Panasonic Electric Works’ Export Hub Strategy: India to West Asia, SAARC, and Africa 2023
Panasonic Electric Works’ Export Hub Strategy: India to West Asia, SAARC, and Africa 2023
A subsidiary of the Panasonic Corporation with headquarters in Japan, Panasonic Electric Works India (PEWIN) is considering using India as a regional export centre for nations in West Asia, the Saarc, and Africa.
The business, which bought the Anchor brand in 2007, has been slowly expanding its wire equipment portfolio ever since. It now wants to concentrate on developing new products and increasing exports. In the following seven years, it plans to increase its export share from the current 2% to 10%.
The business would invest around Rs 300 crore in new infrastructure over the course of three to five years at its newest production site in Sri City, Andhra Pradesh, as part of the strategy, increasing its production capacity to 300 million units.
Yoshiyuki Kato, MD, PEWIN, gave a briefing to visiting media representatives in Varanasi on Friday. He stated that the electric works division will invest Rs 6,250 crore internationally over the course of the following seven years. The amount of investments India will receive from the planned investment would shortly be decided by the corporation.
By strengthening its business in four directions—improving electrical device companies, project proposals, system and solution proposals, and a strategy to make India a centre for global expansion—PEWIN intends to increase its entire business by FY30, he added. The company’s net sales for the fiscal year that ended in March 2023 were Rs 5,180 crore.
According to Rajesh Nandwani, head of power business at PEWIN, the company would invest $300 million to expand the capacity of its SriCity facility, which will support its export goals. An initial investment of Rs 300 crore has been made into the project by the business, which had expected to invest a total of Rs 600 crore. Last year saw the opening of the Sri City factory.
The company will increase its manufacturing capacity for wire equipment from 620 million to 1,000 million pieces annually by FY30, according to company executives. It has production facilities for wiring equipment outside of SriCity in cities like Haridwar and Daman.
In 2023, the lighting business unit of PEWIN will begin producing lighting goods on-site. It will include Japanese manufacturing technology and expertise in quality control.
In an era of globalization and economic expansion, India has emerged as a key player in the world economy. Its strategic location, skilled workforce, and market potential have attracted numerous multinational corporations to establish their presence in the country. Panasonic Electric Works, a leading global technology company, has recently unveiled ambitious plans to make India a central hub for its exports to the West Asian, SAARC (South Asian Association for Regional Cooperation), and African regions. This move signifies India’s growing importance as a vital destination for multinational corporations looking to capitalize on the diverse and dynamic markets of these regions.
Panasonic Electric Works, a subsidiary of the Panasonic Corporation, is renowned worldwide for its innovation and excellence in technology and engineering. The company specializes in manufacturing a wide range of products, including electrical equipment, electronic components, and automation systems. With a history spanning over a century, Panasonic Electric Works has established itself as a trusted brand across the globe.
Panasonic Electric Works has recognized India’s potential as a significant player in the global marketplace and has outlined a comprehensive expansion plan aimed at making India its primary hub for exports to West Asia, SAARC, and Africa. This strategic decision reflects the company’s commitment to tapping into the vast economic opportunities these regions offer.
- Production Facilities Expansion: To fulfill its export ambitions, Panasonic Electric Works plans to expand its existing production facilities in India. This expansion will not only increase its manufacturing capabilities but also create employment opportunities for the local workforce, contributing to India’s economic growth.
- Quality Assurance: Ensuring the highest quality of products is a top priority for Panasonic Electric Works. To meet international quality standards and regulations, the company intends to invest in state-of-the-art quality assurance processes and technologies within its Indian operations.
- Research and Development: Innovation is at the core of Panasonic Electric Works’ success. To maintain its competitive edge, the company will establish a research and development center in India. This center will focus on developing products tailored to the specific needs of the West Asian, SAARC, and African markets.
- Distribution and Logistics: Efficient distribution and logistics are crucial for successful exports. Panasonic Electric Works plans to enhance its distribution network and establish logistics hubs strategically located to facilitate easy access to these regions.
India’s strategic location provides easy access to West Asia, SAARC, and African markets, reducing transportation costs and transit times.India boasts a large pool of skilled and semi-skilled workers, making it an ideal destination for manufacturing and operations.
India’s domestic market is rapidly expanding, offering a strong customer base and potential for future growth.India’s stable political environment and favorable business policies provide a conducive environment for foreign investments.
The Indian government’s focus on infrastructure development, including transportation and logistics, further supports Panasonic Electric Works’ expansion plans.
The expansion of production facilities and the establishment of research and development centers will generate employment opportunities for thousands of Indian citizens.
Investment in infrastructure, including logistics and distribution, will contribute to the development of the country’s transportation network.The increased volume of exports will boost India’s foreign exchange reserves and trade balance.
Collaborative efforts between Panasonic Electric Works and local partners may lead to technology transfer and knowledge sharing, fostering innovation in the Indian tech sector.
Panasonic Electric Works’ plans to establish India as a hub for exports to West Asia, SAARC, and Africa signify the country’s growing prominence as a key player in the global marketplace.
The expansion is not only a testament to India’s economic potential but also a vote of confidence in its business-friendly environment.
As Panasonic Electric Works embarks on this ambitious journey, it is poised to contribute significantly to India’s economic growth and strengthen its own position in the global market.
This move serves as a prime example of how international corporations are recognizing India’s role as a gateway to emerging markets in West Asia, SAARC, and Africa.
