LG Electronics vows to bolster ties with subcontractors

SEOUL, Nov. 22 (Yonhap) — LG Electronics Inc. on Thursday pledged to strengthen ties with subcontractors to promote shared growth and provide various support ranging from interest-free loans to training programs for employee programs.

The company hosted a workshop with representatives from around 100 subcontractors Wednesday to stress LG’s desire to maintain close ties with its partners. It said such close relations are vital for sustainable growth and to overcome challenges going forward.

During the event, the South Korean tech giant said it wishes to help subcontractors apply the latest technologies in their businesses, claiming it will provide consulting services and support the development of new electronic parts.

LG Electronics said cooperation will translate into improvements in product competitiveness of subcontractors that can create a virtuous business cycle that benefits everyone.

The company’s CEO Jo Seong-jin said LG is open to share its technology know-how to help subcontractors adopt factory automation and other innovative solutions.

“Let’s apply various innovative technologies in different aspects of businesses and lead the era of convergence with LG Electronics,” the executive said.

LG said such projects with subcontractors will expand to overseas partners next year.