Samsung Supports Domestic Economy Activation for Chuseok Holiday

[Financial News] Samsung has announced that it will support the activation of the domestic economy by early payment of goods to partner companies and operating an online market for employees ahead of the Chuseok holiday. 
Samsung stated on the 21st that it plans to make an early payment of 1.19 trillion won worth of goods to ease the financial burden of partner companies before the Chuseok holiday. 
The early payment of goods involves △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 △S-1 Corporation, with 13 affiliates participating, and payment will be made up to 12 days earlier than the original payment date for each company. 
Despite the challenging business environment, Samsung has decided to increase the amount of goods payment by approximately 320 billion won compared to the amount supported during last year's Chuseok to enhance the effect of domestic economic activation. 
Since 2011, Samsung and its major affiliates, including Samsung Electronics, have been supporting the smooth operation of funds for partner companies by paying goods payments on a monthly basis of 3 to 4 times. 
To activate the domestic economy, Samsung is also operating a 'Chuseok Online Market' for employees, selling special products from sister villages of affiliates and products produced by small and medium-sized enterprises' smart factories. The online market involves 17 affiliates, including Samsung Electronics, Samsung C&T, Samsung Biologics, Samsung Life Insurance, Samsung Display, and Samsung Electro-Mechanics. Samsung plans to actively promote internally through company bulletin boards to expand voluntary participation of employees. 
Samsung employees purchased about 3 billion won worth of products during last year's Seollal and Chuseok holidays, and nearly 1.5 billion won during this year's Seollal, supporting the management of small and medium-sized enterprises that received support for building smart factories and revitalizing the regional economy. In particular, 83 small and medium-sized enterprises that received 'Smart Factory Construction Support' from Samsung Electronics are participating in the Chuseok Online Market, selling about 101 types of products, including Korean beef sets and fruits. 
Since 2015, Samsung Electronics has been operating a smart factory construction support project to enhance the manufacturing competitiveness of small and medium-sized enterprises, and has conducted 3,450 projects by the end of last year. Agricultural, livestock, and fishery products such as apples, pears, and fish sold at the market are products supported by Samsung Electronics' Smart Factory Center in the process of washing, packaging, and productization. Samsung not only supports the construction of smart factories for domestic small and medium-sized enterprises to improve production efficiency but also provides opportunities to sell products to employees, helping to create stable revenue for companies. 
Samsung plans to continuously develop the 'Smart Factory Ecosystem' that enhances the competitiveness of companies and helps expand product sales through smart factory support. Samsung is also promoting the 'Smart Factory 3.0' project, which upgrades existing smart factories to intelligent factories using artificial intelligence (AI) and data technology. 

soup@fnnews.com Im Subin Reporter