LH, 22nd Compassionate Company... Supporting Recovery of SMEs and Small Business Owners

Expansion of Public Procurement, Activation of Cooperative-Recommended Private Contract System, and Promotion of Pilot Introduction of Win-Win Payment

Korea Land and Housing Corporation (LH) has pledged to be a reliable partner for the steady growth of startups and small and medium-sized enterprises in the construction and architecture sectors, as well as to support the recovery of small business owners. It will serve as the 22nd "Caring Company" under the Ministry of SMEs and Startups. From left in the photo: Kim Ki-moon, Chairman of the Korea Federation of SMEs; Park Young-sun, Minister of SMEs and Startups; Byun Chang-heum, President of LH. Photo by Ministry of SMEs and Startups.

[Asia Economy Reporter Kim Jong-hwa] Korea Land and Housing Corporation (LH) promises to play a strong partner role in the solid growth of startups and small and medium-sized enterprises (SMEs) in the construction and architecture sectors and in supporting the recovery of small business owners, stepping forward as the 22nd 'Caring Company.'

A Caring Company refers to a voluntary win-win cooperation company that goes beyond traditional cooperation focused on partner companies, sharing the strengths such as capabilities and know-how possessed by large corporations with non-trading companies and small business owners.

On the 24th, the Ministry of SMEs and Startups announced that it signed a business agreement with LH and the Korea Federation of SMEs at the Korea Federation of SMEs to support 'innovative procurement, startups in the construction and architecture sectors, and the recovery of small business owners.'

This agreement, the 22nd Caring Company initiative promoted by the Ministry of SMEs and Startups since May last year to realize the value of coexistence and mutual growth, was achieved as LH, which has accumulated capabilities in the construction and architecture sectors, expressed its commitment to promoting innovative startups and corporate growth specialized in these fields and supporting the recovery of small business owners.

With this agreement, innovative startups will be activated even in the traditional industrial areas of construction and architecture, and a foundation will be established for SMEs in related industries to grow through expanded public procurement.

The main contents of the business agreement with LH include ▲ expanding market access and supporting technological innovation for the solid growth of startups and SMEs in the construction sector ▲ establishing startup support facilities and support systems specialized in the architecture sector ▲ supplying hopeful commercial spaces to support the recovery of small business owners who have closed their businesses.

Byun Chang-hoom, President of LH, said, "We will meticulously promote the creation of an architecture-specialized fab lab that implements new technologies and ideas in the architecture field, strengthen domestic and international market support, and support the re-startup of small business owners who have closed their businesses to provide practical help to SMEs, venture companies, and small business owners."

Park Young-sun, Minister of SMEs and Startups, said, "We will do our best to create a solid ecosystem from startup to growth through the establishment of innovative startup infrastructure specialized in the construction and architecture sectors and the expansion of public procurement," adding, "This agreement is expected to greatly help resolve difficulties faced by construction SMEs and support the recovery of small business owners struggling due to COVID-19."

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