Samsung to Advance Payment of 1.2 Trillion KRW to Partners Ahead of Lunar New Year

Opening Direct Trade Markets for Agricultural, Livestock, and Marine Products at Major Sites Nationwide

[Asia Economy Reporter Ki-min Lee] Samsung Group will pay approximately 1.2 trillion won in advance for goods from partner companies in celebration of the Lunar New Year, and will open direct transaction markets for agricultural, livestock, and marine products produced by sister villages and small and medium-sized enterprises at major business sites nationwide.

Samsung announced on the 16th that 10 affiliates including Samsung Electronics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Biologics, Samsung C&T, Samsung Engineering, Cheil Worldwide, and Wellstory will pay partner companies for goods worth 1.2 trillion won up to two weeks earlier.

Since 2011, Samsung Electronics has been paying partner companies in cash four times a month, and affiliates pay three to eight times a month to ease the financial burden of partner companies.

Samsung also operates support programs to secure the financial liquidity of partner companies. The win-win fund and goods payment support fund for partner companies have been expanded to third-tier partners, and incentives for excellent partners have been extended to second-tier partners with the amount doubled. In addition, to support the establishment of the minimum wage system for partner companies, the increase in labor costs due to the minimum wage hike is reflected in the delivery price and paid accordingly.

Furthermore, as part of efforts to help increase income in rural fishing villages, Samsung operates online and offline direct transaction markets at business sites nationwide to sell agricultural, livestock, and marine products produced by sister villages and villages cooperating with the Rural Development Administration. Nineteen affiliates including Samsung Electronics, Samsung Display, Samsung Life Insurance, Samsung C&T, Samsung Heavy Industries, Hotel Shilla, and Cheil Worldwide participate in the direct transaction markets.

Small and medium-sized enterprises participating in Samsung Electronics' smart factory construction support project have also been participating in the direct transaction markets since last Lunar New Year. An online direct transaction market was opened on the 7th, and offline direct transaction markets will be sequentially held at business sites nationwide from the 14th to the 23rd.

At the Samsung Electronics Suwon Plant, Samsung Electronics employees are introducing agricultural, livestock, and marine products produced by small and medium-sized enterprises at a direct transaction market held ahead of the Lunar New Year.

[Photo by Samsung Electronics]

This content was produced with the assistance of AI translation services.