Omron Corp of Japan, a world leader of sensor and control technology, is launching a "shift to high gear" strategy to boost its sales revenue in the Chinese market in the next four years, reported China Daily.

Yasuhira Minagawa, president of Omron China Headquarters based in Shanghai, announced in Beijing last week that through implementing the strategy, his company will quadruple its US$330 million sales revenue in the fiscal year 2003 (ending in March 2004) by fiscal year 2007 (ending in March 2008).

By then, its annual sales revenue in the Chinese market will hit US$1.33 billion.

Given the fact that China's economy grew by more than 9 per cent in 2003 and more than 8 per cent so far this year, Omron should pursue a much higher growth rate in the market to maintain its leading position, the president said.

He set the goal of an average annual growth rate of 45 per cent for his company.

Minagawa urged all his four major business sectors: industrial automation, electronic components, social systems solution and health care to be the leaders in their respective fields in the Chinese market.

To fuel the ambitious growth plan, Minagawa announced an investment package of 30 billion yen (US$274.04 million) from Omron's headquarters in Japan.

The money will be used to enhance Omron's production capacity, research and development (R&D), sales network construction, and merging with and acquiring Chinese firms that have supplementary core competence.

Kosuke Kojima, manager of the executive secretarial department of corporate general affairs division, Omron Corp, said that business divisions may also have their own investment plans to boost their sales and development in the Chinese market.

To help Chinese consumers and partners understand the company better and enhance ties with Chinese firms, the Japanese company will hold the Omron Sensing & Control Technology Fair in Shanghai between November 4 and 9 this year.

Through the fair, Omron hopes to "further consolidate brand new win-win partnerships with Chinese partners," Minagawa said.

Source: China Daily