LG Innotek Raises 143 Billion KRW Fund for Win-Win Growth with Partners

Partner ESG Funding Support

[Asia Economy Reporter Kim Pyeonghwa] LG Innotek is preparing a total of 143 billion KRW in win-win growth funds to support its partner companies. To reduce the financial burden on partner companies and create a healthy industrial ecosystem, the fund size will be increased by 40 billion KRW compared to last year.

LG Innotek announced on the 26th that it signed a business agreement with Shinhan Bank for 'financial support to strengthen partner companies' ESG and promote win-win cooperation' at its headquarters in LG Science Park, Magok, Seoul. The signing ceremony was attended by LG Innotek’s Purchasing Center Head (Executive Director) Lee Yong-gi and Shinhan Bank’s Gangnam Corporate Headquarters Head Kang Myung-gyu.

Going forward, the two companies will support preferential programs such as low-interest loans for LG Innotek’s partner companies. They will also develop new products for financial support for partner companies. In particular, the scope of benefits will be expanded to provide support when partner companies need funds related to environmental, social, and governance (ESG) or carbon neutrality projects.

In 2020, LG Innotek increased the size of its win-win growth fund from 63 billion KRW to 103 billion KRW to help small and medium-sized partner companies struggling due to the spread of COVID-19. This year, it decided to strengthen support by increasing the fund by 40 billion KRW again after three years.

LG Innotek was recognized for these win-win cooperation efforts and received the 'Highest' grade in the win-win growth index evaluation last September. It was also named a 'Highest' win-win growth company for six consecutive years.

Executive Director Lee said, “The foundation for creating differentiated customer value is win-win growth activities. We will continue to strengthen these activities going forward.”