To support the industry's investment in artificial intelligence (AI), dedicated financial products such as insurance, equity investment, and loans are being launched.

On the 24th, 20 financial institutions including the Korea Trade Insurance Corporation held a financial support agreement ceremony presided over by Minister of Trade, Industry and Energy Ahn Deok-geun, and announced plans to launch financial products worth up to 10 trillion won to support AI autonomous manufacturing projects.

The AI autonomous manufacturing project is a project that introduces artificial intelligence (AI) to the manufacturing process to dramatically improve product quality, productivity, and eco-friendliness.

Manufacturing companies recognize the introduction of AI as a future survival strategy rather than a choice. In particular, AI autonomous manufacturing is receiving attention as a key means to solve problems such as a decrease in the production population, stagnation in productivity, and carbon reduction. In fact, 213 candidate projects were submitted to the 10 leading AI projects that the Ministry of Trade, Industry and Energy is currently recruiting.

In July, the AI Autonomous Manufacturing Alliance was launched, with industry-leading companies such as Hyundai Motor Company, LG Electronics, POSCO, HD Korea Shipbuilding & Offshore Engineering, and GS Caltex participating, and agreeing to expand more than 200 AI autonomous manufacturing leading projects and more than 100 standard models.

As private investment funds amounting to trillions of won or even tens of trillions of won are required in the process of promoting these businesses, support from financial institutions is absolutely necessary. Accordingly, the Ministry of Trade, Industry and Energy and financial institutions signed an agreement on this day and launched three representative financial products related to AI autonomous manufacturing investment, including insurance, loans, and equity investment.

First, the Korea Trade Insurance Corporation (hereinafter referred to as MBO) is launching an insurance product dedicated to AI autonomous manufacturing (AI Plus+). AI Plus+ is a product in which MBO guarantees the loan repayment risk when companies borrow investment funds for AI introduction from commercial banks, etc. Companies that subscribe to the product can receive loans at low interest rates from commercial banks.

While Mubo has been supporting trade finance centered on export/import payment, overseas facility/equity investment, etc., with the launch of this product, it will expand its support for guarantees and insurance to include domestic facility investment related to AI autonomous manufacturing.

With the launch of this product, companies can now receive trade finance support for domestic facility investment costs.

Here, companies that utilize this product will receive insurance premium discounts of up to 30% and benefits of up to 100%.

In addition, Moobo signed a business agreement (MOU) with domestic and foreign banks on the same day to strengthen cooperation so that companies that have subscribed to the product can receive loans from commercial banks at favorable conditions such as low interest rates. Moobo plans to support up to 10 trillion won in trade finance over the next five years.

The Korea Institute of Industrial Technology Planning and Evaluation is launching a fund to invest in AI, robots, SW, and SI specialized companies that possess technologies related to AI autonomous manufacturing. In order to successfully expand AI autonomous manufacturing, not only active investment from manufacturing companies such as automobile and shipbuilding companies, but also the technological prowess and competitiveness of specialized companies with technologies such as AI are important. This fund is a subsidiary of the Industrial Technology Innovation Fund and will be used to fund the development of AI autonomous manufacturing-related technologies for about 20 promising startups.

Three commercial banks, Shinhan, Industrial Bank of Korea, and Hana Bank, are supporting a 200 billion won loan program with a 0.7%p preferential interest rate for companies with AI autonomous manufacturing technology. This program will be provided to companies that are promoting research and development (R&D) related to AI autonomous manufacturing or applying AI autonomous manufacturing to production sites, and the Ministry of Trade, Industry and Energy will recommend companies that will be supported.

Minister Ahn Deok-geun, who attended the signing ceremony, said, “Since AI autonomous manufacturing projects require large-scale investment funds, finance should play a vital role in the spread of AI throughout the manufacturing industry,” and “I expect that today’s signing ceremony will create a virtuous cycle ecosystem in which manufacturing, AI, and finance grow together.”

He also said, “The government will not spare any necessary support to ensure that AI autonomous manufacturing becomes a turning point for innovation in the manufacturing industry in Korea.”