Renault Korea, Early Payment of 17 Billion KRW to Partners

81 Small and Medium Enterprises Among Partner Companies

[Asia Economy Reporter Oh Gyumin] Renault Korea Motors announced on the 16th that it will make an early payment of approximately 17 billion KRW for goods to small and medium-sized parts suppliers on the 18th.

This early payment will be made up to 7 days ahead of the scheduled payment date for 81 small and medium-sized enterprises among the partners ahead of the Lunar New Year holiday. Renault Korea Motors decided on the early payment to alleviate the financial burden of its partners who are experiencing many difficulties due to high interest rates and economic recession.

[Photo by Renault Korea Motors]

As part of mutual growth and win-win cooperation with its partners, Renault Korea has consistently implemented a policy of early payment of goods before holidays. Over the past five years, the amount of early payments before holidays has reached approximately 165 billion KRW.

Meanwhile, regarding concerns about a decrease in exports by partner companies this year, the company stated that it will work with the government and related organizations to find solutions.

Hong Youngjin, Head of Purchasing at Renault Korea, said about the recent appeal for export support for survival announced at the Renault Korea Motors Partner Council, “Despite the significant export achievements made together with partner companies last year, many partners are concerned about a decline in export performance this year due to difficulties in securing dedicated automobile vessels and increased export logistics costs.”

He added, “As in the case of early payment of goods, we will make every effort to find wise and practical solutions with the government and related organizations to create a sustainable future together with our partners regarding this matter.”