Hyundai Wia Holds Partnership Day... "Strengthening Competitiveness with Partners"

[Asia Economy Reporter Hyunseok Yoo] Hyundai Wia is strengthening its future competitiveness through co-growth with its partners.

Hyundai Wia announced on the 30th that it held the '2023 Partnership Day' at Haevichi Hotel in Seogwipo, Jeju Island on the 27th and 28th, and decided to expand support for its partners.

Partnership Day is an event where Hyundai Wia shares its management vision with 121 major partner companies and discusses ways for mutual growth. This year's Partnership Day was held offline for the first time since the COVID-19 pandemic.

At Partnership Day, Hyundai Wia set the goal of 'strengthening future competitiveness.' The detailed plans include securing competitiveness in new businesses and expanding co-growth, considering the global economic downturn.

Jae-wook Jeong, President of Hyundai Wia, delivering a speech at the '2023 Hyundai Wia Partnership Day' held on the 27th at the Haevichi Hotel in Seogwipo, Jeju Island. Photo by Hyundai Wia

Hyundai Wia first decided to strengthen new business competitiveness based on collaboration with its partners. It also plans to prepare for supply chain risks caused by unstable management environments. To manage supply chain risks, it will increase the proportion of domestic production, select potential risk items, and manage inventory.

Hyundai Wia will expand programs for co-growth with its partners. First, Hyundai Wia will increase support for the Co-Growth Fund. This fund provides low-interest loans to partner companies in need using funds deposited by Hyundai Wia in financial institutions. By adjusting support interest rates, it plans to expand the number of beneficiary partners. For partners with sales under 100 billion KRW, payment for deliveries will be made in cash.

Hyundai Wia supports expanding domestic and overseas sales channels to strengthen the self-reliance of its partners. It helps partners obtain Authorized Economic Operator (AEO) certification for export-import safety management to enhance export competitiveness. Also, partners can purchase and sell products through Hyundai Wia's Co-Growth Mall. Additionally, Hyundai Wia plans to support various training courses by utilizing Hyundai Motor Group's 'Global Win-Win Cooperation Center' so that partner company employees can receive technical education.

Hyundai Wia believes that co-growth with its partners will strengthen future competitiveness. A Hyundai Wia official said, "We are pleased to hold a meeting with all partners for the first time since the COVID-19 pandemic," and added, "We will strive to grow together with our partners and secure competitiveness in the rapidly changing future mobility market."

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