Cement Industry Signs Agreement to Contribute 25 Billion KRW to Local Community Development Fund

"Cement Industry Officially Announces Commitment to Expanding Community Contributions"

Cement company representatives posing after the agreement ceremony. From the left: Jeong Haebung, Executive Director of the Korea Cement Association; Lim Kyungtae, CEO of Hanla Cement; Lee Jongseok, CEO of Sampyo Cement; Ahn Wanki, Chairman of the Korea Productivity Center (KPC); Lee Hyunjun, Chairman of the Korea Cement Association (currently CEO of Ssangyong C&E); Kim Sanggyu, CEO of Sungshin Cement; Cho Seonghoe, Managing Director of Hanil Holdings and Hanil Cement.
[Photo by Korea Cement Association]

[Asia Economy Reporter Kim Jong-hwa] The cement industry has contributed a fund of 25 billion KRW to promote mutual development with local communities near cement plants in Gangwon-do’s Donghae, Samcheok, Gangneung, Yeongwol, and Chungbuk’s Jecheon and Danyang. Additionally, to ensure transparency and objectivity of the mutual development fund, the cement industry signed a fund contribution agreement with the Korea Productivity Center (KPC) on the 30th.

The Korea Cement Association (Chairman Lee Hyun-jun, CEO of Ssangyong C&E) held the "Cement Industry-KPC Social Contribution Fund Contribution Agreement Ceremony" at 10 a.m. in the KPC conference room. Notably, all representatives of cement companies attended and signed the agreement, reaffirming the cement industry’s unwavering commitment to prioritizing co-growth with local communities.

This agreement, aimed at mutual development of Gangwon and Chungbuk regions where cement plants are located as well as expanding social contribution activities, is a follow-up measure to the "Voluntary Fundraising Agreement by the Cement Industry to Expand Social Contribution" signed in February between local district lawmakers and the cement industry.

Regarding this fund contribution agreement, representatives from the cement industry and local communities acknowledged KPC as a partner due to its credibility gained through successful social contribution projects with leading domestic conglomerates and its role in spreading ESG management in Korea, thereby ensuring objectivity and transparency in the cement industry’s social contribution activities.

KPC will propose directions for social contribution aimed at local community development together with the cement industry and support the establishment and operation of regional fund management committees. It will enhance transparency in fund operation and management by establishing clear criteria and objective calculation methodologies for the 25 billion KRW social contribution fund, and provide extensive support necessary for the early stabilization of fund operations, including other social contribution activities.

A Korea Cement Association official stated, "This formalizes the cement industry’s intention to expand social contribution activities to internal and external parties," adding, "It expresses the will to increase direct benefits to local communities and residents near cement plants and to seek sustainable development between cement plants and local communities."

Building on this fund contribution agreement ceremony, the cement industry plans to complete the launch of regional fund management committees by the end of the year and expand and implement programs necessary for mutual development of the region, fostering understanding and harmony between the industry, local communities, and residents.

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