Samsung’s Goal: Double Revenue By 2010

Samsung Electronics announced an ambitious plan to record 115 trillion won in revenue and make it into the Top 3 of the global electronics industry by 2010.

Yoon Jong-yong, vice chairman of Samsung electronics, announced the mid-to-long term plan in Seoul yesterday at the “First Samsung Analyst Day” event.

With over 300 Korean and foreign analysts, institutional investors

and market analysts present at the event, the vice chairman said, “By 2010, we will be among the top 3 electronics companies in the world, both in quantity and quality, by increasing the number of products with the largest market share from the current eight to more than 20, and doubling 2004’s record high revenue level which was about 57.63 trillion won.”

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He emphasized that the company will designate eight businesses, including high storage semiconductor, next generation display, and mobile communication businesses as the company’s growth engines and make concentrated efforts to develop them.

Furthermore, Samsung Electronics decided to designate personal multimedia devices, home network, U(standing for ubiquitous)-Health, and home robot businesses as its four “seed businesses” and develop them.

“The electronics industry is in a massive transition period in which four walls, namely price, technology, added-value, and regional walls, are being removed.” Yun added, “Samsung Electronics will adapt to the changes quickly while leading the digital convergence revolution.”

Lee Yun-woo, the Samsung vice chairman in charge of the company’s technology division, announced that the company will increase the number of workers dedicated to patents from the current 250 to 450 by 2010 in order to become one of the top three companies in the world in terms of the number of patents in 2007.

Along with vice chairmen Yun and Lee, many Samsung CEOS were at the event, including Hwang Chang-gyu, CEO of the semiconductor division, Lee Ki-tae, CEO of the information and communication division, Lee Sang-wan, CEO of the LCD division, and Choi Ji-sung, CEO of the digital media division. They all presented the visions and strategies of their respective divisions.

Chu Woo-sik, the head of Samsung Electronics’ Investor Relations team, said, “I hope that this event will serve as an opportunity to enhance understanding and build an expert consensus on Samsung electronics’ mid- to-long-term visions, strategies and future technologies.”

Samsung electronics also showcased a new camera phone with an 8 megapixel camera, the highest phone camera definition in the world which will enter the market next month, a smart phone with a 3GB hard disk drive and a DMB phone.

Sang-Rok Lee myzodan@donga.com