LG Innotek, the high-tech parts making unit of LG Group, said Thursday that the company had signed an agreement with the Korean Intellectual Property Office and partner firms to increase cooperation to safeguard confidential business information.

Under the latest agreement, LG Innotek will provide its partners with education and policy consultations to improve the protection of confidential information. The company added that it would help its partners to build systems to protect business secrets against unauthorized access.

“It is important to protect the business secrets of local parts making firms, which play a large part in the nation’s economy. I hope the latest agreement helps the nation’s companies to build a successful corporate culture to better protect confidential information, increase technological capabilities and improve competitiveness in the global market,” said Kim Yong-rae, commissioner of KIPO.

LG Innotek has been active in keeping its business information safe over many years, according to the company.

Since 2015, the company began registering its confidential information with the Korea Intellectual Property Protection Agency to protect its intellectual property. In 2013, LG Innotek and its partner firms built a system to keep track of access to their business secrets and technologies. The company has stored its confidential business information at third-party institutions for security purposes since 2012.

“LG Innotek will continue to invest efforts to promote mutual growth with partner firms here,” LG Innotek CEO Jeong Cheol-dong said.

By Shim Woo-hyun (ws@heraldcorp.com)