KIBO, KICOX sign MOU to bolster disaster response at Busan industrial complex

Korea Technology Finance Corporation has joined forces with Korea Industrial Complex Corp. and the Noksan National Industrial Complex Management Council to build a disaster response framework for industrial complexes in Busan and extend financial support to companies with weak safety capabilities.

KIBO announced Thursday that it signed a "cooperative framework MOU for disaster and safety accident preparedness at industrial complexes" with the two organizations on Wednesday at KICOX's Busan regional headquarters in Gangseo-gu.

The agreement covers the Busan Myeongjinoksan National Industrial Complex and nearby general industrial complexes. The three organizations will establish a mutual mobilization system to rapidly provide safety supplies and disaster management resources in the event of explosions, fires, floods or other disasters at the complexes.

KIBO plans to offer preferential guarantees to tenant companies that lack the capacity and funds to manage safety, covering costs associated with building safety infrastructure. KICOX and the Noksan National Industrial Complex Management Council will identify safety-vulnerable companies within the complexes and cooperate on disaster response and safety culture initiatives.

The three organizations said they intend to go beyond supporting individual companies in building safety facilities and will pursue joint projects aimed at strengthening complex-wide disaster response capabilities.

"Safety at industrial sites is the top priority for protecting workers' lives and ensuring the sustainable growth of businesses," said Gu Gi-hoe, head of KIBO's Busan-Ulsan-South Gyeongsang regional headquarters. "We will expand cooperation with related organizations to meaningfully strengthen disaster response capabilities within industrial complexes."