Korea Federation of Small and Medium Enterprises said on the 17th that it held a "strategies for using the supply price indexation system" seminar at its Yeouido headquarters in Seoul for cooperative associations and small and medium-sized business employees.
The seminar was prepared to explore ways for manufacturing small businesses with limited pricing response capacity to use the system as volatility in raw material prices has increased due to recent instability in the Middle East. The seminar proceeded in the following order: ▲ strategies for using the supply price indexation system and an explanation of the system ▲ practical procedures for concluding indexation agreements ▲ guidance on support programs for the supply price indexation system.
KBIZ, as the "headquarters for promoting the spread of supply price indexation" designated by the Ministry of SMEs and Startups, is supporting the activation and on-site adoption of the system through seminars, on-site briefings, and indexation consulting.
Yang Chan-hoe, executive managing director of KBIZ, said, "As the Middle East war drags on, prices of key raw materials such as naphtha have surged in a short period, increasing cost burdens for small businesses," and added, "We will continue to provide information and publicity so the supply price indexation system can take root quickly on the ground, and we will actively support indexation agreement consulting, including verification of key materials and supplies."
Separately, KBIZ is recruiting companies on a rolling basis for the "support program for concluding indexation agreements, including verification of key materials and supplies," and details are available on the KBIZ website.