Hanwha Construction Signs Fair Trade Agreement with 210 Partner Companies

Hanwha Building, Janggyo-dong, Jung-gu, Seoul (Photo by Hanwha Construction)

[Asia Economy Reporter Onyu Lim] Hanwha Construction announced on the 6th that it has completed the signing of a fair trade agreement online with 210 partner companies.

The fair trade agreement is a system in which large corporations and their partners voluntarily agree in advance on detailed fair trade measures to prevent unfair trade practices and strengthen mutual competitiveness. The agreement includes ▲ compliance with the four major practices of the Fair Trade Commission ▲ fair contract conclusion and execution ▲ prevention of violations of the Subcontracting Act ▲ win-win cooperation in areas such as finance, technology, and management support.

Hanwha Construction conducted this agreement signing online through certified authentication to prevent the spread of the novel coronavirus infection (COVID-19). It plans to continuously reflect the opinions of partner companies through the online system going forward.

Since 2007, Hanwha Construction has introduced the four major fair trade practices and incorporated them into company regulations to establish a culture of fair trade. Through intensive ethics education for employees and a strict internal audit system, it is achieving compliance management and ethical management at a global standard level.

To enhance the capabilities of partner companies, various financial support programs are also in operation. Representative examples include direct loans from the win-win growth fund, establishment of a win-win growth fund, credit guarantee support, and indirect support through network loans. In 2018, it additionally established a 10 billion KRW scale ‘Job Creation Win-Win Fund’ that offers reduced loan interest rates to partner companies excelling in job creation.

Furthermore, Hanwha Construction has held annual meetings with outstanding partner companies to strengthen communication, and addresses partner companies’ difficulties through on-site meetings and meetings by construction type. It has also participated in various cultural events such as supporting cheering at Hanwha Eagles games and attending the Hanwha Symphony Orchestra Festival.

In addition, Hanwha Construction continuously strengthens win-win growth with partner companies through various systems such as operating a dedicated win-win cooperation department, providing overseas joint expansion opportunities, supporting the management doctor system, jointly conducting research projects, and supporting partner company education.

Meanwhile, Hanwha Construction has been selected as an ‘Excellent’ company for three consecutive years in the Win-Win Growth Index evaluation announced by the Win-Win Growth Committee.

This content was produced with the assistance of AI translation services.