Seoul: Samsung Group announced its decision to expand financial support for its suppliers, aiming to assist approximately 6,700 partner companies in venturing into overseas markets. This move is part of Samsung's strategy to ensure sustainable growth and foster a cooperative relationship between large corporations and small and medium-sized enterprises (SMEs).
According to Yonhap News Agency, Samsung's initiative underscores the importance of its suppliers in the company's success. Roh Tae-moon, co-chief executive officer of Samsung Electronics Co. and head of its mobile business, emphasized the critical role of partner companies in Samsung's achievements. He stated that the company aims to build a stronger partnership with its suppliers to achieve sustainable growth collaboratively.
Samsung has pledged to expand financial assistance for its SME suppliers through existing funds, amounting to a total of 3.5 trillion won (approximately US$2.26 billion). The company intends to enhance communication channels with its suppliers through its 11 affiliates and regularly evaluate the effectiveness of its support programs.
Furthermore, Samsung plans to bolster the global competitiveness of its suppliers by facilitating their overseas expansion. The company will assist in connecting these suppliers with global supply chains through a series of cooperative initiatives.