LG U+ to spend 222 billion won on supporting its suppliersKorean mobile service provider LG U+ has promised to provide up to 222 billion won ($185 million) over the next three years to help its suppliers, the company said Wednesday.
Under an agreement signed with the Korea Commission for Corporate Partnership, the company agreed to spend 50 billion won by 2022 for joint development of new technologies with its smaller partners.
It will provide 50 billion won to help suppliers develop and test their own new technologies. The carrier will provide 90 billion won to help enhance the financial stability of smaller firms, it said.
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