Greetings! The Korea Institute of Public Finance (KIPF) was established in July 1992 for the purpose of policy-oriented research and analysis in all aspects of taxation and public finance, assisting the government in formulating national tax policies thus consequently contributing to the nation’s economy. Since its foundation, KIPF has played a critical role in the development of tax and budget policies and the improvement of tax administration. This success has been achieved thanks to KIPF’s extensive research efforts and active recommendations of policy alternatives. With the grand opening of the Research Center for State-Owned Entities in 2009, there have been substantial changes and improvements in the management policies of state-Owned enterprises. During the recovery from the unprecedented economic downturn which was resulted from the global financial crisis, tax and fiscal policies have acted as determinant tools in the implementation of sound economic decisions. In addition, to cope with future issues, such as low-birth rates, aging society and the reunification of the Korean Peninsula, and to deal with changes in the fiscal and tax environments, the need to conduct in-depth research for producing creative policy alternatives within KIPF is ever more important. Furthermore, policy research on state-owned entities becomes an essential factor to maintain sustainable economic growth, considering the significance and contributions to our society and economy. Fully aware of its roles and responsibilities, KIPF is committed to developing more advanced systems and policies that faithfully adhere to the economic principles of equity and efficiency. In appreciation of your warm encouragement and strong support, we pledge to do our best in helping to create a brighter future. Thank you.