Samsung Group will widen financial backing for suppliers and step up efforts to help about 6,700 partner firms sell into overseas markets, in a fresh push to present its supply chain as a shared-growth network rather than a one-way business relationship.
The group said the measures are part of a broader effort to support sustainable growth among smaller companies that work with its affiliates. Roh Tae-moon, co-chief executive of Samsung Electronics and head of its mobile busine...
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ss, said the company owed much of its success to partner firms and wanted to deepen that relationship to secure growth on both sides.
According to Samsung, support for small and medium-sized enterprise suppliers will be expanded through existing funds worth a combined 3.5 trillion won, or about US$2.26 billion. Its 11 affiliates will also widen dialogue with suppliers and review the effectiveness of their support schemes on a regular basis.
The latest initiative builds on a series of Samsung-led programmes aimed at reinforcing its wider ecosystem. In May, Samsung Electronics announced a five-year, 5 trillion won commitment to shared growth and future talent, including help for lower-tier suppliers, industrial accident support, aid for small businesses and education programmes linked to artificial intelligence. Last year, Samsung Electronics and Samsung Display agreed to create a 1 trillion won ESG fund for suppliers, alongside a separate bank-backed lending programme for domestic small companies.
Samsung SDS has also moved to expand financial assistance and share patents with local partners, reflecting a wider trend among major South Korean conglomerates to soften the financial pressures faced by smaller contractors and to help them build technical and commercial capability.
Samsung said its latest programme would also focus on strengthening suppliers’ global competitiveness by connecting them to overseas markets and international supply chains through various cooperative projects.
Source: Noah Wire Services
