LG Innotek, Co-Growth Partnership with Partners... Agreement Signed with Over 100 Companies

2022 Dongbansangjang Win-Win Day Online Event Held

LG Innotek held the '2022 Win-Win Growth Day' online on the 24th to promote fair trade and mutual growth with its partners. Photo by Jeong Cheol-dong, President of LG Innotek (left), and Park Yong-soon, CEO of TKC Co., Ltd. (right), taking a commemorative photo.

[Asia Economy Reporter Sunmi Park] LG Innotek announced on the 24th that it held the ‘2022 Win-Win Growth Coexistence Day’ and signed agreements with over 100 companies.

At the event, Jung Cheol-dong, CEO of LG Innotek, said, “To become a company that lasts 100 years, let us join forces with our partners to innovate customer experience,” adding, “To this end, we will sincerely and actively carry out coexistence activities that provide practical help to our partners.”

The Win-Win Growth Coexistence Day is an occasion where LG Innotek and its partner companies pledge mutual cooperation for fair trade and win-win growth, and it has been continuously held every year since 2010. At this event, LG Innotek shared key policies and business directions related to win-win growth, including purchasing, digital transformation (DX), and quality management. In total, including 39 companies in attendance, LG Innotek signed the ‘2022 Fair Trade and Win-Win Growth Agreement’ with over 100 companies.

According to the agreement, LG Innotek plans to promote multifaceted win-win cooperation in finance, technology, management, and education to enhance the competitiveness of its partners. In particular, this year, ESG (Environmental, Social, and Governance) consulting will be newly supported, including ESG capability diagnosis, improvement plans, and specialized training. This is intended to help small and medium-sized enterprises struggling to establish ESG management systems due to budget and manpower shortages.

Support for building smart factories for partner companies will also be expanded by 30%. This program is a system jointly operated by LG Innotek and the Ministry of SMEs and Startups that supports 60% of the construction costs for companies promoting factory automation. It aims to reduce the burden on small and medium-sized companies facing difficulties in factory automation due to high costs and to help improve production capabilities.

LG Innotek will also transfer know-how to increase productivity. Since 2014, LG Innotek has been continuously conducting productivity enhancement activities by dispatching production technology expert engineers to partner companies to jointly improve manufacturing equipment and processes. So far, this activity has been carried out for a total of about 40 companies. LG Innotek operates a win-win growth fund worth a total of 103 billion KRW, and through this fund, it plans to actively continue providing practical financial support so that partners can stably secure necessary funds for management at interest rates lower than banks.

Meanwhile, LG Innotek was recognized for its active win-win cooperation efforts and received the ‘Highest’ grade in the Win-Win Growth Index evaluation last September, becoming a ‘Highest’ rated win-win growth company for five consecutive years.

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