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Samsung Affiliates to Provide 2.6 Tril. Won in Financial Support to Partner Firms
Helping Partners Tackle Wuhan Coronavirus Fiasco
Samsung Affiliates to Provide 2.6 Tril. Won in Financial Support to Partner Firms
  • By Michael Herh
  • February 10, 2020, 10:13
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Samsung Group affiliates will provide 2.6 trillion won in financial support for their partners.

Samsung Group affiliates will provide 2.6 trillion won to their partners to help them cope with the spread of the Wuhan coronavirus. In addition to the large-scale financial support, the Samsung units will help their partners diversify sources of raw material procurement and find alternative logistics routes.

The Samsung Group firms include Samsung Electronics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS and Samsung C&T.

In cooperation with the Samsung Group Win-Win Fund and Support Fund, they will provide 1 trillion won in operating funds with no or low interest rates and pay 1.6 trillion won in advance for goods to be delivered in February. When partner firms diversify their sources of raw materials supply, Samsung affiliates will shorten the time and procedures for approval of parts and provide consulting for partners.

In addition, Samsung affiliates will share customs clearance information with logistics companies and help them develop alternative routes to ensure that their partners smoothly procure materials.