Lotte Fine Chemical Supports Technology Growth of Outstanding SMEs in Environmental Sector

Lotte Fine Chemical, Incheon Port Authority, and Korea Environmental Industry & Technology Institute have joined forces to promote ESG (Environmental, Social, and Governance) management.

Lee Woo-won, Acting President of Korea Environmental Industry & Technology Institute, Choi Jun-wook, President of Incheon Port Authority, and Kim Yong-seok, CEO of Lotte Fine Chemical (from left), are posing for a commemorative photo at the signing ceremony.

[Asia Economy Reporter Oh Hyung-gil] Lotte Fine Chemical, Incheon Port Authority, and Korea Environmental Industry & Technology Institute have joined forces to promote the ESG (Environmental, Social, and Governance) Open Innovation project.

On the 15th, they announced that on the 12th, they signed a 'Joint ESG Practice' business agreement at the Incheon Port Authority headquarters to expand ESG management and support the technological growth of small and medium-sized enterprises (SMEs).

They plan to work together to promote the ESG Open Innovation project, support the technological growth of outstanding SMEs in the environmental sector, expand ESG management among local SMEs, and promote win-win growth between large and small businesses.

ESG Open Innovation is a collaborative project for mutual growth based on the network of public institutions and large corporations. This month, a proposal contest will be held targeting about 130 environmental sector SMEs located in the Environmental Industry Research Complex of the Korea Environmental Industry & Technology Institute.

Focusing on environmental areas applicable to Incheon Port and Lotte Fine Chemical business sites, one company selected through evaluation will receive support for technology implementation, demonstration, and market development until the end of the year.

Incheon Port Authority and Korea Environmental Industry & Technology Institute will jointly raise 40 million KRW in project funds, and Lotte Fine Chemical will provide a testbed for SME technology support and assist in developing new sales channels.

Kim Yong-seok, CEO of Lotte Fine Chemical, stated, "It is meaningful that public institutions and large corporations cooperate to support the expansion of ESG management among local SMEs," adding, "Through open innovation with SMEs, we hope to discover excellent cases that can be applied to other companies as well."