LG Innotek Achieves 'Highest' Grade in Win-Win Growth Index for 6 Consecutive Years

"Collaborating with Partners to Innovate Customer Experience"

[Asia Economy Reporter Park Sun-mi] LG Innotek announced on the 21st that it received the ‘Highest’ grade in the 2021 Win-Win Growth Index evaluation announced by the Win-Win Growth Committee.

It is the result of consistently supporting various activities such as finance, technology, management, and education by signing the ‘Fair Trade and Win-Win Growth Agreement’ with about 170 first-, second-, and third-tier partners.

The Win-Win Growth Index is a quantifiable indicator evaluated by the Win-Win Growth Committee to promote mutual growth between companies by assessing the efforts of domestic large corporations to coexist with their partners and the level of win-win growth. The evaluation results are announced annually and are divided into Highest, Excellent, Good, Average, and Poor.

LG Innotek operates a win-win growth fund worth 103 billion KRW in the financial sector. By utilizing this fund, partner companies can receive loans at lower interest rates than commercial banks for the funds necessary for business operations, enabling them to proceed smoothly with facility investments or parts development plans.

In the technology sector, LG Innotek also supported various partner companies last year. To expand the sales channels of partners, it held a ‘Tech Fair’ to exchange information on new technologies and new products and carried out activities aimed at joint development every year.

In particular, last year, it helped about 40 companies with project execution and on-site improvements for partners. To protect the important technologies and trade secrets of these companies, LG Innotek established the ‘Technology Data Deposit System’ and ‘Trade Secret Original Certification Service,’ and also bore all related costs.

LG Innotek is also working hard to support the ‘Smart Factory Construction for Partners’ to reduce the burden on small and medium-sized enterprises struggling with factory automation due to high costs and to enhance their production capabilities. As a result of building a win-win type smart factory, the hourly production volume of one partner company increased by up to 123%.

In the management sector, LG Innotek supports ESG evaluation and improvement activities for small and medium-sized enterprises related to the recently emphasized ESG management. This involves evaluating the management level of partners in labor rights, ethics, health and safety, and environmental fields, identifying issues, and providing support activities to raise ESG levels considering their importance.

Lee Yong-gi, Senior Executive Director in charge of purchasing, said, “LG Innotek has continued to support activities focused on strengthening the self-reliance of partners so that they can proactively solve problems,” adding, “We will continue to innovate customer experience by joining forces with our partners.”

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