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March 31, 2011updated 08 Apr 2021 8:05am

SOUTH KOREA: Hyundai backs suppliers with $400m fund

Hyundai and Kia will provide more than US$400m to support its supplier base this year. The pledge was made at a ceremony attended by almost 1600 suppliers; the annual ceremony marks the Hyundai Group and its suppliers commitment to engage in fair trade practices.

Hyundai and KIA will provide more than US$400m to support its supplier base this year. The pledge was made at a ceremony attended by almost 1600 suppliers; the annual ceremony marks the Hyundai Group and its suppliers commitment to engage in fair trade practices.

Under its new commitment, the group will create a 100bn won ($89.6m) development fund for its suppliers along with an additional 104.6bn won to its existing 69bn won emergency fund for its suppliers.

The group will also provide 250bn won to help finance research and development projects of its suppliers, the group said.

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