Samsung aims at 10% African growth despite rising competition | Fin24
 
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Samsung aims at 10% African growth despite rising competition

Oct 19 2018 21:35
Bella Genga, Bloomberg

The Samsung logo on one of the South Korean company's offices in Gangnam, central Seoul. (iStock)

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Samsung Electronics is targeting an annual 10% increase in revenue from Africa over the next decade, even as competition from cheaper consumer devices intensifies.

The South Korean company will concentrate on key markets including South Africa, Kenya, Nigeria, Ghana and Senegal, according to Africa Chief Executive Officer Sung Yoon.

The more mature of those markets are expanding at between 5% and 10% a year, he said in an interview in the Kenyan capital, Nairobi.

Televisions will continue to be a top selling product for Samsung in the next two decades, driven by young people using over-the-top services, he said, and mobile phones are the company’s fastest-growing devices.

Samsung takes second place on African phone sales at 22%, according to researcher Canalys.

Over-the-top platforms allow the delivery of film, music, and TV content via the internet without traditional subscription packages. All Samsung products sold on the continent will have Internet-connection capabilities by 2020, Yoon said.

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samsung  |  kenya  |  south korea  |  africa  |  business  |  electronics
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