ID :
196916
Mon, 07/25/2011 - 06:59
Auther :
Shortlink :
https://oananews.org//node/196916
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Samsung to spend 100 bln won to support smaller firms
SEOUL, July 25 (Yonhap) -- South Korean tech giant Samsung Electronics Co. said Monday that it will spend 100 billion won (US$95.2 million) to help boost research and development of small and medium local enterprises.
Samsung's contribution will be distributed to small firms through a new technology development contest, the company said.
Local firms in need of funds for research and development are eligible to apply for financial assistance. They can engage in both short-term research areas that can be commercialized in the near future as well as long-term projects.
The fund will finance up to 70 percent of the research and development costs, Samsung said.
The move came as President Lee Myung-bak urged the country's large corporations to promote growth of smaller firms that are wrestling for survival in the economy largely dominated by larger rivals.
Samsung said the latest contribution is expected to raise the competitiveness of small enterprises.
Samsung's contribution will be distributed to small firms through a new technology development contest, the company said.
Local firms in need of funds for research and development are eligible to apply for financial assistance. They can engage in both short-term research areas that can be commercialized in the near future as well as long-term projects.
The fund will finance up to 70 percent of the research and development costs, Samsung said.
The move came as President Lee Myung-bak urged the country's large corporations to promote growth of smaller firms that are wrestling for survival in the economy largely dominated by larger rivals.
Samsung said the latest contribution is expected to raise the competitiveness of small enterprises.
