Key facts
- Samsung Group will expand financial support for its suppliers.
- The initiative aims to help approximately 6,700 partner companies expand into overseas markets.
- The program is designed to foster sustainable growth across Samsung's supply chain.
- Financial assistance will be expanded through existing funds totaling 3.5 trillion won (US$2.26 billion).
- Samsung's 11 affiliates will enhance communication and assess support programs for suppliers.
Samsung Group announced on Monday its intention to significantly expand financial support for its suppliers, aiming to assist approximately 6,700 partner companies in their efforts to enter overseas markets. This strategic move is part of the conglomerate's larger objective to cultivate sustainable growth throughout its supply chain and to promote a collaborative environment between large corporations and small and medium-sized enterprises (SMEs).
Roh Tae-moon, co-chief executive officer of Samsung Electronics and head of its mobile business, emphasized the crucial role of partner companies in Samsung's success, stating, "Samsung would not be where it is today without the hard work, dedication and tireless efforts of our partner companies." He added, "We will build an even stronger partnership with our suppliers to achieve sustainable growth together."
Samsung plans to bolster financial aid for its SME suppliers by leveraging existing funds, which collectively amount to 3.5 trillion won (US$2.26 billion). Furthermore, the group's 11 affiliated companies are set to broaden their communication channels with suppliers and conduct regular evaluations of their support programs' efficacy. The initiative also includes strengthening suppliers' global competitiveness by facilitating their overseas expansion and integrating them into global supply chains through various cooperative efforts.