On July 15, Fair Trade Commission Chair Joo Byeong-ki emphasized that collaboration between large corporations and their partner companies will serve as a "social capital" that supports the global competitiveness of large firms and drives sustainable growth in the economy.
Joo made these remarks during a meeting on cooperation between large and small enterprises held at the Four Seasons Hotel in Seoul. The meeting aimed to promote a culture of collaboration among large companies, gather insights from small businesses and academia, and discuss future policy directions in the subcontracting sector.
During the meeting, examples of successful collaboration between large companies and their partner small businesses were shared.
Hyundai Motor Company presented its initiatives to support smart factory development, proactively implement a payment linkage system for subcontracting, and assist partner companies in exploring overseas markets. Notably, a system that evaluates efforts to collaborate with second-tier suppliers during first-tier supplier bidding was highlighted as an innovative example considering the spillover effects within the supply chain. Lotte Engineering & Construction shared its efforts to create a sustainable cooperative ecosystem through financial support for partner companies, the eradication of unfair contractual practices, and the elimination of reserve fund practices.
Experts from the small business sector and academia in attendance acknowledged that the efforts of large companies are providing tangible support for the management stability of small enterprises. However, they also expressed a desire for expanded collaboration efforts from large companies, particularly regarding fluctuations in raw material and energy costs and payment practices.
Joo stated, "I will closely examine the discussions today to reflect the value of cooperation in fair trade policies and systems, and I will strive to ensure that collaboration becomes a widespread culture in transactions across the industry."
Joo made these remarks during a meeting on cooperation between large and small enterprises held at the Four Seasons Hotel in Seoul. The meeting aimed to promote a culture of collaboration among large companies, gather insights from small businesses and academia, and discuss future policy directions in the subcontracting sector.
During the meeting, examples of successful collaboration between large companies and their partner small businesses were shared.
Hyundai Motor Company presented its initiatives to support smart factory development, proactively implement a payment linkage system for subcontracting, and assist partner companies in exploring overseas markets. Notably, a system that evaluates efforts to collaborate with second-tier suppliers during first-tier supplier bidding was highlighted as an innovative example considering the spillover effects within the supply chain. Lotte Engineering & Construction shared its efforts to create a sustainable cooperative ecosystem through financial support for partner companies, the eradication of unfair contractual practices, and the elimination of reserve fund practices.
Experts from the small business sector and academia in attendance acknowledged that the efforts of large companies are providing tangible support for the management stability of small enterprises. However, they also expressed a desire for expanded collaboration efforts from large companies, particularly regarding fluctuations in raw material and energy costs and payment practices.
Joo stated, "I will closely examine the discussions today to reflect the value of cooperation in fair trade policies and systems, and I will strive to ensure that collaboration becomes a widespread culture in transactions across the industry."
* This article has been translated by AI.
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