Businessline

POSCO to support smaller firms

POSCO has stepped up its efforts to support struggling small- and medium-sized enterprises (SMES) by pursuing a win-win management strategy initiated by the government.

To that end, the world’s No. 3 steelmaker announced Sunday that the company will make an intermediate payment in its purchases of equipments from SMEs from this month in order to improve their cash flow.

It said that the new scheme applies to any contract worth more than 100 million won, with more than 180 days until the payment deadline remaining. Under the scheme, subcontractors can get cash in three installments _ deposits (20 percent), middle payment (30 percent) and the remainder (50 percent).

Based on last year’s record, POSCO would be required to make a middle payment worth up to 747 billion won this year and pay 220 billion won in advance.

“POSCO will continue to make efforts to promote a win-win strategy with smaller subsidiaries in the future,” said Chung Joon-yang, chairman of the steel giant.

Korea, ADB to host Mekong Development Forum

Korea and the Asian Development Bank (ADB) will jointly host a multinational forum this week to help fuel the development of countries along the Mekong River, the finance ministry said Sunday.

The two-day Mekong Development Forum, which begins Monday in Seoul, will focus on boosting cooperation between the so-called Greater Mekong Subregion (GMS) countries and Korea, it said.

Cooperation will take place in such areas as transportation infrastructure and trade, environmental protection, energy and telecommunication technologies.