Dongbanwi-Hyundai Elevator Sign Agreement to Resolve Polarization Between Large and Small-Medium Enterprises

Operation of Hyundai Elevator Partner Support Program for 3 Years

The Commission for Shared Growth and Hyundai Elevator have signed a shared growth agreement to resolve the polarization between large corporations and small and medium-sized enterprises (SMEs).

The Win-Win Growth Committee and Hyundai Elevator are holding a slogan cheer ceremony after signing the 'Polarization Resolution Voluntary Agreement' on the 24th at the Banyan Tree Hotel in Jung-gu, Seoul.
[Photo by Win-Win Growth Committee]

On the 24th, the Commission for Shared Growth and Hyundai Elevator announced that they signed the '2024 First Polarization Resolution Voluntary Agreement' together with 151 partner SMEs at the Banyan Tree Hotel in Jung-gu, Seoul. The agreement includes welfare and incentive support as well as management stability financial support programs.

This agreement was promoted as part of the '2024 Shared Growth Convention' event to foster shared growth between Hyundai Elevator and its partner companies. Hyundai Elevator will operate a partner support program for three years starting this year under the slogan "Future Together, Greater Possibilities" to resolve the polarization issue between companies.

Hyundai Elevator plans to strengthen competitiveness by providing welfare and safety equipment support and establishing a shared growth fund for partner SMEs. It will also strive to comply with the three principles of "proper payment" in subcontracting, consignment, delivery, and service transactions.

In particular, considering the industry's vulnerability to safety accidents, Hyundai Elevator supports the creation of a safe working environment. It will expand existing safety management support programs and provide incentives to partner companies with excellent safety management.

Partner SMEs will endeavor to improve productivity, enhance product and service quality and price competitiveness, improve working conditions for employees, and expand new employment. The Commission for Shared Growth will provide opportunities for technical and purchasing consultations to practice shared growth activities and support the derivation and promotion of best practices.

Oh Young-gyo, Chairman of the Commission for Shared Growth, said, "The elevator sector has been able to develop thanks to collaboration with various partners in purchasing, installation, and service," and added, "I hope Hyundai Elevator, which has promised shared growth with its partners, will continue to take an active interest in supporting SMEs."