LG Electronics Holds Regular Meeting of Partners Association... Discussing Win-Win Cooperation Plans

On the 26th, the 'LG Electronics Partners Association Regular General Meeting' was held at the Changwon R&D Center in Gyeongnam

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] LG Electronics and its partners gathered on the 26th to share this year's business direction and win-win growth plans.

LG Electronics announced that it held the 'LG Electronics Partners Association General Meeting' at the Changwon R&D Center in Changwon, Gyeongnam, attended by representatives from 81 partner companies and Wang Cheol-min, Executive Vice President and Head of Purchasing & SCM Management Center at LG Electronics. Since 2013, LG Electronics and its partners have held annual general meetings of the Partners Association to seek sustainable mutual growth.

On this day, LG Electronics introduced its management status and business direction to its partners, discussing win-win cooperation plans to proactively respond to the rapidly changing market environment and secure the manufacturing competitiveness of its partners. Support measures to strengthen ESG capabilities and foster a fair trade culture for the sustainable management of partners were also shared.

LG Electronics views enhancing the competitiveness of its partners as the core of mutual growth and is carrying out various support activities based on five major win-win tasks: strengthening competitiveness, developing next-generation technologies, financial support, educational support, and infrastructure improvement.

In particular, to improve the manufacturing competitiveness and productivity of its partners, LG Electronics has been supporting interest-free funds for building smart factories and investing in automation facilities. The company also dispatches automation system experts to partner companies to reduce the complexity of production products and modify manufacturing methods to suit automation systems, transferring the know-how accumulated in building smart factories.

LG Electronics is also leading the establishment of a win-win ecosystem by expanding the win-win payment system, introduced in 2015, to third-tier partners. The win-win payment system aims to ensure that payments made by large corporations to first-tier partners are passed on to second-tier and lower partners. All partners can receive cash on the payment date, and among them, second- and third-tier partners can convert payment amounts into cash early based on the credit of the large corporation before the payment date, which is very useful.

Wang, Head of Purchasing & SCM Management Center, repeatedly urged partners to do their best not only in quality but also in safety management, emphasizing, “We will seek various cooperation plans to enhance the manufacturing competitiveness and cash liquidity of partners and take the lead in building a win-win ecosystem.”

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