Hanwha renews agreement with suppliers to foster mutual growth

[Courtesy of Hanwha]

Hanwha Corp. and Hanwha Solutions Co. announced on Thursday that they have signed an agreement with the National Commission for Corporate Partnership and its suppliers, marking their commitment to a three-year 120.6 billion won ($93 million) cooperative program to support mutual growth with small and medium-sized partner companies.

The agreement signifies a voluntary initiative by large corporations to assist their smaller counterparts in resolving polarization issues and enhancing the competitiveness of smaller businesses.

Following its initial agreement in 2020, Hanwha diligently fulfilled the terms of the pact, leading to the renewal of the agreement upon its expiration.

Both Hanwha and Hanwha Solutions are set to implement various programs including financial support through mutual growth funds, joint technology development, support for partner company employee salaries and welfare, consultancy for productivity innovation, and educational assistance for partner companies.

As part of efforts to establish a fair trade culture, the companies also aim to operate programs that enable timely renegotiation in the event of factors causing price increases for partner companies’ deliveries.

They also plan to utilize systems for wage protection, such as mutual payment settlements and subcontractor guardianship, to prevent delayed payments for partner company workers.