Royal Philips Electronics plans to make India a hub for developing and manufacturing products for global markets and sourcing components across its core areas , a senior executive of Europe's largest consumer electronics group said in an interview with The Economic Times.
"India is much less affected (by the global slowdown) than other global markets and represents a huge opportunity to not only grow sales in India, but even develop products and manufacture them for our global consumers," said Gottfried Dutine, board member and executive vice-president at the Dutch-based Philips.
According to the interview, Philips' management is evolving a long-term plan, running until 2015, to invest in and grow its Indian business.
The strategic shift towards markets like India comes in the wake of Philips reporting a 15 per cent fall in sales during the first quarter of 2009 in its more mature markets such as the U.S. and Western Europe.
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