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Samsung aims for $10 bln Africa revenue by 2015 Samsung, the world's biggest maker of memory chips and No. 2 maker of mobile phones, has been on an aggressive growth push in Africa, more than doubling its presence on the continent since 2010
Samsung Electronics Co plans to boost its Africa revenue five-fold to $10 billion by 2015, a regional executive said, as the world's top television maker targets rising consumer spending on the fast-growing continent. Samsung's revenue from Africa currently stands at $2 billion, or less than 5 per cent of the global total, Chabala Kaunda, Samsung's Zambia country manager, told Reuters in an interview late on Tuesday. The South Korean global electronics power aims to lift that contribution to around 8 or 9 per cent by 2015, he said. "By 2015 we intend to have the African market provide us with revenues of $10 billion, which is the current size of the Chinese market," Kaunda told Reuters in an interview on the sidelines of a company employee volunteer programme in Kafue, about 45 km south of the capital Lusaka. Buoyed by a decade of relative political stability and annual growth of 7 per cent or more in many sub-Saharan economies, the continent of about 1 billion people is increasingly drawing attention from major multi-nationals. U.S. retailer Wal-Mart recently acquired a controlling stake in South African discount retailer Massmart, and has said it plans further expansion across Africa. Samsung is also considering opening factories in Africa, although it has yet to make any decision, Kaunda said. Samsung, the world's biggest maker of memory chips and No. 2 maker of mobile phones, has been on an aggressive growth push in Africa, more than doubling its presence on the continent since 2010. The South Korean company currently operates in 42 African countries, compared with 15 at the start of last year, Kaunda said. "In a lot of African countries now because of good governance, good economic conditions, good economic policies and economies which are growing, we have this middle class which uses technology," he said.
