LG Innotek Achieves Highest Grade in Win-Win Growth Index for 4 Consecutive Years

[Asia Economy Reporter Ki-min Lee] LG Innotek announced on the 8th that it received the ‘Best’ grade for the fourth consecutive year in the ‘2019 Win-Win Growth Index Evaluation’ announced by the Win-Win Growth Committee.

The 'Win-Win Growth Index,' announced once a year by the Win-Win Growth Committee, is an indicator that classifies the level of win-win growth of domestic large corporations into five grades (Best, Excellent, Good, Average, Poor) based on surveys of small and medium-sized enterprises' perception of large corporations' win-win management and evaluations of fair trade agreement compliance.

LG Innotek stated that the reason for maintaining the Best grade for four consecutive years is its active win-win growth activities in various fields such as finance, technology, management, and education, having signed ‘Fair Trade and Win-Win Growth Agreements’ with about 100 partner companies since 2010 to promote mutual growth with its partners.

In the financial sector, LG Innotek operates a win-win growth fund worth 63 billion KRW this year. Partner companies can secure funds at interest rates lower than banks by utilizing this fund. About 40 partner companies use this fund annually.

In the technology sector, LG Innotek promotes production innovation support activities for partner companies. From 2013 to last year, LG Innotek invested 2.5 billion KRW to support technology investment and equipment purchases for partner companies. Through this, 82 partner companies completed 246 innovation activities. Especially this year, LG Innotek is directly dispatching professional engineers to partner companies to transfer technical know-how and support equipment automation to enhance productivity.

In the management sector, LG Innotek provides management consulting to partner companies. Through this, about 151 companies have improved quality and productivity through management consulting over the past nine years. Especially this year, due to strengthened social distancing caused by COVID-19, consulting has been conducted online and via video conferencing in a non-face-to-face manner.

In the education sector, LG Innotek offers about 360 online training courses free of charge to employees of partner companies. Until last year, about 10,000 employees of partner companies took various courses ranging from job training to humanities.

Additionally, LG Innotek is supporting partner companies facing difficulties in business activities due to the novel coronavirus infection (COVID-19). In April, it relaxed screening criteria such as transaction scale and credit rating and simplified fund payment procedures so that small and medium partner companies experiencing financial difficulties could urgently utilize the win-win growth fund. Furthermore, to improve liquidity for partner companies, LG Innotek made early payments of about 85 billion KRW, including delivery payments and mold costs, to partner companies for two months starting in April. Moreover, it actively supports partner companies that are hindered in business activities due to the inability to secure air transport by allowing them to use special shared air flights of LG affiliates.

Lee Yong-gi, Executive Director of Purchasing at LG Innotek, said, “From the perspective that the competitiveness of partner companies is the competitiveness of LG Innotek, we have continuously carried out win-win growth activities that can provide practical help to partner companies,” and added, “We will further strengthen mutual cooperation to overcome the current crisis together with partner companies and become a sustainable company for more than 100 years.”

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