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Samsung Electronics to Help 2,500 SMEs Build Smart Factories over 5 Years
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Samsung Electronics to Help 2,500 SMEs Build Smart Factories over 5 Years
  • By Kim Eun-jin
  • October 24, 2018, 17:38
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Samsung Electronics has announced a plan to help 2,500 SMEs build smart factories over the next five years.

Samsung Electronics has decided to help 2,500 small and medium-sized enterprises (SMEs) build smart plants over the next five years.

In addition, the company plans to invest additional resources in developing the market for SMEs. It will organize technology exhibitions for them and look for domestic and foreign companies interested in investing in them.

Samsung Electronics also pledged to play a leading role in promoting mutual prosperity of large and small companies by offering education for SME executives and employees, opening up its patents, and introducing new technologies to them.

Samsung Electronics announced on Oct. 24 that it has signed a business agreement with the Ministry of SMEs and Startups and the Korea Federation of Small Business (KFSB) to help SMEs convert their plants into smart factories.

Under the agreement, the KFSB and Samsung Electronics will raise 100 billion won over the next five years to support the construction of smart plants for SMEs.

This is one of the follow-up measures for Samsung`s 180-trillion-won economic revitalization and job creation plan announced in early August. It has already announced software education programs for young people and extension of its venture development programs, dubbed “C-Lab,” for young aspiring entrepreneurs.

In addition, Samsung Electronics has decided to invest 10 billion won over five years to help SMEs find sales channels and connect with domestic and foreign partners and investors. It will also open up its patents to SMEs to help them make their business more sustainable.

"Building a smart plant will help increase sales by strengthening overall competitiveness of SMEs in Korea," a company official said. “It will also improve the corporate culture of SMEs and provide them with a base for innovation.”

Samsung Electronics, in particular, expects about 15,000 new jobs to be created through its smart plant program.

"This agreement demonstrates our commitment to win-win cooperation between large and small companies and expand open innovation," said Hong Jong-hak, minister of SMEs and startups who attended the agreement signing ceremony. He added the cooperation Korea Federation of Small and Medium Business for the smart factory project will contribute to sharpening the competitiveness of domestic SMEs.

On Oct. 24, Samsung Electronics opened Smart Biz EXPO at COEX in southern Seoul as part of its efforts to develop new markets for SMEs.

The exhibition will display the products and technologies of some 100 SMEs that received manufacturing and marketing know-how from Samsung Electronics.