countries)→ Support for import funds required for diversification(Development of core minerals)→ Support for investment funds for core mineral development· Certain countries and companies have the right to develop major mines around the world(Securing stable minerals)→ Support for business funds conditional on long-term supply to our companies(Acquisition and acquisition of shares in core mineral companies)→ Support for acquisition of shares in companies that own core minerals· A small number of global trading companies control the supply of key raw materials** Minerals, energy, grains, etc.(Securing stable raw materials)→ Loans to global trading companies on the condition of long-term supply of raw materials to domestic companiesMaterials· Components· Concentration of raw material refining and smelting facilities in certain countries* All materials for processing core battery minerals (nickel, cobalt, lithium) Import-3-(Investment in raw materials and material processing production facilities)→ Financial support for expanding domestic and international production bases(Acquisition of materials companies and acquisition of shares)→ Funding support for acquisition of shares in materials production companies(Securing raw materials stockpiling bases)→ Funding support for new and expanded stockpiling infrastructure· Difficulties in raising funds from financial institutions due to market risks related to technology development and acquisition + commercialization and mass production(Technology development and commercialization)→ Funding support for R&D, M&A, etc.→ Funding support for facility investment for commercialization and mass production
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