Daewoo Electronics is working to expand its overseas business by establishing two additional branches in Indonesia and Colombia, company officials said Wednesday.

The company, which manufactures home appliances, is aiming to expand into other foreign markets such as Myanmar, Brunei, Laos and Cambodia this year.

It entered other overseas markets including Singapore, the Philippines and Cuba last year as part of its global expansion efforts.

“We must take the lead in newly emerging markets to maintain our competitiveness in exports,” said Jun Young-suk, head of overseas operation and sales division at the firm. “Daewoo Electronics must further raise the figure for overseas sales by looking for new manufacturing chains, launching specialized and localized items and upgrading services.”

Last year, 80 percent of its total sales, amounting to about 1.68 trillion won, came from overseas sales, according to a company official.

Of the 80 percent, 35 percent was taken up by the U.S. and European markets, while the remaining 45 percent came from developing nations, the official added.

The company has seven production sites across the world including here and nine sales plants, along with 19 branches in many different countries.

Centering on its production plant in Mexico, it has gained top position in microwaves in Venezuela and the No. 1 spot in home appliances in Mexico, its officials said.

By Cho Ji-hyun (sharon@heraldcorp.com)