South Korea’s tech giant Samsung Electronics Co. announced on Dec. 13 that it recently launched a “smart factory support center” to step up its support for small and medium-sized companies' adoption of smart factories. It has promoted the status of its smart factory support task force which was created under the CEO in 2015.
With the latest decision, Samsung Electronics will invest 60 billion won (US$53.33 million) over the next five years and help 2,500 small and mid-sized companies expand smart factories. All smaller firms are eligible for support whether or not they have business relations with Samsung.
The project is intended to contribute to improving the productivity of the domestic manufacturing industry by supporting small and mid-sized companies’ shift to smart factories.
In particular, Samsung plans to establish a system that trains experts, secures technologies, obtain patents and develop markets for smaller firms to help them secure independence in the era of the Fourth Industrial Revolution.
For the project, Samsung Electronics and the government will provide 50 billion won (US$44.44 million) each – 100 billion won (US$88.89 million) in total – for five years. Along with the jointly raised fund, Samsung will invest an additional 10 billion won (US$8.89 million) over the next five years to help small businesses participate in technology exhibitions and meet buyers and investors at home and abroad.