Korea’s parts makers are set to expand supplies to U.S. industrial giants Caterpillar and Applied Materials Inc., as well as Samsung Electronics as part of a government program for shared growth.

The Ministry of Knowledge Economy said Monday it has signed two agreements to shore up cooperation between the multinational corporations and their smaller partners here.

Under the deals, Korean parts and materials firms will be able to export a total of 1 trillion won ($876 million) worth of supplies to the two U.S. companies by 2015. Caterpillar is an Illinois-based earth-moving equipment producer and Applied Materials is a chip-fab equipment maker headquartered in California.

“These agreements aim to serve as a new model of shared growth from which both local firms and global corporations benefit by jointly developing technology to branch out abroad,” the ministry said in a statement.

One of the agreements highlights a trilateral partnership between the ministry, Samsung and Applied Materials. Under the deal, Samsung is expected to buy Applied Materials’s silicon chip fabrication systems if the products embrace technology co-developed by a Korean firm. The ministry said it plans to fund collaboration projects.

The deals come as a “global partnership” program initiated last year by the government in efforts to prop up small- and medium-sized businesses and help them boost competitiveness in the global market.

Criticism has mounted that giant industry players cripple the growth of their smaller partners and hamper competition by forcing price cuts for supplies and granting lucrative orders to their own affiliates.

To fend off any antitrust practices, the Fair Trade Commission regularly carries out investigations of Korea’s top 56 companies. Subject to the government’s “mutual growth index,” the firms pledged to firm up their commitment to fair trade and shared profit early this year.

By Shin Hyon-hee (heeshin@heraldcorp.com)