Samsung and ministry invest W30B to help small suppliers

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Samsung and ministry invest W30B to help small suppliers

Published: 31 Aug. 2015, 20:36

Samsung Electronics and the Ministry of Trade, Industry and Energy on Monday reached an agreement to jointly invest 30 billion won ($25.56 million) by 2017, to help some 600 small suppliers install smart production systems in their factories.

Each factory can receive a subsidy of up to 50 million won, but the subsidy can’t exceed 50 percent of the total automation cost. Beyond one-time financial aid, Samsung plans to offer long-term consulting services and dispatch factory experts to its suppliers to offer advice.

Hyundai Motor and LS Industrial Systems (LSIS) will also help the small manufacturers.