KOICA join hands with LG Electronics and POSCO E&C to support vocational training in developing countries
KOICA join hands with LG Electronics and POSCO E&C
to support vocational training in developing countries
- KOICA jointly promotes IBS projects with LG Electronics and POSCO E&C in Ethiopia, Cambodia, and Bangladesh
The Korea International Cooperation Agency (KOICA) has decided to collaborate with LG Electronics and POSCO E&C to promote vocational training projects in developing countries through the Inclusive Business Solutions (IBS) program.
KOICA's IBS program is a project that contributes to local economic growth and improvement of the quality of life of residents by conducting development cooperation projects in developing countries based on the business of private companies.
KOICA has selected three projects, two with LG Electronics and one with POSCO E&C, as new IBS projects in the first half of 2021. LG Electronics and POSCO Engineering & Construction will carry out businesses in Ethiopia and Cambodia, and Bangladesh respectively. The two companies will also contribute to resolving the unemployment problem by educating and nurturing industrial workers in partner countries and providing opportunities for employment and start-up by utilizing the company's local infrastructure and network.
Specifically, LG Electronics will invest 2.4 billion won in Ethiopia for four years with World Together to carry out the 'Ethiopia Vocational Technology College Project'. KOICA and LG Electronics have already established and supported ‘LG-KOICA Hope TVET (Technical and Vocational Education and Training School)’ in Ethiopia since 2014. In cooperation with LG Electronics, the school is currently operating education courses in three areas: IT devices, communication/multimedia, and home appliances/office equipment, and it was awarded the highest score in the evaluation of vocational training schools certified by the Ethiopian government.
Through the new project promoted through KOICA's IBS program, the company plans to continuously operate vocational training schools, expand the profit model for building local independence, and focus on strengthening the incubating role to support student start-ups.
In addition, KOICA and LG Electronics will cooperate with Good Neighbors in Cambodia to invest about KRW 1.3 billion over three years to carry out the ‘Value Chain Reinforcement Project through Vocational Training for Youth in Cambodia’s Electronics, Electricity and ICT Fields’. Through this project, it will improve the outdated facilities of three public vocational training centers in Phnom Penh and Battambang, and strengthen education programs and teacher competency in the fields of electronics, electricity, and ICT. It will also establish an industry-academic-linked employment connection system to help about 540 Cambodian youths who graduated from the center find quality jobs.
Meanwhile, in Bangladesh, POSCO E&C will expand the youth construction skills training program, which had been conducted with Inha University. From this year on, POSCO E&C and KOICA will carry out the ‘Bangladesh Youth Construction Functional Manpower Training Program’. POSCO E&C plans to hire 300 of its 400 graduates at its Matabari power plant construction site.
KOICA President Sohn, Hyuk-sang, said, “this IBS cooperation model allows KOICA to achieve its development cooperation goal of strengthening the capacities of local industrial manpower in partner countries, and private companies to create social values and secure their own skilled workers. It is a meaningful cooperation project that can simultaneously satisfy the demands of both sides by creating and securing skilled manpower.”