Samsung Electronics said Thursday it will launch another budget smartphone model in South Korea this week as the global tech giant eyes beefing up its handset sales against rivals.

The Galaxy A32 will be released in South Korea on Friday with a price tag of 374,000 won ($330). The budget smartphone is already available in select markets in Europe and India.

The LTE-supporting model comes with a quad rear-camera setup with a 60-megapixel (MP) main shooter, 8MP ultra wide lens, 52MP depth sensor and 5MP macro camera. It also has an 20MP selfie camera.

The Galaxy A32 features a 6.4-inch display and packs a 5,000mAh battery.

The world's largest smartphone vendor announced earlier this week that the Galaxy A42 will be also launched in South Korea on Friday and will be the cheapest 5G smartphone in the country at

449,900 won.

In addition to its flagship Galaxy S series and foldable smartphones, Samsung has been aggressively promoting the Galaxy A series, which covers the mid-range and low-end segments, to increase its handset sales.

According to market researcher Counterpoint Research, Samsung defended its leading status in the 2020 smartphone market, but its market share dropped from 20 percent to 19 percent as its shipments declined from 296.8 million units to 255.7 million units.

The company recently announced that it will hold an "Unpacked" event for its upcoming new Galaxy A models, predicted to be the A52 and the A72, next week. Usually, Samsung has not hosted large-scale introduction events for the Galaxy A models. (Yonhap)