LG Innotek said on Friday it had signed agreements with more than 100 partner companies to cooperate for fair trade and shared growth in a bid to create a sustainable business environment.
In accordance with the contract, the company plans to promote joint cooperation in various fields such as finance, technology, management and education.
The agreement was inked as a part of LG Innotek’s 2023 Shared Growth Win-Win Day event held at the LG Sciencepark headquarters in Seoul on Thursday.
“Taking action for shared growth is the foundation of exceptional consumer value,” CEO and President Jeong Cheol-dong said in his welcoming statement. “We will actively support our partner companies in their efforts to pursue sustainability, especially their ESG goals.”
The annual event has been hosted by the firm since 2010, in which it invites partner companies to strengthen mutual cooperation. A total of 50 attendees were present, including members of management and representatives of partner firms.
In addition, the company arranged a separate fund worth 143 billion won ($110 million) for shared growth this year – an increase of 40 billion won from last year. The added amount allows for more funding support for the partner companies’ environmental, social and corporate governance management activities, according to the electronics parts maker.
More events are in store as well, the company said. This includes a shared growth camp, where each business unit can discuss methods of cooperation with related associates, and a shared growth academy inviting partner company representatives.
