Middle East is fastest growing consumer electronics market in the world, says visiting Samsung global CEO

Post his commitments in Dubai, UAE, Mr. Yun will be touring Saudi Arabia, Iran, South Africa and Kenya.

Samsung Electronics, the fastest growing global brand, is aiming at an annual revenue target of $3 billion for 2004 in the Middle East and Africa (MEA) region. The company grew 35 per cent to reach regional annual revenues of $2 billion in 2003.

Emphasising on the company's digital convergence vision, Mr. Yun said: "The privatisation and deregulation of voice and data services across the region, evolution of the broadcast industry, investment in technology education and e-government services and a general emphasis on the role of the ICT (Information Communications and technology) industry, are some of the key drivers behind the move towards digital convergence in this region."

He continued: "Convergence of voice and data services, higher and cheaper access to broadband, investing in digital communities, all fuel demand for connectivity driven devices. The way that people want to lead their lives is core to company's digital convergence vision and Samsung is determined to remain as the brand of choice and the one that is closest to hearts of its consumer's," Mr. Yun added.

"Mr. Yun's visit to the region is an indication of the importance that the global major provides to investments and commitment to growth in the region," said Mr. B.W Lee, President and CEO of Samsung Middle East and Africa. "Mr. Yun is scheduled to meet leaders, partners, industry stakeholders and the Samsung team during his tour."

"We are honoured to have Mr. Yun with us and his visit is a clear indication of the enormous growth opportunities the Middle East and Africa region represents for Samsung globally. Mr. Yun's rich knowledge and expertise will enable us to deliver a future roadmap for the regional consumer electronics industry," added Mr. Lee.

The reforms already implemented by Mr. Yun have made Samsung financially stronger, more competitive and the company was able to maintain its profit level and share price even during the Asian economic downturn. For his efforts Fortune Magazine named Mr. Yun as Asia's Businessman of the Year in 1999.

Samsung Electronics, with global turnover of $ 37.8 billion 2003, was recognised for the second consecutive year as the fastest growing global brand in 2003. Samsung was also ranked as the world's 25th largest brand by BusinessWeek magazine and Interbrand Consultancy's annual survey of the top 100 global brands and was valued at $10.8 billion in 2003.