Dongbanwi Signs 'Polarization Resolution Voluntary Agreement' with Hyundai Department Store and Hyundai Duty Free

The Win-Win Growth Committee announced on the 26th that it has signed a voluntary agreement to resolve polarization with Hyundai Department Store and Hyundai Duty Free, along with their respective partner small and medium-sized enterprises (SMEs).

This agreement was promoted as part of efforts to alleviate the burdens of partner companies facing difficulties amid the economic downturn and persistent high interest rates and inflation, and to resolve the polarization issue between large and small-medium enterprises. Based on the agreement, both companies will strive to comply with the three payment principles (paying the right price, paying on time, and paying properly) in transactions such as subcontracting, consignment, supply, and services with partner companies over the next three years.

Hyundai Department Store plans to support excellent SMEs and small business owners in entering and operating within major domestic distribution networks by operating SME-exclusive stores and collaboration projects based on performance-sharing systems (supporting joint business costs with small partner companies). Hyundai Duty Free plans to provide a better working environment for partner company employees by supporting meal expenses and operating shuttle buses for commuting.

Lee Dal-gon, Chairman of the Win-Win Growth Committee, said, "To ensure that this agreement leads to practical and effective support for small partner companies, the Win-Win Growth Committee will continue to cooperate with Hyundai Department Store and Hyundai Duty Free to prepare various additional support measures to strengthen the capabilities of partner companies."

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