are attending the event and taking a commemorative photo.

■ Held joint declaration ceremony for expanding mutual cooperation in the petrochemical industry with the attendance of the Ministry of Employment and Labor, LOTTE Chemical, and partner companies
■ LOTTE Chemical to establish and practice practical plans for improving labor conditions such as improving welfare and strengthening safety for partner company laborers; enhancing expertise, productivity and technological competitiveness, establishment of fair transaction relations and stable management environments, etc.
■ Minister of Employment and Labor Lee Jung Sik, “The partnership of coexistence and solidarity between LOTTE Chemical and partners opened a new chapter for the win-win model in the petrochemical industry, and I hope that these efforts will spread throughout not just the LOTTE Group Chemical Unit, but to the entire industry”
■ LOTTE Group Chemical Unit Head & CEO Kim Gyo Hyun, “We will take the initiative and strive so that the contents that we practiced based on this declaration can spread to the subsidiaries in the LOTTE Group Chemical Unit and throughout the petrochemical industry”

LOTTE Chemical will strengthen mutual cooperation with partner companies.

In the afternoon of the 26th at the LOTTE World Tower, LOTTE Chemical held a joint declaration ceremony for the expansion of mutual cooperation in the petrochemical industry with the attendance of LOTTE Group Chemical Unit President & CEO Kim Gyo Hyun, LOTTE Chemical Basic Materials CEO Hwang Jin Koo, LOTTE Chemical Advanced Materials CEO Lee Young Joon, Minister of Employment and Labor Lee Jung Sik, Doobon CEO Lee Dae Hee, and Woojin Copolymer CEO Han Dong Hoon.

Through this declaration, LOTTE Chemical and partner companies agreed to pursue practical measures such as mutual cooperation for sustainable growth of the petrochemical industry, operate a mutual association from October, etc.

First, LOTTE Chemical plans to establish and practice practical plans for improving labor conditions such as improving welfare and strengthening safety for partner company laborers; enhancing expertise, productivity and technological competitiveness, establishment of fair transaction relations and stable management environments, etc.

Partner companies will improve the work conditions of is laborers and strengthen their capacities, while also enhancing productivity for the coexistence with LOTTE Chemical and development of the petrochemical industry.

The government plans to actively support the necessary issues for forming a virtuous cycle of growth-jobs-welfare of not only partner companies, but the entire petrochemical industry.

Ministry of Employment and Labor Lee Jung Sik stated, “With the partnership of coexistence and solidarity between LOTTE Chemical and partner companies, a new chapter for the win-win model has opened for the petrochemical industry, and I hope that such efforts will have goo influence and expand not only to all of the LOTTE Group Chemical Unit, but the entire industry.” He added, “In addition to the spread of various win-win models per business, region and industry, we will also come up with and implement legal and institutional reforms for a ‘labor market with fair coexistence’.”

President & CEO Kim Gyo Hyun said, “The vision and goal of all companies under the LOTTE Group Chemical Unit are to go beyond being good companies, but companies that are respected.” He further added, “Our actions based on this declaration will play a leading role in spreading it throughout the subsidiaries of the LOTTE Group Chemical Unit as well as the entire petrochemical industry.”

Meanwhile, Doobon, which also participated in this declaration ceremony, is developed customized products through joint research as a partner company for synthetic resins products, and LOTTE Chemical has supported Doobon in pioneering overseas sales channels and establishing overseas factories. Woojin Copolymer is a flame retardant and ABS partner company and has been continuing mutual relations over a long period of time through stable supply of raw materials.

LOTTE Chemical acquired the top rating in the 2022 mutual growth index announced by the Korean Commission for Corporate Partnership on the 18th. It operates and supports a mutual growth fund worth 135 billion KRW for management stability through the operation of funds of partner companies. It supported the overseas entry and revenue expansion of 73 SMEs in Korea last year, thus achieving expansion of sales channels worth 46.7 billion KRW. It also provided support in areas such as environmental seminars, disaster prevention consulting, and safety management facilities for cooperating SMEs to establish a safety culture, and it is also continuing efforts to strengthen the technologies and improve the safety management levels of partner companies.