Dubai to be the Prima regional hub for marketing and distribution
Dubai: Prima International (Middle East) FZE, a subsidiary of Xiamen Overseas Chinese Electronic Co, Ltd. (Xoceco) - one of the world's largest manufacturers of colour TVs, today (SATURDAY) announced the launch of its range of plasma and LCD TVs, and its plans to make Dubai the regional hub for the marketing and distribution of its products across the GCC region.
Siyu Xie, Chairman of Xoceco, highlighting the importance of the GCC region for the overall success of the Prima brand and growth of the company, said that the launch of the plasma and LCD range - the first such launch by the company in the Middle East, signaled the company's concerted marketing initiative in the region. The two new product lines introduced encompasses 42 inch and 50 inch plasma TVs and 15 to 40 inch LCD TVs.
"Xoceco today exports approximately 51 per cent of all the electronics it manufactures, with the GCC region ranking sixth in terms of our volume of exports. We expect GCC sales to grow by 15 to 20 per cent annually, boosted by the launch of new product lines and the expansion of our regional distributor network," Mr. Xie said.
Humphery Wen, Managing Director - Prima International (Middle East) FZE, said that Prima International has already achieved substantial market penetration across the GCC. "We experience a 19 per cent annual revenue growth, generated through sales of audio-visual products. With the launch of the Prima plasma and LCD range of TVs, we expect this to increase significantly. From September to December 2004 we anticipate a USD 4 million increase in business generated by panel display sales within the GCC," he said.
Mr. Wen, speaking to journalists ahead of a regional distributors meet in Dubai, said that the company is presently working to establish a regional distributor network for its LCD and plasma TV range. He added that Prima channel partners could expect various levels of support from the company. In particular, Prima International pledges support in the areas of brand identity promotion and technical services.
"The GCC consumer has already evidenced confidence in the Prima brand. In addition, Xoceco has a reputation in the region as a reliable and experienced OEM supplier. We aim to build on this reputation with unparalleled after sales service and unbeatable price offers," he said.
Outlining Prima International's competitive advantage, Mr. Wen said that the company's R&D edge, its position as a pioneering Chinese manufacturer venturing into the regional market, and its effective logistic solution, all serve to distinguish Prima from its competitors.
He added that the company's pricing strategy was linked to its central warehousing policy. Prima products are stocked at the company's own distribution base in Jebel Ali. Distributors will receive products on demand, and consequently do not have to maintain their own inventory.
"With the declining prices of display panels, this strategy offers distributors a unique price advantage as they can enjoy the prices of the previous day rather than a month ago," he said. He added that Dubai was chosen to be Prima International's logistical base in the region because of its central position in the GCC, superior infrastructure and vast resource capabilities.
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NOTE TO EDITORS
Prima International (Middle East) FZE is a subsidiary of the China-based Xoceco group. An ISO9002 certified company, Xoceco is one of the world's largest manufacturers of colour TVs. In addition to their range of Plasma and LCD TVs, Prima International also manufactures satellite receivers, CRT TVs and DVD players. All Prima International products acquire international safety approvals. Prima products are distributed to over 100 countries worldwide. The company presently has seven major overseas subsidiaries and 120 major domestic subsidiaries.
Xiamen Overseas Chinese Electronic C0., Ltd. (Xoceco) was founded in 1985. With more than 5,000 skilled employees and state-of-the-art equipment, Xoceco manufactures a wide variety of quality electronics products - PDP TV, LCD TV, HDTV, LCD monitors, color TVs, fax machines, STB and other telecommunication products and electronic components.
Xoceco has grown to become one of the leading electronic manufacturers in China, with annual sales exceeding $1.1 billion for the year 2003. Xoceco became a publicly traded company in 1995 and is listed on the Shanghai Securities and Exchange House. Xoceco has six major overseas subsidiaries and 120 major domestic subsidiaries. Its products are distributed to more than 100 countries and regions. XOCECO's overseas brand name 'PRIMA' is fast becoming one of the world's premiere brands.
This press release has been issued on behalf of Prima International (ME) FZE by Concept PR.
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© Press Release 2004
