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The South Korean giant Samsung Electronics is eager to maintain its success in China, which is set to become its biggest overseas market.
Sang-hyun Lee, president and CEO of Samsung Electronics China, said yesterday at the Samsung Global Roadshow 2004 in Shanghai that his company is aiming to increase its sales in China to US$25 billion in 2010 from last year's US$10 billion.
"China has recently emerged as the largest consumer market in the world and the future is still very bright," Lee said.
Last year, sales from China accounted for 18 percent of Samsung Electronics' global total, but Lee said he expected that the proportion will grow to 25 to 30 percent by then.
With increasing incomes in China, there will emerge a larger population earning high incomes, and they will be Samsung Electronics' core market target.
The 2008 Olympics in Beijing and the 2010 World Expo in Shanghai will also bring huge opportunities for the South Korean firm.
Samsung Electronics will also try to maintain its goal of becoming one of the top three electronics companies in the world by 2010.
The South Korean company has become one of the fastest rising electronics makers and its brand assets were ranked 21st by Interbrand in August.
Jong-yong Yun, vice-chairman and CEO of Samsung Electronics said the company is aiming to be a leader in digital convergence.
Samsung Electronics is focusing on the capturing, display, storage, processing and linking of digital media. The complete chain is a big advantage for Samsung to play a leading role in convergence.
The electronics giant currently has nine products with the biggest market shares in the world, but Yun said the number should increase to 20.
(China Daily October 26, 2004)
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