LG Electronics-POSCO-Production Technology Institute Join Hands to Support Partner Companies' Technological Competitiveness

President Hong Soon-guk (fourth from the left), Head of LG Electronics Production Technology Institute, Director Lee Nak-gyu (sixth from the left), Head of Korea Institute of Industrial Technology, and Vice President Lee Deok-rak (fifth from the right), Head of POSCO Technical Research Institute, are posing for a commemorative photo after the signing ceremony.

[Asia Economy Reporter Kim Hyewon] LG Electronics, POSCO, and the Korea Institute of Industrial Technology (KITECH) announced on the 15th that they signed a Memorandum of Understanding (MOU) for the 'Productivity Innovation Go Together' project at LG Digital Park located in Pyeongtaek-si, Gyeonggi-do. The signing ceremony was attended by Lee Nakgyu, President of KITECH; Lee Deokrak, Head of POSCO Technical Research Institute (Vice President); and Hong Sunguk, President of LG Electronics Production Technology Institute.

The Productivity Innovation Go Together project aims to enhance the technological competitiveness of small and medium-sized enterprises (SMEs) and mid-sized companies by supporting their research and development (R&D) based on the manufacturing technology accumulated by large corporations, thereby contributing to the advancement of the manufacturing industry. The project is led by KITECH.

According to the agreement, the parties plan to collaborate on ▲discovering and developing joint research projects in the manufacturing sector ▲providing joint technical support to improve the technological competitiveness of SMEs and mid-sized companies ▲and facilitating personnel exchanges and training for these purposes.

Previously, the three organizations jointly joined the International Consortium on Innovative Manufacturing (ICIM) in 2017 and have been engaging in annual technology exchanges and joint development activities.

KITECH develops essential foundational technologies, clean technologies, and convergence technologies necessary for the advancement of domestic manufacturing. It also commercializes developed technologies to support SMEs and mid-sized companies, striving to strengthen their technological competitiveness. President Lee stated, "With this agreement as a milestone, a collaborative system among large corporations, partner companies, and KITECH will be established, and stable R&D funding will be secured, which we hope will help resolve technical difficulties and innovate processes for partner companies."

LG Electronics Production Technology Institute is promoting manufacturing advancement by developing differentiated production methods, equipment, and production element technologies ahead of others to secure production technology competitiveness. President Hong said, "Based on the know-how and accumulated technological capabilities we have built up so far, we will support SMEs and mid-sized companies and contribute to further enhancing the competitiveness of Korean manufacturing."

POSCO provides free steel solutions to LG Electronics’ partner companies facing difficulties in using steel materials. Vice President Lee explained, "As part of the company’s management philosophy of corporate citizenship, 'Business With POSCO,' we have signed this agreement to support win-win cooperation with SMEs."