Thirteen Major Affiliates Participate, Early Payments Totaling 1.2 Trillion Won
"Online Marketplace for Employees" Features Products from Small and Medium-Sized Enterprises
On September 21, Samsung announced that it would make early payments to its suppliers for goods and operate an online marketplace for employees ahead of the Chuseok holiday in order to boost the domestic economy. Since 2011, Samsung's major affiliates have been supporting smooth cash flow for suppliers by paying for goods three to four times a month.
Samsung Electronics employees are purchasing products on an online marketplace ahead of the Chuseok holiday. Samsung Electronics
Samsung will make early payments totaling 1.19 trillion won to its suppliers before the Chuseok holiday. This amount is 320 billion won more than last Chuseok, further alleviating the financial burden on suppliers. Thirteen affiliates, including Samsung Electronics, Samsung C&T, Samsung Biologics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Bioepis, Samsung Heavy Industries, Samsung E&A, Samsung Welstory, Cheil Worldwide, and S-1 Corporation, will participate. Payments will be made up to 12 days earlier than usual.
Samsung will also operate a "Chuseok Online Marketplace" for employees, selling specialty products from partner villages and products manufactured at small and medium-sized enterprises' smart factories. Seventeen affiliates, including Samsung Electronics, Samsung C&T, Samsung Biologics, Samsung Life Insurance, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Bioepis, Samsung Fire & Marine Insurance, Samsung Card, Samsung Securities, Samsung Heavy Industries, Samsung E&A, Hotel Shilla, Cheil Worldwide, and S-1 Corporation, will participate in the online marketplace.
In particular, 83 small and medium-sized enterprises that have received "smart factory construction support" from Samsung Electronics will sell 101 types of products, including Korean beef sets and fruit, through the online marketplace. Since 2015, Samsung Electronics has supported the establishment of smart factories to enhance the manufacturing competitiveness of small and medium-sized enterprises, carrying out 3,450 projects as of the end of last year. Products such as apples, pears, and fish sold on the online marketplace are items for which the Samsung Electronics Smart Factory Center has provided automation and process improvement support during the productization process.
At the food company "Cookia" located in Yeosu, Jeollanam-do, a Samsung Electronics smart factory manager (right) and a Cookia employee are inspecting the quality condition of snacks. Samsung Electronics
In addition, Samsung is promoting the "Smart Factory 3.0" project, which upgrades existing smart factories into intelligent factories using artificial intelligence and data technologies. The company plans to continuously develop a "smart factory ecosystem" that not only enhances corporate competitiveness but also helps expand product sales. Samsung supports the creation of real business opportunities by going beyond production innovation to connect with Samsung's distribution channels, promote products manufactured in smart factories, and support entry into the domestic market.
In a 2020 executive meeting, Lee Jae-yong, Chairman of Samsung Electronics, emphasized, "Our mission and the path to becoming a centennial company is to share and grow together with our neighbors and society." Last year, Samsung employees purchased about 3 billion won worth of products, and nearly 1.5 billion won worth during this year's Lunar New Year holiday, contributing to the revitalization of the local economy.
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