SEOUL, KOREA - Samsung Group will spend a total of 1.2 trillion won for the next five years for its partner firms, including 327 billion won this year. This is a third "Creative Economy" project revealed by Samsung, following the announcement of the Samsung Future Technology Promotion Foundation and the nurturing of 50,000 software engineers.
Samsung Group said on June 5 that it would kick off a "program to create a shared growth ecosystem" in order to encourage industry's creative capacity and improve suppliers' competitive advantage. To that end, the group will expand its support toward secondary suppliers from current primary ones.
As part of the initiative, it would build an education consulting center for suppliers in a 16,500-square-meter site at the cost of 100 billion won. Currently there are 14 small-sized suppliers selected by Samsung that are considered globally competitive. The group plans to increase the number to 50 by 2015. Samsung Group has 780 primary suppliers and 3,400 secondary suppliers under its wings.
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