Samsung to Make Early Payment of 730 Billion Won to Partners to Help Boost Domestic Demand

Twelve Affiliates Including Samsung Electronics and Samsung C&T Take Part
Operating a Lunar New Year Online Marketplace to Help Revitalize Regional Economies

Samsung is making early payments for goods supplied by partner companies and running an online marketplace for its employees ahead of the Lunar New Year holiday. The initiative is intended to help boost domestic demand during the holiday season.

On the 9th, Samsung announced that it would bring forward payments totaling 730 billion won for goods supplied by partner companies to support their smooth cash-flow management.

Samsung Electronics employees are purchasing goods on an online marketplace ahead of the Lunar New Year holiday. Samsung Electronics

Twelve affiliates are taking part in the early payment program, 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, Cheil Worldwide, and S-1. Each company plans to pay up to 18 days earlier than the originally scheduled payment date.

Since 2011, major Samsung affiliates, including Samsung Electronics, have been increasing the payment frequency for partner companies from twice a month to three to four times a month so that partners can manage their funds in a more planned manner.

Samsung is also operating a "Lunar New Year Online Marketplace" for its employees, selling local specialties from across the country and products manufactured at smart factories run by small and medium-sized enterprises.

Seventeen affiliates are participating in the online marketplace, 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.

Since 2015, Samsung Electronics has also been running a "Smart Factory Construction Support Program" to help improve the manufacturing environments of partner companies and small and medium-sized enterprises. Through last year, it carried out 3,624 smart factory construction support projects.

Fifty-three small and medium-sized enterprises that have received support under the smart factory construction program are also participating in the online marketplace, selling 67 types of products including agricultural, livestock, and marine products, fruits, and processed foods.

Samsung employees are purchasing local specialties, products from regional farms, and other agricultural, livestock, and marine goods through the online marketplace, thereby contributing to revitalizing regional economies.