Samsung Electronics Aims at Top 10 Global Company by 2020

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Wednesday, November 4th, 2009
Samsung's 40th Anniversary

Samsung's 40th Anniversary

Samsung Electronics announced a plan at the 40th anniversary of the company's foundation to become one of the world's top 10 enterprises by 2020 through creative innovation.

Under the new vision Inspire the World, Create the Future, Samsung is determined to produce new technologies, innovative products and creative solutions, so enhancing people's quality of life and contributing to global prosperity for years to come.

The electronics giant pledged to record US$400 billion of sales, become an unrivaled industry leader, and belong among thetop 10  global companies by 2020. It also declared to rank worlds' 5th in brand value (Samsung ranked 19th in the Best Brand Survey 2009 by Interbrand), become among the world's top 10 respected companies, and transform to become a top-tier environment-friendly enterprise by then.

To realize these goals, Samsung Electronics will expand its business to include medical, bio, environment and energy sectors, which are related to the enhancement of quality of life, said the company.

Samsung Industrial Complex located at Suwon

Samsung Industrial Complex located at Suwon

The company laid out six strategies to achieve these goals.

First, it will foster its number one position in the markets of memory chips, LCDs, TVs and mobile phones while strengthening six other industries including those of home appliances, computers and printers.

Second, it will blaze a trail in the new fields of bio chips, medical appliances, u-health service and solar cells manufacturing in order to meet expanding needs of customers.

Third, it will further strengthen the analysis of customer groups and lifestyles, so facilitating the application of diversified marketing strategies.

Fourth, it will pursue an "open innovation," through which outward assistance is welcomed, R&D partnerships are reinforced, and various collaboration channels with other organizations will be established.

Fifth, it will build mature symbiotic relationship with its collaborators, strengthen its corporate social responsibility and seek after environment-friendly business management.

Last, it will cultivate a sound work environment by employing a creative performance evaluation system and an advanced personnel management.

At the 30th anniversary of foundation in 1999, the company declared that it would within 10 years record 100 trillion won of sales and become among the three biggest IT companies. The goals have been successfully achieved.

Meanwhile, at the 40th anniversary were present about 400 employees including previous CEOs and ranking officials.

Vice Chairman Lee Yoon-woo said during the commemorative speech that Samsung Electronics should step up its efforts to produce differentiated products and create an advanced value chain should it want to secure a dominant position in the industry by 2020. Samsung should actively join the international trend to protect the environment and seek harmony between human and nature, he added.

Video messages of congratulations from such international celebrities as President of the International Olympic Committee Jacque Rogge, former New York City Mayor Rudolph Giuliani and star figure skater Kim Yu-na added to the amusement at the celebration.

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