Samsung to provide early payment for partner companies and operate online marketplaces to support 'activation of domestic demand'

*This content was translated by AI.

Samsung will also support the revitalization of the domestic economy by paying for goods early so that its partners can manage their funds smoothly ahead of the Lunar New Year holiday and operating an online marketplace that sells products from small and medium-sized companies and local specialties to executives and employees.

Samsung announced on the 9th that it will pay 730 billion won worth of goods early before the Lunar New Year holiday to reduce the financial burden on its partners.

Early payment of goods will involve 12 affiliates, including Samsung Electronics, Samsung C&T, Samsung Biologics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Bioepis, Samsung Heavy Industries, Samsung E&A, Cheil Worldwide and S1.

These companies will provide payment for goods up to 18 days earlier than the original payment date. Major Samsung affiliates, including Samsung Electronics, have increased the payment cycle of goods from twice a month to three to four times a month since 2011 to support the smooth flow of funds by partner companies as much as possible.

In order to boost the domestic economy, Samsung is also operating an online marketplace for the Lunar New Year from late January to mid-January, which sells special products and products produced by small and medium-sized companies' smart factories to employees.

Seventeen affiliates, including Samsung Electronics, Samsung C&T, Samsung Biologics, Samsung Life Insurance, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung Bioepis, Samsung Fire & Marine Insurance, Samsung Card, Samsung Securities (016360), Samsung Heavy Industries, Samsung E&A, Hotel Shilla, Cheil Worldwide, and S1 participated in the online market.

Samsung plans to expand voluntary participation of executives and employees by actively promoting the company through in-house bulletin boards. Through the online marketplace, executives and employees can purchase national specialties such as △ agricultural and fishery products △ local farm products △ smart factory products supported by Samsung Electronics.

In the online marketplace, 53 small and medium-sized companies that received Samsung Electronics' "support to build smart factories" also participated in the online marketplace to sell 67 kinds of products, including agricultural, livestock, fruits, and processed foods.

Samsung's executives and employees purchased a total of more than 3.5 billion won during the Lunar New Year and Chuseok holidays last year, helping small and medium-sized companies that received support for building smart factories along with revitalizing the local economy.

Meanwhile, Samsung has also prepared an additional "offline marketplace" to expand the participation of executives and employees in some workplaces in addition to the "online marketplace" that utilizes each company's in-house bulletin boards, local governments, and online shopping malls such as agricultural cooperatives.

Samsung has been supporting the sale of products by holding offline direct marketplaces at its workplaces across the country every year on holidays. However, since Chuseok 2020, it has been operating mainly in online marketplaces due to the influence of COVID-19.

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*This content was translated by AI.