LG Innotek Signs Trade Secret Protection Agreement with KIPO and Partners

After the signing ceremony of the "Business Agreement for Trade Secret Protection Cooperation among the Korean Intellectual Property Office, LG Innotek, and Partner Companies" held on the 19th at the headquarters within LG Science Park, Jung Cheol-dong, President of LG Innotek (right), Kim Yong-rae, Commissioner of the Korean Intellectual Property Office (center), and Lee Jae-hyun, President of ORKEM, are taking a commemorative photo.

[Asia Economy Reporter Kim Hyewon] LG Innotek announced on the 19th that it signed a "Business Secret Protection Cooperation Agreement (hereinafter referred to as the Business Secret Protection Agreement)" among the Korean Intellectual Property Office, LG Innotek, and partner companies at its headquarters in LG Science Park.

The signing ceremony was attended by LG Innotek President Jeong Cheoldong, Korean Intellectual Property Office Commissioner Kim Yongrae, and partner company representatives including Lee Jaehyun, CEO of ORKEM.

The Business Secret Protection Agreement has been actively promoted since June this year by the Korean Intellectual Property Office to foster a culture of mutual protection and coexistence of business secrets and technologies through cooperation between large and small-to-medium enterprises.

Under this agreement, the Korean Intellectual Property Office and LG Innotek will support partner companies in ▲establishing business secret management systems ▲policy cooperation for business secret protection ▲business secret protection consulting and education. Partner companies will work to raise awareness among their employees about protecting business secrets and strive to prevent mutual business secrets from being leaked externally.

LG Innotek stated, "Being selected as a large company cooperation target may be because we have a strong will to protect technology among material and component companies and have valued win-win growth with partner companies, as evidenced by being selected as the best company for win-win growth for four consecutive years."

LG Innotek has taken the lead in protecting the technology and business secrets of its partner companies. In fact, LG Innotek introduced the "Technology Data Deposit System" in 2012 and the "Business Secret Original Certification Service" in 2015. The Technology Data Deposit System is a system that stores the technology data of small and medium enterprises with reliable specialized institutions such as large and small enterprises and the Foundation for Agricultural and Fisheries Cooperation to prevent leakage. The Business Secret Original Certification Service allows companies to register their business secrets with original certification institutions such as the Korea Intellectual Property Protection Agency to prove the existence, ownership, and possession time of business secrets.

Additionally, since 2013, LG Innotek has systematically operated a business process to protect partner companies' technology by establishing the "Technology Data Request System." Through this system, when requesting technology data from partner companies, the purpose, content, return, and disposal methods are specifically specified and managed. Along with this, technology protection awareness education for employees is conducted annually.

Commissioner Kim of the Korean Intellectual Property Office said, "Business secrets of our companies with excellent technology in the material and component sector, which is a major pillar of our economy, must be thoroughly protected," adding, "I hope that this agreement will establish a sound business secret protection ecosystem and serve as a foundation for our companies to enhance their global technological competitiveness."

President Lee said, "Through this agreement, we could feel the commitment of the Korean Intellectual Property Office and LG Innotek to protect partner companies' business secrets," and added, "Partner companies will also join forces to enhance their capabilities for business secret protection."

President Jeong emphasized, "LG Innotek has continuously engaged in win-win activities in various fields such as finance, management, technology, and education to strengthen the competitiveness of partner companies," and said, "We will continue to make sincere efforts for win-win growth with our partner companies."