Hyosung said on the 5th that it signed a "business agreement for win-win cooperation in the large and small businesses and agriculture and fisheries sectors" with the Foundation for Large & Small Business and Agriculture & Fisheries Cooperation at its headquarters in Mapo, Seoul, on the 4th.
Hyosung will grant 16 billion won to the win-win cooperation fund for large and small businesses and rural areas to promote mutual growth with partner companies and local communities.
This grant is the largest ever among the win-win cooperation funds created by Hyosung. The cumulative grant amount has exceeded 40 billion won.
Hyosung plans to use the fund to push projects that strengthen safety management capabilities, including equipment support to improve partner companies' productivity, appointment of safety managers, and provision of safety gear.
Through this agreement, it set strengthening partner companies' competitiveness and ESG (environment, social, and governance) capabilities as core tasks and plans to carry out win-win activities under a three-year mid- to long-term plan.
In the agriculture and fisheries sector, it plans to promote projects to revitalize the local economy, such as expanding consumption of regional specialties and supporting citizen-participation festivals, while also providing products with eco-friendly technology to rural areas.
Hwang Yun-eon, CEO of Hyosung, said, "Hyosung has built a win-win system in which small and midsize businesses and local communities grow together," adding, "We will continue to expand activities for joint growth."