BEIJING: Sony, the Japanese electronics giant, has announced its ambition to increase sales in emerging markets by 40% by the end of 2014, with China being its main focus.
Speaking to China Daily
at the 2013 Sony Expo in Shanghai, Sony president and CEO Kazuo Hirai noted that China has growth potential that far exceeds that of the US and Japan, although all three markets will be important to the company.
He recognised conditions for the company's expansion in China will be boosted by the country's rapid expansion of its urban and network infrastructure, its growing middle class and its vibrant young generation.
Perhaps with the last factor in mind, Hirai said the company wants to provide its gaming products to Chinese consumers and also aims to increase its share of China's smartphone market on the back of a major marketing push.
Sony is currently languishing in the Chinese smartphone market, not even making it into the top ten vendors according to market research firm Analysys International.
Like other foreign companies, it has also been banned from selling its games consoles in the Chinese domestic market, but the authorities recently announced that foreign companies will be allowed to promote and sell their game consoles as long as they register in the new free trade zone in Shanghai.
Other opportunities for Sony include its music and movie products, leading Nobuki Kurita, the company's president for China, to predict double-digit growth for its electronics business in the country during the 2013 fiscal year.
Data sourced from China Daily; additional content by Warc staff