Samsung supports small South Korean companies




South Korea’s largest electronics maker said on Friday it plans to set up a $ 445 million fund to help protect small companies and suppliers in its home country. South Korea’s largest company unveiled the move following the new president’s invitation to protect small businesses.

South Korea’s new president, Mon, came to power this month and promised to rein in family-owned conglomerates that dominate Asia’s fourth-largest economy. The president described himself as a business leader and wanted to raise the minimum wage, reduce working hours and make a number of moves Other suitable for workers.

The move comes in the wake of the South Korean president’s new remarks and his recent efforts to unveil all the major family-run conglomerates in the country, usually called Chipols. Samsung Electronics said the fund would allow its suppliers to borrow without interest for a year.

Suppliers can pay the contractors quickly and the fund will remain operational until May 2020. The company statement said the South Korean giant had decided to set up the fund after meetings with suppliers late last year, which it is likely to welcome. President Moon.

The newly-elected president won a recent election with a political program focused on reducing the power of the Tischballs, which dominates the country’s economy and previously affected the political landscape after the former president was ousted by parliament for involvement in a political scandal that affected the vice president of Samsung Group and her successor, Jay Lee .

Those moves required the president to give up directly the chips, such as Samsung and Hyundai. The country’s major business conglomerates appear not to be looking for a direct battle with the new president’s political initiatives.

The Seoul-based consumer electronics maker has recently moved to reorganize its operations in a bid to streamline its operations and increase profitability as some investors press it to adopt the structure of holding companies and open up additional shareholder value.


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