LG Electronics Supports 204 Cases of Partner Technology Data Deposits... 'Most Among Companies'

Full Support for Over 1,400 Technology Deposit Fees Since 2013
"Actively Supporting Partner Companies' Core Technology Protection for Sustainable Win-Win Cooperation"

Joo-kwan Cho, President and CEO of LG Electronics.

[Asia Economy Reporter Park Sun-mi] LG Electronics supported 204 cases of technology data escrow for its partners last year, marking the highest number of support cases among domestic large corporations. This is evidence that the company is actively helping partners protect their core technologies and practicing sustainable win-win cooperation.

On the 11th, LG Electronics announced that it supported 204 cases of technology data escrow for its partners last year, doubling the number of supported partners compared to the previous year. Technology data escrow is a system where large corporations and small and medium-sized enterprises (SMEs) in a business relationship agree to safely store the SMEs' technology data with a reliable organization such as the Large and Small Business and Agricultural and Fishery Cooperation Foundation, reducing the risk of technology leakage or theft. SMEs can prove the development of their technology through the escrowed data, allowing them to focus on technology development with peace of mind.

Since 2013, LG Electronics has fully supported the costs incurred when partners escrow their technology data. Up to last year, the company has helped with more than 1,400 cases of technology data escrow.

LG Electronics continues to make efforts to expand the application of the technology data escrow system by sending newsletters to its partners to actively promote the system. This year, the company plans to carry out various support activities to protect partners' core technologies and trade secrets.

Wang Cheol-min, Executive Vice President and Head of Purchasing and SCM Management Center at LG Electronics, said, “Through supporting technology data escrow, we will build practical trust with our partners and create a fair trade culture to firmly establish the foundation for win-win cooperation.”

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