Korea Elevator Industry Cooperative was approved under the Korean Federation of Small and Medium Business Law by the Ministry of Trade and Industry in the July of 1995. The Cooperative was approved with the goals to 1) develop the industry of elevator and part manufacturing, 2) promote well-being of cooperative members, 3) lead the national economy development through its businesses. As of October of 2018, the Cooperative has 122 small and medium business members which manufacture elevators and their parts. The Cooperative pursues economic well-being of its members, make collective contracts, and perform tasks delegated by government and the Korea Federation of Small and Medium Businesses. In particular, the Cooperative has received government funding to develop a common elevator model for small and medium businesses in 2015, adopt the manufacturing and assembly quality standards for electric elevator in 2017, and develop cloud-based solution for standard designs for elevators in 2018.