With a population made of entreprenual people with diverse cultures, projections by the International Monetary Fund shows that Africa will have an economic growth rate of 5.5% in 2011. It is perceived as a land of rich commerce markets. Samsung electronics have an objective of Africa, to be a 10 billion USD company and contribute to its economic growth.
In line with this, Samsung electronics through partnering with the local distributors is set to bring new technologies that will cultivate "Human digitalism" in Africa. They come up with products that live with the human race. The company is currently holding an Africa 2011 forum in Nairobi, to showcase their varied product types and business strategies they have in stock for Africa.
As part of their business to business (B2B) plan Samsung will undertake a market approach of developing skills across African partners and the customers. The company's B2B focus is to identify business solutions from the rest of the world and flood them in Africa.
Samsung hopes to grow the African market size to that of China by 2015. Samsung Electronics Africa's President, Mr. K.K. Park, disclosed that as part of the firm's continental growth strategy, Samsung will be focusing on Africa's top 10 economies, which together generate 79% of the continent's wealth and house almost 47% of the population. "Our aim is to promote co-operation, innovation and the exchange of new ideas in technology so that our products and technologies continue to respond to the real needs and conditions of the continent," he added.
Samsung expanded its smart life product portfolio in Africa. At the conference, the company showcased its various hi-tech products ranging from smart TV and home entertainment with blu ray 3D technology to their latest digital imagining & mobile communication devices.
Apart from the hi-tech products, partners and customers had an opportunity to also share Samsung nanotechnology vision. Using this technology, cancer patients will have nanorobot pills introduced in their bodies and directed to destroy cancer cells. Patients' physical body conditions will also be taken and sent to physcians for examination by nano array antenna censors.
In support of education of the African community, Samsung demonstrated their commitment to this vision by teaming up with the University of Cape Town (UCT) in South Africa and signed a research and development partnership contract with Strathmore University in Kenya this year to develop unique mobile phone applications that will satisfy the needs of people living in Africa.