HD Hyundai said it will expand win-win cooperation across the supply chain by strengthening support in areas such as finance and technology for first-, second- and third-tier partners.
HD Hyundai on the 10th signed a "joint agreement for win-win cooperation" with first-, second- and third-tier partners at the HD Hyundai Heavy Industries Ulsan Shipyard.
About 100 people attended the signing, including Fair Trade Commission Chair Ju Biung-ghi, HD Hyundai Heavy Industries CEO Geum Seok-ho, HD Hyundai Samho CEO Kim Jae-eul, HD Hyndai Marine Solution CEO Kim Sung-Jun, HD Hyundai Electric CEO Kim Young-gi, HD Construction Equipment Head of Business Management Kim Jong-cheol, and representatives of partner companies.
HD Hyundai said that through this agreement it plans to provide support in various areas—including finance, productivity, safety and technology—to first-, second- and third-tier partners. HD Hyundai said it expects about 7,500 partner companies to benefit from the agreement.
HD Hyundai also said that five HD Hyundai affiliates will make all payments to partners in cash and cash equivalents.
First- and second-tier partners will also improve payment terms for second- and third-tier partners, respectively, and expand win-win payment arrangements.
HD Hyundai will also carry out activities to stabilize partner management and strengthen competitiveness. HD Hyundai plans to roll out financial support programs and support improvements to working environments. It will provide training and equipment to boost productivity and enhance safety. It will also use a technology escrow system to protect partners' technology asset and support stronger cybersecurity capabilities.
An HD Hyundai official said, "Partners are companions for sustainable growth who build a shared ecosystem," adding, "We will spare no effort in diverse cooperation and support for win-win growth with partners."