Panasonic rolls out growth strategies for southeast Asia

Panasonic Corporation on Thursday unveiled a three-pronged strategy to grow its electronic components and housing materials business in southeast Asia.

The strategy to be initiated by Panasonic's Life Solutions Company in the new fiscal year beginning April 1 focuses on customers, business partners and society with the aim to reach 100 billion yen in the region's sales in the fiscal year ending March 2022.

Daizo Ito, Senior Vice President and Director of Global Marketing Division of Life Solutions Company, said that it is strengthening marketing strategies in the coming business year to drive the growth of electric components and housing materials businesses in southeast Asia.

The strategic plans are aimed at enhancing customer relationships, developing new businesses through partnerships and introducing new solutions that help solve social issues.

Recent data shows that the growing population and rise in income have been driving construction sectors in the southeast Asia region. It is expected that the population in five ASEAN nations -- Indonesia, the Philippines, Thailand, Vietnam and Malaysia -- will increase from 580 million in 2020 to 640 million in 2030.

Meanwhile, the number of new housing starts in these countries is projected to reach 4.41 million units in 2021, or five times higher than the figures in Japan, said Ito.

As a leader in the electric components and housing materials field, Panasonic continues to provide solutions that elevate the value of living space by combining know-how and technologies the company has developed in engineering, manufacturing and sales.

The company, which celebrated its 100th anniversary in 2018, has expanded globally and now operates 582 subsidiaries and 87 associated companies worldwide, recording consolidated net sales of 8.003 trillion yen for the year ended March 31, 2019.

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