KT&G Takes Steps to Support Small Businesses and Enhance Coexistence
According to a report by South Korean media outlet Hankyung on January 25, the Korean tobacco company KT&G has announced that it will make early payments of accounts payable in order to alleviate financial pressures on its small and medium-sized business partners and strengthen cooperative operations.
KT&G has pledged to pay a total of KRW 66.4 billion (approximately CNY 377 million) in outstanding payments to 41 cooperation partners providing raw materials and consumables, more than a month ahead of the upcoming New Year holiday.
Every year, KT&G makes early payments of these funds before the New Year and Mid-Autumn Festival, aiming to assist its partners in easing financial pressures. During the previous Mid-Autumn Festival, KT&G also made advance payments of KRW 91.7 billion in accounts payable to support its partners in ensuring liquidity.
In addition, KT&G joined the "Raw Material Connection Enterprise" system in November last year, which supports reflecting a portion of the increase in raw material prices in the supply payments, aiming to alleviate the burden on small and medium-sized business partners.
A representative from KT&G stated, "We will continue to seek various measures to achieve value growth with our partners and enhance sustainability along the value chain.
Disclaimer:
This article is translated from an original Chinese article available on 2firsts.cn by AI, and has been reviewed and edited by 2FIRSTS's English editorial team. The Chinese original text is the only authoritative source of information. The exclusive copyright and license rights to this article are held by 2FIRSTS Technology Co., Ltd. Any reproduction, reprinting, or redistribution of this article, either in part or in full, requires express written permission from 2FIRSTS and must include clear attribution along with a link to this content. Non-compliance may result in legal action. 2FIRSTS Technology Co., Ltd. reserves the right to pursue legal actions in case of unauthorized use or distribution.
