On May 23, we announced our new mid-term management plan VISION 2017, starting this fiscal year and ending in FY 2017.
The Sumitomo Electric Group previously released VISION 2007 and VISION 2012 that outlined its ideal visions for the five years ahead, setting numerical targets for business performance, and has work on the mid-term business plans.
In VISION 2017, we were able to accomplish our numerical targets one year ahead of schedule, while in VISION 2012, we could not meet the expectations placed on us in terms of business performance, partly due to challenges in the business environment, such as the bankruptcy of Lehman Brothers, large-scale natural disasters both at home and abroad, and the appreciation of the yen.
Looking over the world for the future, increased values will be placed on sustainability, resource recycling, super-advanced information technology, and response to aging populations, as well as urbanization on a global basis. This will lead to the generation of new social needs. Additionally, while the slowdown in the growth of advanced countries will become more evident, the markets of emerging economies will further expand. The rise of companies from emerging economies will further intensify global competition. Based on this recognition, we have selected “innovation” as the keyword to represent our basic concept of the growth strategy under VISION 2017. The word expresses our determination that while sticking to the basics, we will keep striving for business innovation.
Our group boasts a wide variety of technologies and products, including those related to automobiles, energy, and information & communications. Under VISION 2017, we will respond to new social needs related to each of them. On top of that, we will integrate these business fields to expand our business domain into the fields of environment and infrastructure. Moreover, we will challenge new business fields such as life-sciences and materials & resources.
As the proverb goes, “Nobody knows what may happen next year,” and thus it is difficult to predict the future, especially related to the external environment. However, by firmly consolidating our internal bases, such as human resources, manufacturing (monozukuri), and financial foundation, all the members of our group are ready to step forward to realize our ideal vision of five years’ time.
We hope that we will continue to receive your kind support and guidance.