MMS selects LG International as 15th 'Inclusive Company'

From left, Korea International Trade Association Chairman Kim Young-ju, SMEs and Startups Minister Park Young-sun and LG International CEO Yoon Chun-sung pose for a photo after signing a memorandum of understanding to support SMEs in Seoul, Wednesday. / Courtesy of LG International

By Kim Jae-heun

LG International was selected as the 15th “Inclusive Company” by the Ministry of SMEs and Startups, Wednesday.

The government established the Inclusive Companies Project to facilitate shared growth by connecting small and medium enterprises (SMEs) with large enterprises.

Previously selected “Inclusive Company” firms include Naver, Woori Bank and the Korea Rail Network Authority. However, LG International will be the first one helping SMEs in their overseas operation.

“This will provide an opportunity for our small and medium-sized venture startups to gain knowhow and a network of large companies and help them to enter the global market successfully,” SMEs Minister Park Young-sun said.

“For LG International, this project will allow them to expand their existing business model. We thank LG International for suggesting a win-win model that can create a synergy effect with SMEs, and the government will support the interested parties as well.”

LG International will support venture companies' overseas market development, along with their business expansion there, by utilizing the infrastructure of the Korea International Trade Association (KITA) and the ministry's K-Startup Center.

In addition, LG International will foster startups and invest in them by providing opportunities to expand overseas, together with KITA.

LG International has international business experience that spans 70 years. It will help SMEs to connect with local online and offline retailers.

In the second half of this year, the trading company will host an export consultation meeting online for SMEs while establishing an offline showroom for them abroad. It will also offer low-interest loans utilizing a 60 billion won fund.

LG International has recently been developing new businesses in energy and industrial goods.