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LG Uplus executives and chiefs of its 10 partner firms applaud after announcing that they will work further for shared growth at a press event in downtown Seoul on Tuesday. (LG Uplus) |
By Cho Ji-hyun
LG Uplus announced Tuesday that it will pay cash ― up to 1.2 trillion won per year ($1.13 billion) ― to its partners instead of issuing postdated checks for the partners’ improved liquidity.
The mobile carrier also said the shared growth fund will be doubled to 50 billion won from the previous 25 billion won so that its partners could lend money at low interest rates.
The announcement came as LG Uplus publicized a set of shared growth measures together with about 10 smaller partnering companies at a press conference in downtown Seoul.
The telecom’s payment process will also be upgraded so that partnering firms can get their payments within 10 days instead of the previous 19 days.
The infrastructure, such as testing devices, will also be provided for free to the group for technology development, its officials said.
They also said cyber academy sessions will be available to employees of its partners and an exclusive hotline for partners will be established.
“We believe that our smaller partners will see their sales improve up to 30 percent due to the firm’s use of local devices and our commitment for joint technology development and technical support,” said an LG Uplus official.
By Cho Ji-hyun (
sharon@heraldcorp.com)
