How Samsung Group Is The Prime Source Of South Korean Economy?

That’s How Samsung Group Is The Prime Source Of South Korean Economy

   2 minutes

 

 

Samsung is the biggest mobile phone producer in the world. Most of us are allured by the design and the performance of the phones. To conclude, every time Samsung launches a new mobile phone, we cannot resist the impulse to check that out. However, we have only seen a fraction of the Samsung Group as there are a lot of things that Samsung offers in its home (South Korea).

 

Samsung In South Korea

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Samsung is a mobile phone producing company for us but for South Koreans it is much more than that. There, Samsung has proliferated almost in every field. To illustrate, Sungkyunkwan University which is affiliated with Samsung and apartment complexes that are built by Samsung. Apart from it, there are Samsung medical centers, mobile gadgets and electronic appliances. Moreover, Samsung accompanies the Koreans till their last moments as there are many Samsung funeral parlors.

 

Much More Than An Electronic Company

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Founded by Lee Byung-chul in South Korea (1938), the Samsung Group extended itself and now it is a global company. Furthermore, it is the part of the lifestyle of the South Koreans. Besides mobile phones and medical centers, there are Samsung C&T Corporation‎, Cheil Worldwide‎, Samsung Electronics‎, Everland Resort‎ and Samsung Sports. No doubt, the Koreans cannot imagine their life without Samsung Group.

 

Prime Contributor In The Economy

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Being one of the biggest companies, it has a huge contribution in the economy of the country. To conclude, the entire company account for almost 20% of total market value of the Korean Stock exchange. On top of that, it accounts 15% of the total GDP of South Korea. Although, the multinational conglomerate is facing some controversies including corruption but a lot of people still respect it. According to a Korean expert at the Chinese University of Hong Kong, Steve Chung,

“Many South Koreans still have a lot of respect for the economic model that “helped their nation build up throughout the last 40 years.”

What is your opinion about Samsung? Share with us.

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