SEOUL, KOREA - Major Korean corporations such as Samsung, Hyundai Motor, POSCO, LG, and Hyundai Heavy Industries will invest 213.5 billion won for the next five years to help their secondary and tertiary suppliers implement business management innovation. On June 18, the Ministry of Trade, Industry, and Energy and the Korean Chamber of Commerce & Industry held a ceremony to kick off the "Industrial Innovation 3.0 Movement" and signed an agreement with 11 large corporations for investment pledges.
The Industrial Innovation 3.0 Movement is an expansion of the existing innovation initiative focusing on primary suppliers to include secondary and tertiary suppliers. The fund created by the corporations will be used to improve process and product technology and management structure of the small-scale supplier firms.
By corporation, the pledged amounts are: Samsung 65 billion won, Hyundai Motor 50 billion won, POSCO 25 billion won, LG 15 billion won, Hyundai Heavy Industries 13 billion won, SK 10 billion won, and Doosan 10 billion won. The Industry Ministry expects that the initiative will benefit as many as 10,000 small enterprises.
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