Jo Seong-wook: "To Encourage Technical Support and Protection in the Machinery Industry, We Will Increase Relevant Scores in the Fair Trade Agreement"

Fair Trade Commission Holds 'Declaration Ceremony and Meeting for Win-Win Agreement in the Machinery Industry'

On the 4th, at the Machine Hall, Seongwook Cho, Chairman of the Fair Trade Commission (right), and Dongyeon Son, Chairman of the Machinery Industry Promotion Association, are holding the 'Declaration of the Win-Win Agreement and Meeting Statement of the Machinery Industry' and taking a commemorative photo.

[Sejong=Asia Economy Reporter Joo Sang-don] Cho Sung-wook, Chairman of the Fair Trade Commission, stated on the 4th, "We will raise the scores in the relevant sections of the agreement evaluation criteria to provide various benefits at the pan-government level to excellent companies in the Fair Trade Agreement and to encourage more active technical support and protection."

On the same day, Chairman Cho made these remarks while holding the declaration ceremony and meeting for the win-win agreement in the machinery industry at the Machinery Hall, together with the Korea Machinery Industry Promotion Association and representatives of the five major original and subcontractors in the machinery industry.

This agreement ceremony and meeting were organized to overcome the management difficulties caused by the COVID-19 pandemic, actively respond to changes in the business environment, encourage efforts for mutual cooperation such as technical support and protection, and to listen to the industry's difficulties and suggestions related to COVID-19.

At the declaration ceremony, Chairman Cho and representatives of the machinery industry, including Doosan Heavy Industries & Construction and DHHI, read the declaration. Subsequently, all original and subcontractors promised to comply with the agreement by signing and exchanging the declaration. Specifically, original contractors agreed to ▲expand technical support and protection measures ▲expand financial support ▲comply with mold transaction guidelines. Subcontractors agreed to ▲support lower-tier companies for mutual growth ▲provide necessary information when adjusting payments due to force majeure ▲comply with wage and material payment obligations.

At the meeting, the industry requested measures to expand the use of standard subcontract contracts, activate the subcontract payment adjustment system, and increase incentives for exemplary companies in the Fair Trade Agreement. In response, Chairman Cho said, "We will actively review the raised suggestions," and added, "We will continue to strive to reflect the industry's voices in policy."

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