Samsung’s lobbying costs in the US have tripled in the first half of this year
The major shift in the policies of the US administration has forced many companies to ramp up their lobbying efforts to ensure that they don’t fall out of favor with the folks in power. The latest figures from the US Senate Lobbying Disclosure Database shows that Samsung’s lobbying costs have tripled in the first half of this year.
Samsung hasn’t just responded to the changes in Washington by spending more on lobbying. The company hedged its bets against growing protectionism in the country by announcing that it’s setting up a new appliance plant in the state of South Carolina.
The $380 million plant will be used to manufacture washing machines and other appliances that will be sold to customers in the United States. The investment by Samsung is also going to create almost 1,000 new industrial jobs in the state.
It has spent $1.47 million on lobbying so far which is considerably more than what it did in the same period last year. Samsung spent $680,000 on lobbying in the first quarter of this year and ramped it up to $790,000 in the second quarter.
The company has given several reasons for increased spending on lobbying including the Korea-US free trade agreement, Trans-Pacific Partnership, NAFTA and trade restrictions.Via