Korean companies active in India providing support
Korean companies operating in India are offering humanitarian aid to help the country in its fight against Covid-19.
LG Electronics is providing 6 billion won ($5.4 million) of funding to temporary hospitals in the country, while HMM is transporting medical supplies at just $1 per container. Woori Financial Group is providing $100,000 to a non-profit organization based in India.
They all operate businesses in India.
The total number of Covid-19 infections in the country passed 23 million, with around 250,000 deaths so far. India’s daily Covid-19 cases number more than 300,000.
LG Electronics on Wednesday said it will offer financial support to temporary hospitals in 10 cities in India, including Delhi, Noida and Bhopal. The funding will be used to fund medical supplies, medicines and operations.
The funding will also go toward medical monitors, refrigerators and water purifiers. The medical monitors will be used to “precisely review” chest x-rays of Covid-19 patients, according to LG Electronics.
LG Electronics has an office in India, where it sells household appliances, including televisions, refrigerators and air conditioners.
The company entered the Indian market in 1997.
The latest funding is aimed to “give back the love [LG Electronics] has received over the past 24 years,” said a spokesperson for LG Electronics India in a statement.
HMM, the country’s largest shipper, is transporting medical supplies to India. It operates services that connect India.
The company said on Wednesday it started transporting medical supplies, like medical oxygen, oxygen tanks and oxygen concentrators, to India for just $1 per container, regardless of its size. Transportation to India will be “prioritized” until an unspecified date, said the company.
HMM did not reveal the price of a single TEU transported to India, but the Shanghai Containerized Freight Index (SCFI), a barometer of global freight rates, has jumped by 13.7 percent from 3,095.16 on May 7 from 2,721.94 on March 5.
Worldfreightrates.com estimates the cost of a TEU from Busan to Mumbai costs between $509 and $563.
Woori Financial Group, which operates three banks in India, is providing $100,000 in emergency aid via United Way India.
United Way India is affiliated with the global United Way network, a privately funded, non-profit organization.
The money will be spent to help day laborers that have faced unemployment.
Son Tae-seung, Woori Financial Group Chairman, said in a statement that the company will make contributions in support of social issues.
BY JIN MIN-JI [email@example.com]