LG International said Wednesday it has been selected as a “decent company” by the Ministry of SMEs and Startups to support small and medium-sized companies advancing into global markets.

The commodity trading and mining affiliate of LG Group signed an agreement with the Startups Ministry and the Korea International Trade Association in Seoul at a ceremony attended by CEO Yoon Chun-sung, Minister Park Young-sun and KITA Chairman Kim Young-ju.

The “decent company” project is a public-private partnership program launched last year by the ministry to connect large companies with small companies for mutual growth. The selected large company shares technologies and infrastructure with SMEs. Fourteen companies, including Naver and Posco, have been selected for the project.

Through this agreement, LG International plans to develop a new model to support overseas expansion of startups and companies utilizing the overseas infrastructure of the KITA and the K-Startup Center of the ministry.

Based on more than 70 years of its trade know-how and various overseas business experiences, LG International said it plans to help promising firms find ways to go abroad. The firm will utilize its overseas online and offline distribution channels for marketing or jointly enter into markets through consortiums. A 60 billion won ($50 million) mutual growth fund will also be provided as low-interest loans.

“As a ‘decent company’ that seeks mutual growth and cooperation in an exemplary manner, we will continue to carry out responsible management,” CEO Yoon said. 

By Shin Ji-hye (shinjh@heraldcorp.com)