Ex-MOEF Deputy Minister Choi Won-mok Takes Office as 24th KODIT Chairman

CEO Choi Won-mok, an ex-eputy minister for planning and coordination at the Ministry of Economy and Finance, who took office as the 24th chairman of the Korea Credit Guarantee Fund (KODIT). (Photos: KODIT)

Chairman & CEO Choi Won-mok of the Korea Credit Guarantee Fund (KODIT), who once served as deputy minister for planning and coordination at the Ministry of Economy and Finance (MOEF), took office as the 24th KODIT chairman.

The new KODIT Chairman Choi skipped his inaugural in-person speech. He posted his inaugural speech to his KODIT executives and staff members in an in-house e-bulletin board.

In the speech, Chairman Choi said, “Now is a time when KODIT will concentrate all of its capabilities to overcome an economic crisis and make a leap forward.”

KODIT will build a tight response regime against the crisis toward SMEs, a root of the national economy, amid the expanding of uncertainties, caused by multiple crises, he said.

To this end, Chairman Choi said, “KODIT will upgrade an integrated management system to manage risks in a preemptive fashion, and provide support to companies, damaged by the spread of the COVID pandemic and focus on strategic responses to manage its own financial soundness.”

Chairman Choi also said KODIT will add new values to the future policy financing sector, such as the expanding of monetary supply to the future innovation sectors for the resurgence of the national economy, digital financial innovation and nurturing of innovative startups.

Meanwhile, Chairman Choi had his first official duty by meeting with KODIT staff, in which he delivered his plans and vision, and he promised to raise the pride of KODIT, which is getting stronger with each crisis it overcomes by spearheading change.

Chairman Choi started career after passing the 27th higher administrative examination.

He held major positions such as financial officer with the Korean Embassy in UK, director-general in fiscal management at MOEF, presidential secretary for economic and financial affairs for national agenda, deputy minister for planning and coordination, Ministry of Economy and Finance, executive director with Asian Development Bank and chief audit executive with Korea Finance Telecommunications and Clearings Institute.

Chairman Choi is a seasoned expert with a wide range of expertise and working-level experiences with diverse official duties, international organizations and the private sector.

The chairman is evaluated to have the right stuff to evolve KODIT into a hub to support SMEs and startups, based on the establishing of financial support steps to cope with an economic crisis and expertise on policy financing and budget and organization management and head a policy financing institution to lead efforts to overcome multiple crises.

KODIT officials participate in a social volunteer event to share meal boxes with a local community prior to the Chuseok holiday on Sept. 7 as part of their social contribution activities.

KODIT Conducts ‘ESG Management Consulting’ for SMEs

The Korea Credit Guarantee Fund (KODIT) has been conducting “ESG management consulting,” which is designed to spread awareness toward SMEs’ ESG management and sustainable growth.

The ESG management consulting is a non-financial support regime in which professional consultants offer analyses tailored to meet SMEs’ needs on the introduction and execution of ESG management by utilizing an ESG management consulting diagnosis index, developed by KODIT though an outside research service commissioned last July.

KODIT issues an ESG management consulting report, containing a roadmap of improvement after conducting an integrated diagnosis on each recipient’s environment, social and governance categories and exploring strategic tasks, which may be executed.

Applicant companies may apply via the management support platform on KODIT’s website.

Each recipient is eligible for support ranging from 60 percent to a maximum of 100 percent (a maximum of 4 million won) in consulting fees.

A KODIT official said, “KODIT plans to offer full support so that SMEs can cope with acceleration of paradigm shift into ESG management in a fast fashion.”