Samsung Electronics to spend $1.13 billion to help SMEs boost earnings

An owner of a fruit seller in Andong was one of the small businesses that benefited from Samsung’s program. [Source : Samsung Electronics]

Samsung Electronics Co. has been supporting small- and medium-sized companies through its “Smart Factory Support Program” by sharing some of its cutting-edge technologies and key manufacturing know-how to help small businesses generate more income as part of its corporate social responsibility efforts.

On Wednesday, Samsung announced its plan to provide financial support to its SME partners, totaling 1.4 trillion won ($1.13 billion). A total of 11 Samsung affiliates will participate, including Samsung Electronics, Samsung SDI Co. and Samsung C&T Corp. The group has organized an online shopping event for its employees to buy homegrown agricultural and marine products, as well as special products from nearby towns.

“We should go through difficult times together,” Samsung Electronics Executive Chairman Jay Y. Lee said. As of today, some 3,000 companies have benefited from Samsung’s program.

The Smart Factory program not only brings in automation to small companies, but it also helps them to adopt advanced manufacturing practices. Samsung Electronics also provides distribution channels.

An owner of a fruit seller in Andong was one of the small businesses that benefited from Samsung’s program. The producer’s current sales tripled from 500 million won in 2019 as automation and efficient production management helped the company increase productivity.