Samsung to launch W1 tril. fund for small firms

By Kim Yoo-chul

In reply to the government's call for big businesses to help subcontractors, Samsung Electronics, Korea's largest conglomerate, said Monday that it will set up a 1 trillion won ($835 million) fund together with state run Industrial Bank of Korea (IBK), which is responsible for helping small businesses.

The so-called "mutual survival" fund is devoted to helping troubled suppliers normalize operations and healthy subcontractors expand, Samsung representatives said.

"The fund is aimed at enhancing the mutual partnership with our small- and medium-sized (SME) suppliers," Park Jong-suh, chief of Samsung's mutual development and cooperation center, said at a news conference held at its headquarters in Seocho-dong, southern Seoul.

It was the second fund created by Samsung for the same purpose. Since 2004, Samsung has been running a 1 trillion won cooperative fund to help its suppliers develop technologies. Park said Samsung spent 1.2 trillion won from 2004 to the end of July.

"The new fund with 200 billion won from Samsung and 800 billion won from IBK will target subcontractors at all levels," Park said.

Samsung's top-tier parts suppliers are already benefiting from a variety of financial support such as low-interest loans and enhanced technology partnerships. But the suppliers below that level are, however, still in need of help, industry observers say.

Under the "seven-point blue-print," Samsung said it will directly buy key materials such as resin and steel plates and provide them to suppliers, helping the partners lessen the burden of financial costs and risks.

Despite the detailed announcement, some subcontractors are taking a wait-and-see attitude.

"The creation of the fund looks good as Samsung is expanding the programs for small suppliers," a senior executive at one of the company's parts supplier said in a phone interview with The Korea Times. "We have to see how it will be implemented."

"Samsung's plan to buy key materials and procure them for contractors is more than welcome. But we will see what happens," said another executive at another subcontractor.

The new fund comes at a time when Samsung has been under pressure from the government to enhance mutual partnerships with SMEs.

President Lee Myung-bak and other senior government officials urged the nation’s top conglomerates to spend more boosting ties with their parts suppliers.

Lee Hak-soo and Kim In-joo, the top right-hand men of Samsung Electronics Chairman Lee Kun-hee, were included in the list of those given a special pardon on the 65th anniversary of Korea's liberation from Japanese colonial rule last week.

삼성, 중소기업 위한 1조원 펀드 만든다

삼성전자가 최대 1조원 규모의 상생협력 펀드를 조성해 협력업체를 지원한다. 또 가격 변동에 따른 부담을 줄여주기 위해 원자재를 일괄 구매해 협력사에 공급하는 `사급제도'를 도입키로 했다.

삼성전자는 ``이 같은 상생 방안이 협력사들의 경영 활성화를 위한 것''이라며 ``협력사 자금 지원 등을 포함한 상생 방안은 대기업 가운데 가장 큰 규모''라고 밝혔다.

박종서 삼성전자 상생 협력 센터장은 16일 서울 서초동 본사에서 열린 기자회견에서 "2차와 3차 협력사의 경쟁력 강화와 기술 개발 지원에 중점을 뒀다''고 말했다.

1조원의 기금 중 삼성전자가 2000억원을 출자하고, 기업은행이 8000억원을 투자한다.

삼성전자의 1차 협력사들은 이미 낮은 이자의 대출과 같은 다양한 금융 지원의 혜택을 받고 있으며 삼성과의 기술 협력 관계 또한 향상되어 왔다. 그러나 2, 3차 협력자들은 여전히 도움이 더 필요한 상황이다.

삼성전자 협력 업체의 한 고위 관계자는 코리아 타임즈와의 전화 인터뷰에서 “새로운 펀드를 조성하는 것은 삼성이 2차, 3차 협력사들까지 상생 프로그램을 확대, 적용하는 것을 풀이돼 긍정적이라고 본다”고 말했다. 이 관계자는 ``다만, 펀드가 어떻게 도움을 줄 것인지는 지켜봐야 할 것 같다”고 덧붙였다.