The Korea Foundation for Cooperation of Large & Small Business, Rural Affairs (Win-Win Growth Foundation) is joining hands with the Korea Trade-Investment Promotion Agency (KOTRA) to respond to global environmental, social and governance (ESG) regulations.
The two organizations signed a memorandum of understanding (MOU) to support the sustainable growth of companies, they said Thursday.
Under the agreement, the two organizations will pursue various cooperation projects, including jointly planning and implementing ESG cooperation initiatives, identifying best practices and cooperation models for expanding supply chain ESG management, and providing incentives for companies with outstanding ESG management.
In particular, KOTRA will conduct diagnostics and strategic consulting on ESG regulations, while the Win-Win Growth Foundation will handle follow-up investments, such as equipment adoption, certification acquisition and technical support, using its Win-Win Cooperation Fund.
Through this, the organizations plan to build an "execution-type ESG support system" that goes beyond existing diagnosis-centered support to lead to actual improvements and investments.
"Supply chain ESG has become a standard that any company participating in exports must prepare for," Win-Win Growth Foundation Secretary General Byun Tae-seop said. "We will expand cooperation models between large and small businesses so that small and medium-sized enterprises can secure competitiveness within the global supply chain ecosystem, and strengthen support so that actual improvements and investments can be carried out."
"We will actively support this agreement to serve as a bridgehead for our small, medium and mid-sized enterprises to stably secure export competitiveness amid rapidly changing global supply chain regulations," KOTRA President Kang Kyung-sung said.
