Hanwha Aerospace Receives 'Top Grade' for Compliance with Fair Trade Agreement

"31% Quality Improvement, Adoption of Advanced Technology"

At the '2022 Fair Trade Agreement Implementation Best Practices Presentation' held on the 20th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, Ryu Young-kwan, CRM Director of Hanwha Aerospace (second from the left), Han Ki-jung, Chairman of the Fair Trade Commission (center), and Kim Hyung-bae, President of the Korea Fair Trade Mediation Agency (third from the left), are taking a commemorative photo. Photo by Hanwha Aerospace

[Asia Economy Reporter Choi Seoyun] On the 21st, Hanwha Aerospace announced that it received the Best Company Award at the ‘2022 Fair Trade Agreement Implementation Best Practices Presentation’ hosted by the Korea Fair Trade Commission, held the previous day at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul.

The Fair Trade Agreement is a system in which large and small-to-medium enterprises (SMEs) in Korea agree in advance to support SMEs with funds, technology, etc., or to apply transaction conditions higher than those stipulated by law, to enable mutual growth.

Through the Fair Trade Agreement, Hanwha Aerospace received high evaluations by providing various programs such as reducing loss costs for partner companies in the aircraft engine sector, which uses many high-priced raw materials with high processing difficulty, and supporting quality improvement training.

In particular, they established a detailed system to reduce the loss costs of raw materials caused by partner companies’ responsibility, enabling partners to actively participate in the production of high-difficulty parts.

Additionally, an organization composed of in-house technical experts visited partner companies daily to provide customized on-site work support. They also offered training programs for new workers, which contributed to improving quality and reducing defect rates. As a result, the product quality of partner companies improved by 31% compared to 2021.

A Hanwha Aerospace official stated, “Since the competitiveness of our partner companies is directly linked to our own competitiveness, we will continue to develop various programs that enable mutual growth.”

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