LG Innotek Selected as 'Best' Company for Win-Win Growth for 5 Consecutive Years

[Asia Economy Reporter Kim Hyewon] LG Innotek announced on the 15th that it received the highest grade in the '2020 Win-Win Growth Index Evaluation' announced by the Win-Win Growth Committee. LG Innotek has been selected as the best win-win growth company for five consecutive years since 2017.

The Win-Win Growth Index is a quantitative indicator evaluated by the Win-Win Growth Committee to promote mutual growth among companies by assessing the efforts of domestic large corporations to support their partner companies and the level of win-win growth. The evaluation results are announced annually and are divided into Excellent, Good, Fair, Average, and Poor.

To promote mutual growth with partner companies, LG Innotek signs a 'Fair Trade and Win-Win Growth Agreement' with about 150 partner companies every year and carries out win-win growth activities in various fields such as finance, technology, management, and education.

In the financial sector, LG Innotek operates a win-win growth fund worth 103 billion KRW. This is an increase of about 64% from 63 billion KRW in December last year. This fund is to help partner companies experiencing management difficulties due to COVID-19. By utilizing this fund, partner companies can secure operating funds at lower interest rates than banks and continue facility investment and parts development stably.

In the technology sector, LG Innotek has been continuously providing productivity innovation consulting for partner companies. From 2014 to last year, about 1.4 billion KRW was invested to support over 40 partner companies in manufacturing equipment improvement, smart factory construction, and export promotion.

Especially from this year, the support system for partner companies' smart factory construction will be expanded. This program, jointly conducted with the Ministry of SMEs and Startups, supports 60% of the construction costs for small and medium-sized partner companies pursuing factory automation. This is to reduce the burden on small and medium-sized enterprises struggling with factory automation due to high costs and to support the improvement of production capabilities.

In the management sector, LG Innotek paid attention to protecting partner companies' trade secrets by signing a trade secret protection agreement with the Korean Intellectual Property Office and partner companies in December last year, the first in the industry. According to the agreement, LG Innotek and the Korean Intellectual Property Office support partner companies with consulting and education, including establishing trade secret management systems.

In the education sector, LG Innotek provides free online training courses to about 400 partner companies to support the self-development of their employees. Every year, about 1,400 employees of partner companies take courses in job competency, language skills, and more.

Lee Yong-gi, LG Innotek's Purchasing Director (Executive Director), said, "We will further strengthen win-win management to become a sustainable company for over 100 years together with our partner companies, and at the same time, take the lead in establishing a fair trade culture."

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