LG Innotek to create $108mn fund for shared growth in 2024

[Photo provided by LG Innotek Co.]

LG Innotek Co., an electronics parts manufacturer under South Korea’s LG Group, said on Friday that it held a shared growth event with its suppliers at its headquarters in Seoul.

The 2024 Collaboration Day, which was held at Magok LG Science Park, was held to foster mutual growth with partner companies.

During the event attended by Chief Executive Officer Moon Hyuk-soo and other executives, LG Innotek signed a 2024 Fair Trade and Mutual Growth Agreement with over 100 partner companies.

As part of the agreement, LG Innotek will commit to implementing mutual growth programs for suppliers in the fields of finance, education, technology, and management.

This year, LG Innotek will establish and operate a mutual growth fund totaling 143 billion won ($107.6 million). The fund will allow partner companies to secure funds at lower interest rates than those offered by commercial banks.

LG Innotek also plans to operate a program that supports education through the Partner Capability Enhancement Training Center and provide partial support for automation construction costs to partner companies implementing factory automation.