Hyundai Heavy Launches 30 Billion Won Fund for SMEs

Hyundai Heavy Industries, the world’s biggest shipyard, launched a 30 billion won (USD 26.8 million) R&D fund to support domestic SMEs (small and medium enterprises) in cooperation with the Small & Medium Business Administration on February 15. 

The agreement ceremony for ‘Joint Investment and R&D Fund Agreement between Government and the Private Sector’ was attended by Mr. Lee Jai-seong, President and CEO of Hyundai Heavy, Mr. Chung Un-chan, Chairman of Commission on Shared Growth for Large and Small Companies, Mr. Kim Dong-sun, Administrator of Small & Medium Business Administration, and Mr. Ahn Byung-hwa, President of Large & Small Business Corporation Foundations. 

Under the agreement, Hyundai Heavy and the Small & Medium Business Administration will each contribute 50 percent of the fund, and Hyundai Heavy will purchase products developed by the small and medium businesses. 

Hyundai Heavy also pledged to expand its Shared Growth Policy to more of its partner companies and better support for the quality improvement and products development. 

Mr. Lee Jai-seong said, “This agreement is meaningful in that the government and Hyundai Heavy are helping small and medium businesses develop technology and providing a secure market for their products, along with financial support. When the small and medium companies succeed in developing competitive technologies, then our competitiveness will be sharpened as well” 

In July last year, Hyundai Heavy was also selected as a model company for shared growth by the Fair Trade Commission Republic of Korea.

Source: Hyundai Heavy Industries