Dedicating Plant in
North Korea
Watch maker Romanson completes construction of its plant in the
Gaesung Ind. Complex in the North

Romanson Co., a wrist watch maker, celebrated the completion of construction of its plant in the Gaesung Industrial Complex in Gaesung, North Korea, not far from Panmunjom, on Aug.11, with a score of dignitaries attending the ceremony.
So far, South Korean firms advancing into North Korea had received financing from the funds set up by the government and Romanson was no exception, the Korea Development Bank said.
Present at the ceremony included Deputy Governor of KDB Lee Yoon-woo, Rep. Maeng Hyung-kyu, chief policymaker of the major opposition Grand National Party, and Chung Sei-hyun, former Unification Minister.
The bank said the presentation ceremony to deliver 1,000 pieces of the Unification Watch also took place at the ceremony. Those watches were produced at the Romanson plant in the North Korean industrial complex.
Min Ho-ki, chief of the public relations office of the KDB, said Romanson has become the first among South Korean firms allowed to build plants in the complex under financial support from the KDB to finish the construction. He added that the watches will be given away as mementos to customers.
KDB was founded in 1954 in accordance with The Korea Development Bank Act for the purpose of supplying and managing major industrial capital to help develop Korea industries and the national economy. For the half century since then KDB has faithfully fulfilled its role as a government-run bank, anticipating and coping with changes in the economic and financial environment.
New financial policy amid market-oriented economic paradigm: Expansion and diversification of industrial capital supply for dissolution of credit blockade and expansion of growth power industries. Efficient support for the government's policies including rearing small and medium enterprises, expanding social overhead capital, and balanced economic development in local regions. Resolution of financial and economic uncertainty through leading and representative roles in corporate restructuring and foreign capital funding. Completion of universal banking services with the four core businesses: Corporate banking, Investment Banking, International Banking and Corporate Restructuring and Consulting to meet various and changing needs by customers, and pioneer in the financial frontier.
Sustaining a primary long-term industrial financing institution: Intensively supported automobile and electronic industries by providing long-term facility financing in order to construct a stable growth basis of national economy.
Increased the portion of independent fund raising through issuing IFBs and inducing foreign capital carrying out the role of the primary long-term facility financial institution. Led fund supply to energy, heavy chemical, and export-oriented industries meeting the government's 5-year Plan of Economic Development.
In line with the government? policy to transform Korea into a financial hub, the KDB has adopted the vision to become a leading bank in Asia by 2011.
To broaden its business presence beyond the nation's borders, KDB will focus on its four core financial services corporate banking, investment banking, international banking and corporate restructuring and consulting, targeting customers both at home and abroad.
The expertise and experience accumulated over the past five decades will undoubtedly serve as a springboard for KDB to forge ahead. By remaining responsive to the ever-changing needs of its customers and offering quality, tailored financial solutions, KDB looks forward to seeing its list of international clients and business partners grow in the years ahead.
In addition to raising the competitiveness of its core businesses, KDB aims to align its business practices to meet the highest ethical standards and elevate its financial status to that of leading banks. By 2011, KDB plans to strengthen its financial position by attaining a total equity of 15 trillion won, an ROE of 18 percent and an NPL of less than 1 percent. nw

President Kim Ki-mun of Romanson Co., left, hands over the 1,000 Unification Watches to Lee Yoon-woo, deputy governor of KDB at the Gaesung Industrial Complex in North Korea.