Business
UPDATED: 08:51, June 14, 2006
Samsung Group aims for sales of 31 bln USD in China http://english.peopledaily.com.cn/200606/14/eng20060614_273913.html
Samsung Group, the Republic of Korea's largest industrial conglomerate, announced in Beijing Tuesday that it aims to achieve sales of 31 billion U.S. dollars this year in China, a rise of 18.4 percent over last year. China Samsung, the China subsidiary which is mainly engaged in electronics production, forecast an increase in investment in China by 8 percent over last year with the company's accumulated investment reaching 5.1 billion US dollars.
China Samsung reported sales of 25.3 billion U.S. dollars last year. The China market accounted for 22 percent of Samsung Group's global sales by the end of 2004, said sources with the company. As China's share increases, Samsung Group is expanding its China operations.
Earlier this year, China Samsung announced it would increase its procurement in China to 18.5 billion US dollars within the year, a 20-percent rise over 15.3 billion US dollars last year.
Local procurement could help Samsung reduce costs and win a market advantage, said Keun-hee Park, president of China Samsung.
Last December, China Samsung moved its International Procurement Center in Hong Kong to Shanghai and renamed it China International Procurment Center. Meanwhile, it launched ten international procurement offices in China, including Hong Kong, Shenzhen and Tianjin.
On May 22, China Samsung started a website to disclose procurement information to suppliers. Samsung China has 4,629 suppliers, 78 percent of them Chinese companies.
Source: Xinhua
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