Samsung aims to grow regional revenues to USD1.9 billion in 2003

Maintaining its growth pattern from previous financial years, Samsung has reported a remarkable performance in 2002, with annual sales revenue in the MEA region reaching the $1.5 billion mark.

Mr. B.W. Lee, President & CEO, Samsung Middle East and Africa, said: "Samsung had set aggressive plans to capitalise on the growth opportunities in the growing Middle East and Africa market. The company's strong showing in 2002 was mainly fuelled by the introduction of cutting-edge digital technologies to the region."

"The growing Internet and PC penetration levels in the region, coupled with business and IT-friendly policies pursued by regional governments, will enable us to further build on this strong showing. We intend to strengthen our position by introducing a range of innovative digital products that are consistent in line with our global vision of digital convergence," continued Mr. Lee.

"The concept of digital convergence does not confine us to individual hi-tech products but creates a family of connected devices that can be accessed through a single window, from any part of the world," he added.

One of the most important drivers that have contributed to Samsung Electronics' global leadership is its massive investment in Research and Development (R&D). In 2002, Samsung Electronics invested US$2.4 billion, in R&D.

"Innovation through research forms the backbone of Samsung's philosophy worldwide and our strategy revolves around giving consumers the best in terms of both technology and quality. It is this spirit of innovation that has made Samsung one of the most powerful brands in both the region and the world," added Mr. Lee.

"We believe that our standards for growth and success should extend beyond revenue and should encompass our ability to add value to our customers and partners. In 2002, we focused on substantially strengthening our customer, distributor and partner relationships across the region," added Mr. Lee.

"The growing proliferation of technology across the region and the active government support of IT, coupled with our inherent strengths in the core components sector, will have a powerful impact on how technology is perceived and used in the region," concluded Mr. Lee.

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