Hyosung Participates in ‘Industrial Innovation Movement 3.0’ to Lead Creative Economy

Hyosung participates in the Industrial Innovation Movement 3.0. Vice Chairman Lee Sang-woon attended the inauguration ceremony held in the Korea Chamber of Commerce & Industry (KORCHAM) on June 18. In the event, 11 companies such as Hyosung, Samsung, Hyundai Motor Company, POSCO, LG, Hyundai Heavy Industries, Doosan, SK, Lotte, Hanwha and KT signed an agreement for financial contribution. The companies will use a part of the win-win growth donation, which is already contributed to the Large & Small Business Cooperation Foundation (BCF), for the Industrial Innovation Movement 3.0. The Industrial Innovation Movement 3.0 is a win-win growth model that has developed benefit sharing focusing on large companies and primary partners, and its key is to expand the scope of support to secondary and tertiary partners. With the financial contribution of large companies, over 10,000 secondary and tertiary partners will receive the benefits of productivity increase and technical support for the next 5 years starting this year. That is, approximately KRW 20 million are given to each of the 2,000 companies a year. A quarter of the donations will be used to support small and medium-sized enterprises (SMEs) instead of partners. The Industrial Innovation Movement 3.0 is developed under the support of large companies, conducting a mentoring system by forming a consortium between primary partners and secondary/tertiary partners. External consultants and technical experts perform innovation projects in the field of processing and management. This movement is hosted by the Ministry of Trade, Industry and Energy, conducted by KORCHAM, and sponsored by BCF.