Samsung Group has expanded its support system for partner companies across its supply chain. Eleven affiliates including Samsung Electronics said on Sunday they signed an agreement at Samsung Electronics' Suwon campus to build a shared-growth ecosystem with first- to third-tier partner companies.

Participants include Samsung Electronics, Samsung Display, Samsung Electro-Mechanics, Samsung SDI, Samsung SDS, Samsung C&T, Samsung Heavy Industries, Samsung E&A, Cheil Worldwide, Hotel Shilla and Semes. About 6,700 partner companies in Samsung's supply chain are expected to benefit. The agreement spans all areas, including funding, technology and staffing.

Samsung Electronics included in the agreement its pledge, announced in May as part of a 5 trillion won social payback plan, to support second- and third-tier partner companies and to establish and operate an industrial accident fund. It also plans to keep expanding financial support through a 3.5 trillion won shared-growth and ESG fund.

The 11 affiliates plan to expand communication channels with partner companies and to keep checking the effectiveness of support programmes. They will also seek various cooperation measures, including support for partner companies' overseas expansion and links to global supply chains.

Fair Trade Commission Chairman Byung-ki Joo (주병기) said, "This shared-growth agreement will serve as a starting point to open a virtuous flow channel so that Samsung's shared-growth efforts can flow without obstruction to small and medium-sized partner companies." He added, "The Fair Trade Commission will also provide strong support so that the efforts of Samsung and its partner companies can bear fruit."

Tae-moon Roh (노태문), president of Samsung Electronics, said, "Samsung as it is today could exist thanks to the blood and sweat, passion and efforts of many partner companies." He added, "As one community with a shared destiny that grows together, we will build a higher-level partnership and work to ensure the warmth of shared growth spreads to second- and third-tier partner companies."