Anglo-Dutch house-hold products giant Unilever said it expects its annual turnover in Asia to account for half of its global revenue over the next five to 10 years, driven by favorable investment conditions in the region.
Jeff Fraser, president of Unilever's home and personal care business for Asia, told Shanghai Daily yesterday the Asian market has huge growth potential.
"Because of Asia's large population and powerful economies like China and Japan, we have more opportunities of growing here than in other mature markets like Europe and the United States, where our annual growth rate is below 1 percent," he said.
Unilever's annual turnover in Asia reached US$7.5 billion last year, or about 17 percent of its global revenue. Its Asian customers account for 50 percent of its clients worldwide.
Fraser said Unilever is paying great attention to China, which has the potential to become its global sourcing center.
"In China, the consumer spending power is much lower than in other countries, and likely to grow. This brings us opportunities," he added.
Fraser also forecast intensified competition after China enters the World Trade Organization.
(eastday.com October 18, 2001)
