CEOs to raise Asia investment
Updated: 2013-10-10 07:21
Chief executive officers in the Asia-Pacific area plan to increase investment in the region because of growing confidence in the economy, global consultancy firm PricewaterhouseCoopers Co Ltd said in a report.
Of nearly 500 CEOs surveyed, 42 percent said that they expect revenue to grow over the next year, compared with 36 percent last year.
PwC said that 68 percent of the respondents plan to increase investment in the Asia-Pacific region over the next year, citing continued urbanization, growing infrastructure construction and rising incomes.
Nearly half of the CEOs said that middle-income consumers influence their growth strategies to a "great extent".
"As consumerism grows and the middle class grows in countries such as China, the demand for products that require our materials grows," said Shane D. Fleming, chairman of Cytec Industries Inc, a United States-based specialty chemicals and materials company.
Investors are seeking new growth points in innovation, distribution, services and other areas, moving away from the manufacturing-driven growth model.
Among the surveyed, 24 percent said they will direct investment over the next year into developing new products or services. Only 11 percent said that new investment will go to expand manufacturing.
(China Daily USA 10/10/2013 page13)