Woori Bank Supports Growth of 'K-Medical Devices'... Expanding Productive Financing

[Financial News] Woori Bank is partnering with the Korea Medical Devices Industry Association and the Korea Technology Finance Corporation (KOTEC) to reduce the financial burden on medical device companies with technological prowess and growth potential. The plan is to support the growth of 'K-Medical Device' companies and help expand their competitiveness through measures such as increasing guarantee ratios and reducing guarantee fees.
On the 15th, Woori Bank announced that it had signed a 'Financial Support Agreement for the Dissemination of Social Value in the Medical Device Industry' with the Korea Medical Devices Industry Association and the Korea Technology Finance Corporation (KOTEC) on the 14th to identify medical device companies with outstanding technological capabilities.
It is expected that providing these companies with benefits such as increased guarantee ratios or reduced guarantee fee rates will alleviate the actual financial burden on medical device companies.
To this end, Woori Bank plans to link the program with the 'AtoF Productive Financial Support Agreement Guarantee for Fostering Future Strategic Industries,' which it operates in partnership with the Korea Technology Finance Corporation (KOTEC). The agreement guarantee is a program that focuses on supporting the six growth engines selected by the government to help the country become a leading nation in advanced industries: artificial intelligence (AI), biotechnology, content and culture, defense, energy, and advanced manufacturing. The medical device industry is a representative sector closely connected to biotechnology and advanced manufacturing.
Bae Yeon-soo, Head of Woori Bank's Corporate Group, stated, "The medical device industry is a core industry that drives the promotion of public health and the nation's future growth," adding, "Through this agreement, we will expand financial support to help the stable growth of medical device companies equipped with technological capabilities and growth potential, and to contribute to strengthening the global competitiveness of the medical device industry."
Meanwhile, as part of its efforts to expand productive finance, Woori Bank is strengthening support for technology-led new businesses and small and medium-sized enterprises (SMEs) and venture companies.

[email protected] Lee Hyun-jung Reporter