LGD and other partners have paid nearly 7.5 billion in advance!

LG Group announced on Jan. 13 that it will participate in the revitalization of the Korean domestic economy by paying its partner companies in advance of the Lunar New Year holiday. LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solutions, LG Life & Health, LG Uplus, LG CNS, and D&O agreed to pay up to 100,000 won to raise funds with partners and local communities to promote joint development ahead of the Chinese New Year. The payment will be made 22 days in advance, with a total of 1.5 trillion won (7.47 billion yuan) in advance.

It is expected to help partners who are having difficulty raising funds ahead of the Lunar New Year holiday. In addition to paying for deliveries in advance, LG subsidiaries operate financial support programs totaling 1.23 trillion won, including mutual cooperation funds and direct loans to enable partners to obtain funds through low interest rate borrowing. LG Electronics operates a joint fund of 300 billion won through deposits and investments from commercial banks, provides low-interest loans to partners in need of operating funds, and provides 40 billion won of interest-free funds annually to partners in need of investing in new automation facilities. LG Innotek operates a joint Growth fund of 143 billion won to provide direct assistance to partners in raising capital. LG Energy Solutions will set up an investment support fund worth 150 billion won in 2020 to provide financial support such as preferential interest rates on equipment and working capital for small and medium-sized companies. An LG official said: "We hope that the advance payment can provide real help to our partners during the domestic economic downturn, and LG will prepare various support programs to help partners facing financial pressure and further strengthen mutually beneficial and win-win cooperation." The LG subsidiary plans to share the warmth by delivering daily necessities such as household items and groceries to local neighbors during the Lunar New Year holiday. Starting today, LG Electronics plans to donate a total of 3,000 kilograms of kimchi to 10 friendship villages and 1,000 kilograms of kimchi to shelters for vulnerable groups such as children and the elderly through the Korea Social Welfare Association. LG Display delivers daily necessities and heating supplies to local neighbors and poor people in Paju and Gumi, while LG Chem delivers these supplies to Yeosu and Daesan. LG Life Health plans to donate daily necessities, cosmetics and beverages to women's youth organizations and elderly welfare organizations across the country. LG Hello Vision is conducting a shared market donation campaign with customers. "Share the Market Donation" is a social contribution event where customers donate 1,000 won for each purchase of agricultural products through LG Hello Vision's local channel business "Seasonal Market." LG Hello Vision launched a supporting campaign in the second half of last year to celebrate this year's Lunar New Year holiday, and donations will be sent to local welfare organizations to provide food packages to 150 families with children at risk of hunger.