Samsung Electronics has announced plans to boost its revenue from Africa to US$10 billion by 2015, the current size of the Chinese market.
So said Chabala Kaunda, Samsung’s Zambia country manager, in an interview with Reuters. Kaunda added that the company is also examining the possibility of opening factories on the continent.
According to Kaunda, Samsung’s revenue from Africa currently stands at $2 billion, less than 5% of the global total. The world’s top television maker wants to grow that contribution to around 8% or 9% by 2015.
The South Korean company has increased its African footprint over the last year. It currently has a presence in 42 countries on the continent, compared to 15 at the start of 2010.
“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,” Kaunda noted.
Africa, with a population of about 1 billion people, is increasingly attracting attention from multinationals, largely because of greater political stability and annual growth of 7% or more in many countries.