LG Energy Solution is expanding support programmes for partner companies to strengthen a shared-growth framework in its supply chain. On May 7, the company said it held a “shared growth partnership agreement ceremony” and announced the plan. About 20 people attended the ceremony held on May 6 at its Ochang energy plant in North Chungcheong province, including Song Jae-bong (송재봉), a Democratic Party lawmaker, Lee Dong-chan (이동찬), CEO of Pol, and Kim Woo-seop (김우섭), head of LG Energy Solution’s Communication Center. The agreement aims to comply with fair-trade laws and regulations and enhance mutual competitiveness through cooperation with partner companies.

LG Energy Solution said it will run four shared-growth cooperation programmes to support partners’ sustainable growth: financial support, technology protection support, hiring support and management stability support. In finance, it plans to expand low-interest loan support, simplify procedures for issuing credit guarantees and strengthen a system for managing payment settlement information. It said the policy is to help partners respond in a stable manner amid rapidly changing business conditions.

In technology, it will introduce a technology data escrow system that stores core technologies and trade secrets with a third-party trusted institution. The company said the measure will provide institutional support for protecting partners’ technologies. In hiring, it will run a dedicated online recruitment platform and expand recruitment support and training programmes to help partners secure and develop talent. For management stability, it plans to provide direct and indirect management support, including consulting on responding to ESG regulations, dispatching and training specialised staff, support for smart learning and sharing a welfare mall.

Song said, “LG Energy Solution’s Ochang energy plant is a future industry site representing North Chungcheong province and a key base that supports the competitiveness of South Korea’s battery industry.” He added, “I hope this agreement will provide practical support for partners’ growth and lead to a model case of shared-growth cooperation in which large companies and partners raise competitiveness together.”

Song said, “In particular, financial support, technology protection, talent development and ESG response are areas that partner companies need most in the field.” He added, “The National Assembly will continue to provide necessary policy and institutional support so that a fair subcontracting trade order takes root in the field and North Chungcheong’s secondary battery industry ecosystem can grow more robustly.”

An LG Energy Solution official said, “We will continue to actively support shared-growth cooperation programmes to accelerate partners’ growth.” The official added, “Based on trust with partner companies, we will build a fair and sustainable industrial ecosystem and realise shared growth.”