Samsung
Samsung pays suppliers in advance to boost Korean economy before Lunar New Year
Samsung announced that the company will pay about 2 trillion won to its suppliers in advance and open an online marketplace for its executives and employees before the Lunar New Year holiday. This is to support the revitalization of the domestic economy.
The advance payment (2.14 trillion won) is more than double the amount of last year (1.04 trillion won). It involves 11 Samsung affiliates, including Samsung Electronics Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung BioLogics, Samsung Bioepis, Samsung C&T, Samsung Engineering, Cheil Worldwide, and Wellstory. They will pay for goods up to 21 days earlier than usual. They also increased the payment cycle and linked the delivery price to labor costs.
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Samsung Electronics, Samsung C&T, and Samsung Life Insurance, along with 17 other affiliates, launched an online market to sell Agricultural and marine products, local specialties, and smart factory products. They have been buying these products every holiday season.
Samsung helps small and medium-sized businesses improve their production through smart factory support. It started the project in 2015 and upgraded it with AI and data technology last year. It also operates a win-win/product and water fund to help its partners with facility investment and R&D.
