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| Dutch electronics giant casts vote of confidence ( 01/03/2005 ) | |||||||||
Philips launched a new six-storey building at the Hong Kong Science and Technology Park (HKSTP) becoming its first major multinational corporate tenant. It moved its Asia Pacific headquarters from Singapore to Hong Kong, locating it to a new regional base at swanky office premise, Three Pacific Place. "This represents a vote of confidence in the future of Hong Kong," said president and CEO of Philips Electronics Asia Pacific, Andreas Wente. "It also reflects Philips' long-term commitment to Hong Kong and the Asia Pacific region, and to investing in people and cutting edge technology." He added that Philips found Hong Kong's pro-business environment favourable to the company's business strategies, supported as it is by a well-developed legal and financial infrastructure. Hong Kong's central location in Asia Pacific and proximity to the company's manufacturing base in southern China are added advantages. World's largest design centre Philips set up its Asia Pacific office for Philips Design at HKSTP, which now provides its largest design studio in the world with a floor area of 89,000 square feet. HKSTP is also the global headquarters for its consumer electronics audio-visual electronics business, mobile infotainment and its small display unit, Mobile Display Systems. Mr Wente said setting up the new offices in Hong Kong which will oversee the company's manufacturing facilities in the Chinese mainland, also supported Philips' strategy to sharpen its focus on Asia Pacific where sales last year grew 17 per cent year on year. "We aim to exceed the planned double-digit growth in the region in 2005," he added. "Further down the road, we're striving to generate 33 per cent of Philips' total global revenue from the Asia Pacific with focus on our three pillars of healthcare, lifestyle and technology." Related link | |||||||||
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