Samsung's president and CEO for south west Asia BD Park spoke to CNBC-TV18 and he has big plans for India. He says the company is targeting over USD 10 billion in sales by 2015. Also, he rubbished reports suggesting that Micromax had snatched the number one spot from Samsung in the country.
Below is verbatim transcript of the interview:
Q: How important is Indian market for you?
A: Indian market has always been one of the strategic markets for Samsung because India first of all has huge number of population and still the penetration rate of our major products is still pretty low.
Q: How significantly do you see the size and scale of your operations increasing in India given the kind of potential and given the opportunity that you envisage across various businesses in terms of incremental investments, what can we expect from Samsung by way of incremental investments?
A: So far we have invested more than USD 700 million in India. I think we will keep investing in India in terms of manufacturing and in terms of R&D.
As of now, we are manufacturing most of the products that we sell here in India. At the same time we are also exporting to neighbouring countries and in some cases to Africa and also to the Middle East. So, we think that India should be a kind of manufacturing hub for Samsung for the neighbouring countries.
Q: You talked about the opportunities in India, let me talk specifically about the telecom market because that is the story that everybody is talking about and how Micromax has been able to dislodge Samsung from the number one position. How concerned are you by that and do you face a brand challenge at this point in time similar to what Nokia was facing a couple of years ago not just in India but globally as well because at the bottom end you have got the Micromax and others coming in and taking up market share. At the high end it continues to be the likes of Apple that are dominating the premium side of the market and you find yourself now somewhere stuck in the middle?
A: We need to validate the number quoted by them. I will tell you very clearly we are absolute number one and the gap between Samsung and the second place is quite big.
Q: How big is quite big?
A: I think it is more than double.
Q: So you are saying the difference between you and Micromax, if Micromax is the second player as per your data, is quite significant and you don't buy these numbers that are doing the rounds at this point in time?
A: No, we don't.
Q: Is there room now for aggressive price cuts, to take on the Micromax' and Gionee' because you are really seeing that competitive pressure coming in from the Chinese vendors, Chinese manufacturers. Is there room to cut further to take on competition at the lower end?
A: Yes, if needed we will bring that kind of low cost product but not because we want to fight against those kind of low cost manufacturers but we are setting our prices based on the demand of the consumers and the value of the product and those kind of things. That is why we always think that even though we bring some kind of low cost mobile phone but it should add more value to the consumers and at the same time ride up the excitement.
Q: What is the strategy going to be, how would Samsung like to position itself in the Indian markets specifically?
A: Samsung is the leader. A leader cannot miss any one segment. So we will play from the bottom line to the top of the top – the premium segment and also we know very well that the brand that have been in the premium segment, will win the game eventually. That is why we will focus on the premium segment but it doesn't mean that we will ignore or we will disregard importance of emerging and growing such kind of entries in Smartphone segment. We will be the winner in all segments.
Q: Do you want to share your five year target, I am happy to take that onboard?
A: I didn't tell you about our current business volume value. I want to cross USD 10 billion.
Q: USD 10 billion, by when?
A: By 2015-end.
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