Large Corporations Provide Customized Support for Challenges Faced by SMEs on Site
Ministry of SMEs and Startups Announces 2022 Support Project for Innovation Partnership between Large and Small-Medium Enterprises
[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced that it will implement the 'Large and Small Business Innovation Partnership Project' to strengthen corporate competitiveness through cooperation between large corporations, public institutions, and medium-sized enterprises (lead companies) and small businesses.
The Large and Small Business Innovation Partnership Project is a program where lead companies form a consortium with participating companies nurtured as core partners to provide customized support for the difficulties small businesses face on the ground.
From 2012 to 2021, 61 lead companies raised 102.3 billion KRW in funds together with the government and supported productivity improvement for 2,750 small businesses, establishing itself as a representative win-win cooperation initiative.
LG Household & Health Care has participated in this project since 2014, supporting its partner companies. One partner company, Gyeongdong Packaging, achieved an annual raw material inventory cost reduction of 97 million KRW by improving the raw material inventory management system, reducing the average raw material inventory from 150 tons to 70 tons.
This year, lead companies and the government will jointly raise funds totaling around 10 billion KRW from the win-win cooperation fund contributed by the lead companies to support about 450 small businesses.
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This year, lead companies will recruit participants through three rounds of public offerings in the first half of the year. Detailed information can be found on 'Sangsaeng Nuri.' Large corporations, public institutions, and medium-sized enterprises wishing to participate as lead companies can inquire with the Foundation for Large and Small Business and Agricultural-Fishery Cooperation.
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