VENTURES AFRICA – Samsung Electronics is targeting up to US$3 billion increase in sales by December this year.
The largest electronics manufacturer in the world, Samsung revenue target is up US$1b on its 2011 figures. The firm aims to boost its revenue from Africa to US$10b by 2015.
The South Korean company has vested interests in Africa with assembly plants in South Africa, Nigeria, Mali, Ethiopia, Sudan and Senegal; and official distribution outlets in even more countries.
Speaking at the Samsung Africa Forum in Cape Town last week, the company’s president and chief operating officer for Africa, Kwang Kee Park, said the targets would depend on Samsung ability to develop “locally relevant” products at cheaper prices.
“Every year we can come up with another US$1 billion in business,” Kwang said.
“But it really depends on how we develop more locally relevant products and make the products more affordable.”
He explained that the company is focused on “affordable handsets and smartphones” that are specifically made for Africa.
Africa is the fastest growing mobile phone market in the world and will be home to 738 million handsets by the end of 2012 this year, according to a survey by industry body GSMA.
The rise of smartphones has also given millions of African internet access.
Samsung also announced a strategic partnership with Telkom to improve smart TV services in South Africa. The electronics manufacturer also announce plans to partner with Telkom in marketing bundled packages of Smart TVs and fixed-line broadband solutions.
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