Partners & Communities
Partners & Communities
Our philosophy of “Going Further Together” extends to our partner companies as well.
Through our collaborations, we seek to ensure mutual growth rather than foster competition.
We also endeavor to help our local communities by fostering job creation and education opportunities.
Win-Win Business Practices & Partnerships
Since 2009, we have signed and implemented a renewed “Shared-Growth and Fair-Trade Agreement” with 1,500 small-to-medium business partners each year. We provide these partners with financial assistance through an annual co-prosperity fund containing USD 178 million. We earmarked another USD 178 million for a “private equity fund for mutual growth” that helps further strengthen our partnerships (as of 2019).
In 2018, our affiliates came together to create two co-prosperity funds of their own, with USD 50 million and USD 111 million in assets, respectively. These were set up so that partner companies could obtain low-interest-rate loans. Borrowers use these funds to grow their own businesses so they can work with Hanwha on a more equal footing.
In addition, individual affiliates are trying to be more supportive of their business partners.
Hanwha Aerospace signed a fair-trade agreement with more than 80 partner companies in 2019 and pledged to form closer working relationships with them. Hanwha Engineering & Construction signed a similar agreement in 2020 with 210 partner companies to share financial, technological, and managerial support so that partners may share in mutual business growth.
Hanwha Systems took the win-win concept even further in 2020 when it provided 109 subcontractors with USD 340 million in early payments in a demonstration of our “Going Further Together” philosophy.
Supporting Community Growth
As part of our “Happy Sunshine” initiative, we donated a solar-power system to the remote Korean island of Jukdo. Prior to this, the island’s residents relied on diesel generators for electricity. Now, they receive clean energy from a 210 KW solar-power system and 900 KW energy-storage system.
Since the donation, Jukdo’s residents have saved nearly USD 70,000 per year on diesel fuel for their generators. Those savings were invested in developing eco-friendly camping sites and fishing parks, jump-starting a local tourist industry and boosting the island’s economy.
Our business operations support community growth as well. In 2018, employees at Hanwha Q CELLS’ flagship plant in Jincheon, Korea, made room to hire 500 new employees. The new jobs had a positive effect on the local economy. Additionally, the plant works with two local high school to provide vocational training and create a pipeline through which students can obtain jobs with Hanwha Q CELLS once they graduate.
Social Impact Investments in Southeast Asia
As a global fintech enabler, Hanwha’s financial businesses are engaging in social impact investments to fund companies that are making a positive impact in Southeast Asia. This includes Hanwha Investment and Securities’ USD 10 million stake in Lightnet, a Bangkok-based firm that provides easier and safer cross-border remittance services in Southeast Asia for unbanked and underbanked Asians. Meanwhile, Hanwha Asset Management endowed USD 5 million in iStox, a Singapore-based capital markets platform that supports one-stop issuance and trading of digitized securities and makes financial investing more accessible to the layperson.