LG Uplus Pays 17 Billion KRW Early to Partners Ahead of Chuseok

[Asia Economy Reporter Oh Su-yeon] LG Uplus announced on the 1st that it will pay 17 billion KRW of delivery payments 100% in cash in advance to help small and medium-sized partner companies secure stable cash liquidity ahead of the upcoming Chuseok holiday.

Since 2014, LG Uplus has been promoting mutual growth with partner companies by making early payments of delivery fees before the Chuseok and Lunar New Year holidays. The cumulative amount of early payments made over seven years until the end of last year reached 330 billion KRW.

The early payment funds will be paid to partner companies responsible for delivering wireless repeaters and wired network equipment, network construction, IT development, and operations. The partners plan to use the early secured funds for new product production, facility investment, and research and development costs.

In addition, LG Uplus operates programs to support small and medium-sized partners, including ▲ the ‘Win-Win Growth Fund’ in cooperation with IBK Industrial Bank of Korea, which provides low-interest loans ▲ programs that directly support partner companies’ new product development funds ▲ the ‘5G Innovation Lab’ that supports the development of new services and devices based on 5G technology ▲ and the ‘Partner Proposal Day,’ which guarantees a certain level of purchase for products adopted after reviewing ideas proposed by small and medium-sized partners for communication equipment or solution development.

Kim Jong-seop, Head of Win-Win Growth/Purchasing at LG Uplus, said, “We expect that early payment of funds ahead of the holidays will secure liquidity for our partners,” and added, “As a top company in the Win-Win Growth Index, we will continue to achieve mutual growth and co-prosperity with our partners.”

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