Hyosung Contributes KRW 16 Billion to Shared Growth Fund for Large and Small Enterprises, Farming and Fishing Communities
Hyosung has contributed a record-high KRW 16 billion to the Shared Growth Fund for Large, Small, and Medium Enterprises and Farming and Fishing Communities to promote shared growth with its partners and local communities.
Hyosung signed on March 4 a ‘Business Agreement for Shared Growth in the Areas of Large, Small, and Medium Enterprises and Agriculture and Fisheries’ with the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs at its Mapo Headquarters in Seoul. Hyosung CEO Hwang Yoon-eon and Secretary General Byun Tae-seob of the Korea Foundation for Cooperation of Large & Small Business, Rural Affairs attended the signing ceremony. Four companies—Hyosung, Hyosung TNC, Hyosung Heavy Industries, and Hyosung Chemical—participated in the agreement.
Hyosung has set strengthening partners’ competitiveness and safety and ESG capabilities as key priorities through this agreement, and it plans to implement shared growth activities systematically according to a 3-year mid- to long-term plan. With this contribution, Hyosung’s cumulative Shared Growth Fund has surpassed 40 billion won. Hyosung has been steadily expanding its foundation of shared growth while continuing to make annual contributions since 2013.
Hyosung plans to use the Shared Growth Fund to support equipment for improving the productivity of partners and to strengthen their safety management capabilities by appointing safety managers and providing safety supplies. From an ESG perspective, Hyosung will expand support to non-partner companies and implement programs for restoring endangered insects.
Hyosung will promote activities for revitalizing the local economies in rural and fishing communities by supporting the consumption of regional specialty products and sponsoring community festivals. At the same time, it will implement programs to supply rural areas with products incorporating eco-friendly technologies.
“Hyosung has been building a shared growth framework wherein small and medium enterprises and local communities grow together. We will continue to expand shared growth activities,” Hyosung CEO Hwang Yoon-eon said.
Meanwhile, Hyosung established a Shared Growth Management Review Committee within the group in 2023, systematically advancing its shared growth activities since then. The company is also continuing biodiversity conservation efforts such as the creation of seagrass forests, protection of migratory birds, and forest restoration in the DMZ area. Moreover, Hyosung supports shared growth with local communities by providing environmental education programs for local elementary schools using recycled products.
