Samsung Group Says It Will Broaden Use of Existing 3.5 Trillion Won Supplier Fund

Samsung Group said Monday it will expand financial support for its suppliers and help approximately 6,700 partner companies expand into overseas markets. The initiative forms part of the group's efforts to foster sustainable growth across its supply chain and promote cooperation between large corporations and small and medium-sized enterprises.

"Samsung would not be where it is today without the hard work, dedication and tireless efforts of our partner companies," said Roh Tae-moon, co-chief executive officer of Samsung Electronics Co.

And head of its mobile business. " Samsung said it will further expand financial assistance for its SME suppliers through existing funds totaling 3.5 trillion won, or US$2.26 billion. The group's 11 affiliates will broaden communication channels with suppliers and regularly assess the effectiveness of their support programs.

Samsung also plans to strengthen suppliers' global competitiveness by supporting their overseas expansion and helping connect them with global supply chains.