Samsung Provides Emergency Support of 2.6 Trillion KRW to Partners Affected by 'Novel Coronavirus'

[Asia Economy Reporter Dongwoo Lee] Samsung has launched emergency support to resolve difficulties faced by partner companies struggling due to the spread of the novel coronavirus infection (Wuhan pneumonia).

On the 9th, Samsung announced that it will provide 2.6 trillion KRW in funding to stabilize the management of partner companies experiencing difficulties such as work stoppages and parts procurement. The affiliates participating in the funding include Samsung Electronics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, and Samsung C&T.

Samsung will support 1 trillion KRW in operating funds through interest-free and low-interest loans linked to win-win programs such as the Win-Win Fund and the Material Support Fund, and will make early payments of 1.6 trillion KRW worth of goods this month. In particular, Samsung Electronics will cover logistics costs at actual expenses if partner companies switch to air delivery for urgent material supply.

When partner companies diversify their raw material suppliers for parts procurement, Samsung will shorten the parts approval time and procedures and provide consulting for this purpose. Additionally, to ensure smooth material procurement, Samsung shares logistics companies and customs clearance information, and develops and proposes detour and alternative routes beyond existing logistics.

Samsung Electronics also distributes action guidelines containing information related to China, such as Chinese government directives, logistics and customs clearance status within China, and hygiene, quarantine, and spread prevention rules for infectious disease prevention and management.

For partner companies operating in China, masks, hand sanitizers, and thermometers are also supplied. Samsung Electronics also operates a 'Partner Company Support Center' to collect and address difficulties faced by partner companies.

Samsung stated, "We will continuously monitor the situation and continue to provide support in areas needed by partner companies."

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