Korea will set up strategic investment accounts to invest in strategic industries

ON 15 JULY, THE REPUBLIC OF KOREA HAD PUT ON HOLD A PLAN TO ESTABLISH AN INDEPENDENT SOVEREIGN WEALTH FUND, WHICH HAD BEEN INTENDED TO FOLLOW THE MODEL OF SINGAPORE ' S TAMARTHIC HOLDINGS AND AUSTRALIA ' S FUTURE FUND. INSTEAD, KOREA WILL ESTABLISH A STRATEGIC INVESTMENT ACCOUNT WITHIN KIC. THE MINISTRY OF FINANCE OF KOREA INDICATED THAT THE ACCOUNT WOULD BE INVESTED IN AREAS, BOTH AT HOME AND ABROAD, THAT WERE CRITICAL TO NATIONAL COMPETITIVENESS AND ECONOMIC SECURITY. INVESTMENT TARGETS WILL COVER THE CORE AREAS OF STRATEGIC INDUSTRIES SUCH AS NUCLEAR ENERGY AND AEROSPACE, FINANCE AND INFRASTRUCTURE, AS WELL AS OVERSEAS SUPPLY CHAINS. KIM XIAN