[Edaily Reporter JAEMIN SONG ] Ahead of Chuseok, Samsung will pay 1.3 trillion won in supplier invoices earlier than scheduled to ease the financial burden on its partner companies. The company is also opening a marketplace for employees to purchase local specialties and products from small and medium-sized enterprises to help stimulate domestic demand.

Samsung announced on the 14th that 13 affiliated companies, including SamsungElectronics, SAMSUNG C&T CORPORATION, and SAMSUNG BIOLOGICS, will move up the payment dates for goods to suppliers by approximately seven days compared to the original schedule.

The total amount of these early payments has increased by approximately 110 billion won compared to last year’s Chuseok holiday. Samsung Bioepis, Samsung Display, SamsungElectroMechanics, SAMSUNG SDI CO.,LTD., Samsung SDS, SamsungHeavyIndustries, SamsungE&A, CheilWorldwide, S-1, and Samsung Wellstory are also participating.

Samsung brought forward the payment schedule to help its suppliers manage their cash flow smoothly, taking into account the increased demand for funds—such as payments for raw materials and employee salaries and bonuses—ahead of the holiday.

SamsungElectronics, SAMSUNG C&T CORPORATION, Samsung Life Insurance, SamsungFire&MarineInsurance, and HotelShilla are participating in the online marketplace to sell specialty products from sister villages and products from SMEs to their employees.

The total value of products purchased by Samsung employees through the online marketplace reaches approximately 3 billion won annually, combining purchases made during the Lunar New Year and Chuseok holidays. Separate offline marketplaces have also been set up at some business sites to allow employees to purchase items in person.

In particular, 31 small and medium-sized enterprises (SMEs) that received support from SamsungElectronics for smart factory construction are showcasing 53 products, including Hanwoo beef sets and fruits. Among the agricultural, livestock, and marine products—such as apples, pears, and fish—are items for which the SamsungElectronics Smart Factory Center provided support for automation of washing and packaging, as well as process improvements.

SamsungElectronics has been operating a smart factory construction program since 2015 to enhance the manufacturing competitiveness of domestic SMEs. As of August this year, the cumulative number of support cases stands at 3,622. The company’s policy is not only to improve production facilities but also to provide product sales opportunities through initiatives such as holiday markets.

This support aligns with SamsungElectronics Chairman Jay Y. Lee’s philosophy of mutual growth, which emphasizes growing together with partner companies and local communities. In October 2022, Chairman Lee emphasized, “Samsung must stand with society,” adding, “We must share and grow together with our customers, shareholders, partner companies, and local communities.”

Samsung previously announced a plan in May of this year to expand its social contribution initiatives by a total of 5 trillion won. In June, the company held an event to distribute Onnuri gift certificates to customers who purchased its products, and in July, five affiliated companies, including SamsungElectronics, contributed 200 billion won to the Samsung Microfinance Foundation to support financially vulnerable groups and small business owners.

A Samsung spokesperson said, “Samsung plans to continue devising and announcing various measures to fulfill its commitment to expanding social contributions.”