Samsung Group Provides Emergency Support of 30 Billion KRW for Medical and Daily Necessities to Overcome COVID-19

Vice Chairman Lee "Samsung Grows with National Support... Must Share with Our Society"

[Asia Economy Reporter Ki-min Lee] Samsung Group will provide a total of 30 billion KRW in emergency support, including medical supplies and daily necessities, to participate in social efforts to overcome the novel coronavirus infection (COVID-19) crisis.

The Samsung Electronics Communications Team announced that major affiliates such as Samsung Electronics, Samsung C&T, and Samsung Life Insurance held an extraordinary board meeting and management committee on the 26th and resolved to provide donations related to COVID-19.

Fourteen affiliates participated in the COVID-19 emergency support, including Samsung Electronics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card, Samsung Securities, Samsung C&T, Samsung Engineering, Hotel Shilla, Cheil Worldwide, and S-1.

Samsung Group explained that it decided to donate relief supplies and funds to the National Disaster Relief Association, including ▲medical supplies such as hand sanitizers and disinfectant wipes ▲daily necessity kits for self-quarantined individuals and vulnerable groups ▲immune-boosting health food sets for medical staff.

Earlier, on the 13th of this month, Samsung Group purchased Onnuri gift certificates worth 30 billion KRW to revitalize the domestic economy weakened by COVID-19 and decided to provide them to partner companies. It is also participating in increasing flower consumption to alleviate difficulties faced by flower farmers.

Vice Chairman Lee Jae-yong said, “Samsung, which has grown with the support of the people, should naturally share and cooperate with our society in times like these,” and added, “Let us do our utmost, however small, for those suffering from this situation or dedicating themselves to overcoming the crisis.”

Meanwhile, Samsung has established a fund worth 1 trillion KRW to support operating funds so that partner companies struggling due to COVID-19 can continue stable management. It also provided a total of 2.6 trillion KRW in emergency funds, including early payment of 1.6 trillion KRW for goods.

Additionally, Samsung operates a 'Partner Company Support Center' that shares information related to China, such as Chinese government guidelines and logistics/customs status within China, with partner companies and listens to their difficulties.