Chairman & CEO Moon Sung-yu of Korea Asset Management Corp. (KAMCO) (Photo: KAMCO)

Moon Sung-yu, president of the Korea Asset Management Corporation (KAMCO), stressed in his New Year’s address for 2021 that “KAMCO will use all of its capabilities and know-how to normalize the Korean economy as soon as possible and turn itself into a leading government-run company in the post-COVID-19 era.”

First, Moon looked back on 2020. “Last year, we faithfully performed our roles in helping the people and companies recover and enhancing the value of public assets by showing unique dynamics in the face of unprecedented social and economic shocks and crises,” he said.

“First of all, KAMCO protected small business owners and families most vulnerable to impacts from the COVID-19 pandemic by taking actions such as reductions of debts and the grace of repayment,” Moon said.

At the same time, KAMCO proactively prevented financial instability due to large overdue debts through the Personal Overdue Debt Acquisition Program.

“KAMCO supported troubled companies by decisively running support systems such as debtor-in-possession (DIP) financing, sales and leasebacks and ship funds to in addition to the expansion of its new roles such as the launch of the Corporate Asset Sale Support Program and the establishment of Loan-Type Private Debt Fund (PDF) for Major Industries.”

In the public sector, KAMCO endeavored to enhance the value of public assets by organizing public development projects such as the implementation of social overhead capital (SOC) projects, house lease programs for youths and a youth start-up hub plan, the approval of a development project for a site at the College of Agriculture of Seoul National University, and the promotion of public-private development, Moon detailed.

“Moreover, KAMCO promoted green remodeling of state-owned buildings, maintenance projects for empty houses left unattended and abandoned buildings on state-owned land and laid the foundation for enhancing the utilization of public and public properties by establishing a national property building database in order to enhance the efficiency of state-owned and public property,” Moon continued.

Moon noted that KAMCO could achieve the results by quickly supporting government policies and actively take into account voluntary efforts to overcome crises in all sectors of society by harnessing its capabilities which the company made good use of when successfully overcoming the domestic financial industry in 1997 and the global financial crisis in the 2000s and its capabilities.

“In 2020, KAMCO has faithfully played a role in helping the people and companies recover and increasing the value of public assets against the COVID-19 crisis,” Moon said.

“With the end of the COVID-19 tunnel in mind, KAMCO will overcome the COVID-19 crisis and prepare for the post-COVID-19 era at the same time.”

“In the year 2021, Korea must return to the pre-COVID-19 economic level and further secure a stepping stone to a more advanced economy,” Moon said.

“In order to recover to the previous level, the Korean economy has to secure structural reforms, the digital and green New Deal of Korea, and inclusive growth as bases.”

Moon explained his management directions for 2021. KAMCO will give a helping hand to marginalized economic players in blind spots by pushing for current comprehensive support measures in all directions to normalize the Korean economy as soon as possible, devising and finding new support measures considering government policies and synergies.

Moon announced KAMCO’s top three tasks to maximize the effects of Korean New Deal policies.

The three are supporting small and medium-sized businesses to start their own businesses, expanding investment in green architecture and digital conversion and the utilization of new technologies.

KAMCO will switch its work methods to digital and non-face-to-face ones and significantly elevate the quality of public services by introducing new technologies such as big data and AI for its transition to a leading government-run company in the post-COVID-19 era.

“We will focus on finding and nurturing talented people who will manage and lead data-based and non-face-to-face tasks,” Moon added.

Moon asked KAMCO employees to make a big change in the way they work in 2021, innovate to provide better services from the people’s perspectives and secure professionalism based on professional ethics.

“Let’s communicate with one another and create a good workplace where employees can feel a sense of achievement and rewarded,” Moon stressed.