Extension Services Department in the Medium Industry Bank, Seoul

The Medium Industry Bank was established in 1961 in the Republic of Korea, as an autonomous institution to assist the development of small and medium-scale industries by providing both local currency and foreign exchange financing, as well as management, engineering, accounting and legal assistance. The Government of the Republic of Korea, with the assistance of the United Nations Development Programme (UNDP) and with the International Labour Organization (ILO) as Executing Agency, established in 1966 and is now expanding an Extension Services Department within the Bank, responsible to small and medium-scale industries, as an integral part of the Bank's overall services. It provides those services which large-scale industry secures for itself through the employment of specialists, such as engineers, marketing managers, buyers, production superintendents, personnel managers and accountants.
At the Kaesong Wool Spinning Company, manufacturers of woolen yarn, the Chief Engineer of the Company (left), discusses the operation of a machine with Mr. Chang E.K., Engineering Consultant with the Extension Services Department of MIB. [1969]