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Wed 3 Mar 2004 04:00 AM

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Samsung tops $2 billion mark

The Korean consumer electronics giant says it achieved its ambitious regional sales target in 2003.

Samsung, the Korean consumer electronics titan, said today that turnover in its Middle East and Africa region topped the US $2 billion market in 2003. Turnover in 2002 was $1.4 billion.

The company said in a statement that it has set an ambitious target of US $2.7 billion for 2004.

“At Samsung, we compete with ourselves,” said BW Lee, president and CEO, Samsung Middle East and Africa. “Every year, we set a target and aim to surpass it.

“We are delighted to have repeated our performance and exceed the target. The other noteworthy factor is that this achievement was made during a year that witnessed a great deal of political and business tension in the region.”

LG, another Korean company that competes in many of the same categories as Samsung, recently reported regional turnover of US $1.519 billion for 2003, year on year growth of 32%.

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