July 04, 2001 in Social Responsibility News

SAMSUNG Corning Named Top Contributor To Local Economy Among Global Companies In Korea.

Samsung Corning has been selected as the company which has contributed the most to the Korean economy among foreign companies who have made their investment in Korea.

At a study, conducted by International Management Research Institute of Seoul National University, on the comparative levels of contribution to Korean economy by each of the entire 104 business entities that made inroads into Korea, Samsung Corning outran the others to mark the top in three major areas―financial soundness, contribution to activated local economy and contribution to the trade balance of Korea and technology transfer―to claim the first place in overall assessment.

Since the launching in 1973 of a joint venture by Samsung Group and Corning of the U.S.A. based on 50-50 equity share, Samsung Corning has been committed to localized production of glass for cathode-ray tubes and has been helping the advancement of electronic industries in Korea such as its television set manufacturing industry.

It was not by accident that Samsung Corning was cited for its outstanding contribution to Korean economy.
To give a few examples among others, the company helped local economy gain further market share by expanding export, strengthen capital structure through activated efforts of inducing foreign capitals and build up technological wealth by facilitating dissemination of product and technological know-how as well as successful technological transfer.
Professor Lee Dong Ki of Seoul National University, in charge of the study said Samsung Corning marked the top in three categories of evaluation, the anagerial soundness and the level of contribution to both the country's trade balance and technological transfer. In the evaluation, Samsung Corning is followed by BASF Korea, Korea Cocacola Bottling, Lotte Korea and P&G Korea.

The published data was a result of a study aimed at presenting a desirable direction to domestic investment by foreign businesses based on a recent systematic and objective research and analytical data on investment proficiency as a series of direct investment of considerable scale by foreigners had been made during the period between 1998 and 2000 after the introduction of IMF relief program for Korea's financial crisis.

There were a total of 257 businesses that had satisfied requirements of maintaining more than 50% investment share from foreigners or more than one million dollar of direct investment from foreigners. Of which 200 top businesses were preliminarily selected and they were narrowed down to 104 businesses whose data collection was made available through Korea Credit Evaluation Agency.

Samsung Corning was cited by American Chamber of Commerce in Seoul as an exemplary investment case in 1989, and has been the subject of an exemplary model of joint venture for lectures at the Business School of Harvard University, U.S.A., since 1995.

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