LS Cable and System, the country’s largest producer of cables and wires, joined the growing ranks of large firms promoting shared-growth with small- and medium-sized enterprises.
Shared-growth refers to large companies’ efforts to support smaller suppliers and associated companies’ expansion efforts, which has gained increasing attention with the government promoting it as a major policy.
LS Cable and System president Son Jong-ho (third from left, front row) with heads of the company’s suppliers at its office in Anyang, Gyeonggi Province on Tuesday. (LS Cable and System)
On Tuesday, a committee for shared-growth comprising of LS Cable and System’s subcontractors was launched at the company’s office in Anyang, Gyeonggi Province.
“It was organized to establish a sustainable shared-growth system based on the group’s new management philosophy of ‘LS Partnership,’” the company said in a statement.
The new committee will seek ways to promote growth for LS Cable and System and its suppliers, sharing mid- to long-term strategies, finding means to create synergy and addressing difficulties experienced by the suppliers, LS Cable and System said.
According to LS Cable and System it operates a number of measures aimed at aiding suppliers’ operations including support fund, transferring patents to suppliers, R&D support measures and management consulting services.
By Choi He-suk (email@example.com