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Hitachi targets US$7b sales in China by 2007
(Agencies)
Updated: 2004-10-14 15:37

Japanese electronics conglomerate Hitachi Ltd. said Thursday it aims to achieve sales of US$7 billion in China in its fiscal year 2006, ending March 2007.

The figure represents a 55.6 percent increase from US$4.5 billion worth of sales in China the company posted in the past business year ended March 31.

Hitachi also aimed to invest at least US$1 billion in China during the three years ending March 2007, the company said in a statement.

Hitachi aims to post double-digit annual sales growth, foreseeing robust sales in the run up to the 2008 Beijing Olympic Games and 2010 Shanghai Expo.

Hitachi focused on a variety of businesses to spur growth in China, including power and industrial equipment systems, transportation system, IT systems, consumer electronics and construction systems.

Procurement spending is forecast to rise from US$3.6 billion last year to US$6 billion in the year to March 2007.

And Hitachi said it aims to increase production at its facilities in China over the same period by US$3.9 billion to US$7 billion.

The company said it will go it alone in two high-growth fields -- information and telecommunications equipment and services, and medical products and services.

"Hitachi aims to be one of the top five companies in China in the field of consumer electronics," the company statement said.

Hitachi, a company with more than 326,000 employees worldwide and global sales of US$81.4 billion last year, is staging exhibitions of its massive range of products and services in three Chinese cities -- Beijing, Shanghai and Guangzhou -- this month and next.

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