Panasonic, manufacturer of consumer electronics and home entertainment products, and with its sole agent in the United Arab Emirates (UAE), Oman National Electronics, have launched two new product ranges, including 21-inch flat-screen TVs and VCD Hi-Fi systems, exclusively designed for the Middle East consumers.
“The Middle East is a steadily growing market that plays a crucial role in our overall global business strategy. The newly launched products have been created after incorporating the preferences and demands of customers in the region,” said Masato Tomita, managing director for Panasonic Marketing Middle East, FZE (PMM).
“The fact that these products were specifically designed to suit the taste of the Middle East consumers is reflective of our deep and underlying commitment to the region,” he added.
The demand for Video CD Mini Hi-Fi system in the Middle East is currently estimated at over half a million sets, with a total value of 500 million Emirati dirhams ($136 million). Panasonic currently holds 20 percent market share and plans to achieve a target of 25 percent in the Middle East, said Sho Kusuki, manager of Consumer Electronics, PMM.
In 2002, the estimated market size for color TVs in the Middle East and Africa was estimated at eight million units and Panasonic is targeting a 10 percent of the four million branded imported TVs market size.
Matsushita Electric Industrial Co., Ltd., best known for its Panasonic, National and Technics brands, is a developer and manufacturer of electronics products for consumer, business, and industrial needs. Based in Osaka, Japan, the company posted consolidated sales of $51.70 billion for the fiscal year 2002.
In addition to stock exchanges in Tokyo and other major cities in Japan, Matsushita's shares are also listed on the Amsterdam, Dusseldorf, Frankfurt, New York, Pacific and Paris stock exchanges.
Panasonic Gulf FZE (PGF) is MEI's first subsidiary company in the Middle East, followed by Panasonic Marketing Middle East (PMM), which is the regional marketing headquarters of MEI for operations in the Middle East and African countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
