KOICA Signs Management Agreement with Subsidiary Koworks... Subsidiary's Responsible Management and Win-Win Cooperation

[Asia Economy Reporter Lim Cheol-young] KOICA (Korea International Cooperation Agency) announced on the 30th that it signed a four-party management agreement with its subsidiary Koworks and the labor union representatives of both companies at the KOICA headquarters in Seongnam-si, Gyeonggi-do.

The management agreement was signed to guarantee Koworks' management independence and autonomy in mutual development between KOICA and its subsidiary Koworks, and to promote support for win-win cooperative growth.

Through the agreement, both companies agreed to discuss and improve cooperation matters such as guaranteeing sole-source contracts, expanding transparent management, operating joint labor-management councils, enhancing professionalism, and fair recruitment, based on independent and responsible management.

In particular, KOICA clearly expressed its intention to respect independent management and support rational operations so that the subsidiary can continuously improve workers' treatment, contributing to sustainable management stabilization.

Going forward, both companies plan to establish a joint labor-management council between the parent and subsidiary companies according to the agreement to discuss matters related to the mutual benefit of workers, such as labor conditions, working environment, and worker welfare.

Im Ki-young, Director of KOICA, said, “The management agreement was signed to ensure stable business operations of the subsidiary in its early stages,” adding, “KOICA will continue to cooperate for mutual growth as a development cooperation partner of Koworks so that the subsidiary can grow into a stable company.”

Choi Gun, CEO of Koworks, said, “Although the work environment is rapidly changing due to COVID-19, we will do our best to ensure stable organizational management based on win-win cooperation with KOICA,” and added, “Through this agreement, we will accelerate management structure improvement and strengthen organizational professionalism to become a reliable long-term partner of KOICA.”

Earlier, after establishing its subsidiary Koworks in February last year, KOICA was selected as an exemplary case of desirable regular employment conversion by the Ministry of Employment and Labor in the same year and received awards such as the Prime Minister’s Award for job creation merit.

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