KOTRA and the Foundation of Korea Large, Small and Medium Business, Agricultural and Fisheries Cooperation (Win-Win Cooperation Foundation) have joined forces to respond to global environmental, social and governance (ESG) regulations.
KOTRA said Thursday that it signed a memorandum of understanding (MOU) with the Win-Win Cooperation Foundation to address global ESG regulations and support the sustainable growth of companies.
The agreement was arranged to help individual companies respond as global ESG regulations, including the European Union's Carbon Border Adjustment Mechanism (CBAM) and the Corporate Sustainability Due Diligence Directive (CSDDD), take full effect.
The two organizations plan to cooperate in jointly planning and pursuing ESG projects, identifying best practices and cooperation models to spread supply chain ESG management, and providing incentives to companies excelling in ESG management, thereby supporting companies' entry into global markets.
Through the newly designed "Supply Chain ESG Support Project," the two organizations will also work to resolve ESG management challenges faced by small and mid-sized companies that are partners of large conglomerates. KOTRA will provide information gained through its global network and in-depth ESG consulting capabilities, while the foundation will take charge of follow-up support tasks such as establishing win-win cooperation funds, introducing equipment and obtaining certifications.
"Global ESG regulations have become a survival strategy for all companies participating in supply chains, going beyond the challenges of individual companies," KOTRA President Kang Kyung-sung said. "Through this agreement, we will serve as a strong stepping stone so that small and mid-sized companies can not only appropriately respond to global supply chain regulations, but also build new competitiveness."
