KOFCA and Lotte Duty Free to strengthen ESG capabilities of SME partners

[Financial News] The Korea Foundation for Cooperation of Large & Small Business, Rural Affairs (KOFCA) and Lotte Duty Free are helping strengthen the environmental, social and governance (ESG) management capabilities of small and medium-sized partner companies. 
 According to industry sources on the 13th, KOFCA signed a business agreement with Lotte Duty Free for the “2026 ESG Support Program for Partner Companies.” 
 Under the agreement, Lotte Duty Free plans to contribute 50 million won to the Shared Growth Cooperation Fund and, together with KOFCA, run a tailored ESG support program for up to 10 small and medium-sized partner companies.
 After becoming the first company in the industry to take part in an ESG support program for partner companies in 2023, Lotte Duty Free has continued participating in the program and contributing funds for four consecutive years.
 KOFCA plans to develop tailored ESG indicators for selected partner companies in line with standard ESG guidelines for SMEs. A specialized consulting firm will visit their sites, assess their level of ESG management and recommend improvements. The assessments and consulting will be provided free of charge. ESG training for employees will also be provided.
 After the consulting ends, companies that meet the issuance criteria, including the ESG indicator compliance rate, will be issued a “Certificate of Excellent ESG SME Status.” Depending on the requirements set by financial institutions and for each support program, companies that receive the certificate may qualify for preferential loan rates and bonus points when applying for government export and research and development (R&D) support programs.

[email protected] Kim Hyun-cheol Reporter