Samsung to spend $1 bil. for ‘shared growth’

Samsung will invest 1.2 trillion won ($1.07 billion) by 2017 to help its first- and second-tier suppliers and partners, the group said Wednesday. The decision came as part of efforts to support the government’s initiative to ensure shared growth and establish a “creative economy.” This year alone, it will spend 327 billion won on the co-prosperity scheme, it said.

The group also decided to allow local third party developers, partners and start-ups to use more of its patents in line with the company’s vision to become an “innovative company.”  “Samsung hopes to create eco-systems by expanding our financial and educational programs to our top- and second-tier contractors, and even firms that currently don’t have any business with us,” said Choi Byung-seok, executive vice president of the Samsung Mutual Cooperation Center, in a press conference, Wednesday.

Choi stressed that the investment wasn’t aimed at supporting Samsung partners; instead it will be used to share Samsung technologies and business know-how.

For full article, see Korea Times.

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