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  • Samsung Group Eyes Internet Business to Boost Sales
  • January 19, 1999 (SEOUL) -- Samsung Group Chairman Lee Kun-hee expects that the Internet will comprise a lucrative business venue.
    "The Internet business has become Lee's top priority," a Samsung group official said. "In the next two or three years, Samsung will enable all its subsidiaries to sell their products via the Internet."

    The group's financial service businesses, including Samsung Life Insurance Co., Ltd. and Samsung Securities Co., Ltd. (both in Korean) already conduct transactions on the information superhighway.

    Samsung Life Insurance said it hopes to see more than 1,000 Internet transactions this year, from 220 a year earlier, while the securities unit said it is in the process of activating Internet usage.

    "Since July 1997, consumer electronics products have been selling quickly on the Internet," said Oh Hye-hwan, an official at Samsung Electronics Co., Ltd.

    He said that the company is planning to unveil Internet settlement systems within this year.

    Samsung SDS Co., Ltd. has been working as a system provider for affiliated companies.

    (Maeil Business Newspaper, Korea)

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    Updated: Mon Jan 18 16:07:38 1999 PDT