Samsung targets 15% revenue in Africa over the next 5 years

Sung Yoon – President & CEO, Samsung Elec. Africa (L) and Eugene Nahm, Samsung Ghana CEO (R)

Electronics and home appliances maker – Samsung – has set a target of increasing Africa’s contribution to its total revenue from below 10percent to between 15percent and 20 percent in both mobile phone and television sales over the next five to ten years.

Addressing stakeholders at the Samsung Summit 2018 in Accra, the President and CEO of Samsung Electronics Africa, Sung Yoon, outlined the company’s global and Africa vision, as well as marketing strategies, maintaining that all products designed focus on customer experience through their daily lives.

“Overall, Samsung Africa contribution to Samsung total revenue is very small; it is below ten percent in the last two to three years.

So, what I want to do for next five to ten years is increase it to fifteen or twenty percent, that is our goal” he told the press at the Samsung Summit.

Presently, it has a 45percent market share in the mobile space and 35percent in the television market and is also keen to grow those statistics in the coming years.

Mr Yoon reaffirmed his company’s commitment to Ghana through the supply of quality and affordable devices, saying for this year, the company intends to leverage on partnerships and marketing to contribute to business performance through aggressive campaign for flagship brands.

It also intends to increase its brand awareness [offline and online], as well as extend to the mass market.

On innovation and development in Ghana and other African countries, Mr Yoon disclosed that any major plan or investment on the continent will hinge on a bigger market or opportunities.

In spite of the market for smartphones and other mobile devices, Samsung is facing increasing competition from Chinese rivals. It is expected to launch its newest in the range – the S9 smart phone – sometime this year.

Samsung invested around US$16million in research and development in 2017.

Samsung Electronics is regarded as the jewel in the crown of the Samsung Group conglomerate, which is made up of 60 interlinked companies and is one of South Korea’s massive family-run businesses known as chaebols.

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