Taekwang Industrial, a textile and petrochemical subsidiary of Taekwang Group, announced on the 21st that it will make early payments for goods worth approximately 12.8 billion won.
To mark the Lunar New Year, Taekwang Industrial plans to make early payments for goods worth about 12.8 billion won to 246 partner companies on the 24th, one week ahead of the scheduled date.
The purpose of this early payment is to alleviate the financial burden on small and medium-sized partner companies, which typically see concentrated demand for funds before the holiday.
Since the Chuseok holiday in 2020, Taekwang Industrial has been making early payments for goods as part of its cooperative relationship and shared growth with partner companies.
A representative from Taekwang Industrial noted, 'We aim to support the liquidity of partner companies facing business difficulties due to the economic downturn,' adding, 'We will establish various support systems in the context of long-term shared growth and cooperative relationships.'