Smart Money
Samsung Electronics and the Ministry of Trade, Industry and Energy (MOTIE) will jointly inject 30 billion won (US$25.37 million) in total by 2017 to help more than 600 small and medium-sized manufacturers in Korea construct smart plants. The support is part of the government’s “Manufacturing Innovation 3.0” strategy for the creative economy.
Samsung Electronics and the MOTIE, in the form of a public and private joint smart plant steering committee, signed a memorandum of understanding (MOU) at the Korea Chamber of Commerce & Industry in Seoul on Aug. 31 to jointly raise funds and promote the project in a bid to build smart plants. The MOU signing ceremony was attended by Lee Gwan-sub, first vice minister of the MOTIE; Kim Jong-ho, head of the set manufacturing unit at Samsung Electronics; and Park Jin-woo, head of public and private joint smart plant steering committee.
Under the agreement, Samsung Electronics and the MOTIE will invest 15 billion won (US$12.68 million) each to establish smart plants over the next two years from 2016. The program will benefit over 600 small and medium-sized manufacturers.
On top of the investment, Samsung Electronics will dispatch professionals in the manufacturing sector to the smart plant steering committee and establish a "smart plant academy" at the North Gyeongsang Province creative economy innovation center. Also, Samsung will transfer the expertise of the smart plant operation system, process simulation, and automation consultancy by utilizing businesses and manpower across the nation.
The MOTIE will create the foundation to promote smart plants, including standards and certifications and technology development, and raise the efficiency of the project through an integrated management system of similar projects in other governmental ministries, including the Ministry of Science, ICT and Future Planning.
The smart plant steering committee will be responsible for the management of fund raising, establishment of standard business operating procedures, training professionals in technological partnership with Samsung Electronics, and the development of its joint model.