Hyundai Motor Group Holds Plaque Ceremony for Industrial Safety Public Interest Corporation 'Industrial Safety Sangsaeng Foundation'

[Asia Economy Reporter Yoo Hyun-seok] The ‘Industrial Safety Win-Win Foundation,’ established by Hyundai Motor Group to promote a safety culture across the domestic industrial sector, held a plaque ceremony and officially began its foundation operations.

The plaque ceremony held on the 16th at the foundation’s office in Hyundai Motor Group’s Gyedong building was attended by Lee Jeong-sik, Minister of Employment and Labor; Ahn Kyung-duk, Chairman of the Industrial Safety Win-Win Foundation; Yoon Young-jun, President of Hyundai Construction; as well as foundation and Hyundai Motor Group officials and representatives from the foundation’s supervising government department.

The Industrial Safety Win-Win Foundation is Korea’s first nonprofit foundation specializing in industrial safety as a public interest corporation. Hyundai Motor Group established it as part of its win-win cooperation efforts to build safe working environments and enhance safety capabilities for small and medium-sized enterprises (SMEs).

The support targets include Hyundai Motor Group’s partner companies in automobile parts manufacturing, steel, and construction industries, as well as SMEs across the domestic industrial sector. Priority was given to small and medium-sized workplaces where investment in safety is difficult due to management conditions, and where establishing and managing an independent safety management system is challenging.

Six Hyundai Motor Group companies?Hyundai Motor, Kia, Hyundai Mobis, Hyundai Steel, Hyundai Construction, and Hyundai Engineering?are providing 2 billion KRW as the foundation’s initial endowment and 5 billion KRW annually for operating expenses.

Starting this month, the Industrial Safety Win-Win Foundation will prioritize projects such as ▲inspection and technical support for safety management systems ▲provision of safety information and materials including industry-specific accident cases and safety-related legal regulations ▲support for the introduction of smart safety technologies.

In the future, support projects will expand to include ▲training of safety professionals and benchmarking of advanced companies ▲awards for outstanding SMEs and contributors to safety management improvements ▲credit insurance premium support for loans for workplace safety investments ▲scholarship programs for families of workers who died in major industrial accidents.

Lee Jeong-sik, Minister of Employment and Labor, said, “It is highly meaningful that Hyundai Motor Group, which led economic development during Korea’s industrialization, is coming together to lead the prevention of industrial accidents in SMEs at a time when serious accidents have not decreased. The government will also provide maximum support for voluntary efforts by labor and management and subcontractors led by companies, and we hope this case will become a successful example that spreads throughout the entire industrial sector, enabling Korea to leap forward as a truly advanced safety nation.”

Ahn Kyung-duk, Chairman of the Industrial Safety Win-Win Foundation, stated, “As demands for corporate social responsibility have increased recently, safety has become a core value that cannot be compromised for any reason. The Industrial Safety Win-Win Foundation will contribute to establishing a safety culture across domestic SMEs and creating a sustainable industrial safety ecosystem based on expertise and creative capabilities.”

Yoon Young-jun, President of Hyundai Construction, said, “Hyundai Motor Group and the Industrial Safety Win-Win Foundation prioritize creating safe workplaces for all stakeholders including employees, partner companies, and local communities as a top management task. We hope today’s event will be a new starting point to raise safety awareness among domestic SMEs and secure advanced safety management capabilities.”

Currently, the Industrial Safety Win-Win Foundation is recruiting companies for safety management system inspections, technical support, and AI-based new technology support such as smart safety management. Companies wishing to participate can check the application guidelines on the foundation’s website and apply.

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