[Sponsored Report] Kepco is a model for cooperative development
The Korea Electric Power Corporation has increased its focus on socially responsible management and harmonious growth with small- and medium -sized businesses.
In 1993, Kepco became the first public enterprise to organize a task force on the issues and work on cooperative research and development projects with smaller companies. And since then, it has worked to push its cooperative work even further.
In November 2011, the company and its subsidiaries gathered at Kepco headquarters to establish an agreement with the Ministry of Knowledge Economy on companion growth and investment. Through this agreement, Kepco and its subsidiaries will provide 120 billion won ($109 million) in support over the next three years for small- and medium-sized companies. The money will help pay for cooperative research, human resource development, management support, and quality improvement in innovation and production.
The company has promised to be fair and transparent in raising the funds necessary to support the small- and medium-sized companies covered under the new agreement.
On Oct. 22, Kim Joong-kyum, the president and CEO of Kepco, visited a production site at one such company, Sanil Electric, located in the Sihwa Industrial Complex. During the event, Kepco executives spoke with workers and managers at the site to improve the efficiency of the co-development policy. Since August, Kepco executives have taken turns visiting their smaller partner companies once per month.
Kepco is also working to expand the market available to its small- and medium-sized partners when it comes to its own suppliers. It is planning to use smaller suppliers for 72.5 percent, or about 4.5 trillion won, of its total 6.2 trillion won budget in construction, purchasing and services.
In addition, through its overseas engineering, procurement, construction and management business, Kepco will provide management expertise and be in charge of engineering, equipment and materials. It will provide guidance directly with cooperating companies.
Furthermore, it is working to provide assistance with financial capital via programs such as its Power Energy Loan.
By Lee Ji-hyun [email@example.com]