Samsung targets regional revenues of USD2.7 billion in 2004

The company has reported a remarkable performance in 2003, with annual sales revenue in the MEA region reaching the two billion dollar mark, continuing its growth pattern from previous financial years,

Mr. B.W. Lee, President and CEO, Samsung Middle East and Africa, said: "At Samsung we compete with ourselves. Every year we set a target and aim to surpass it. We are delighted to have repeated our performance and exceed the target. The other noteworthy factor is that this achievement was made during a year that witnessed a great deal of political and business tension in the region."

"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. 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," continued Mr. Lee.

"The company's strong showing in 2003 was mainly fuelled by the introduction of cutting-edge digital technologies to the region. Innovation through research forms the cornerstone 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.

In 2003, Samsung Electronics had once again won recognition as the fastest growing brand in the world. The BusinessWeek magazine and Interbrand Consultancy annual survey of the top 100 global brands ranked Samsung as the world's 25th largest brand, valued at $10.8 billion in 2003.

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

"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 2003, we focused on substantially strengthening our customer, distributor and partner relationships across the region through a variety of training programmes. We will continue to empower internal and external teams in 2004," concluded Mr. Lee.

As part of the global strategy, Samsung has restructured its operations in the Middle East with Mr. B. W. Lee's portfolio including the management responsibilities of Samsung Gulf Electronics in addition to Middle East and Africa operations.