Zhang Ban, president of Philips China, says the company will increase investment in the China market and make it into one of the three major global research and development centers for Philips.
Zhang said that apart from strengthening the research on medical and health care sector in China, Philips would conduct some acquisitions in the China market. He said that in the next 20 years, Philips would focus more on medical and lifestyle products in China instead of consumer electronics.
As part of its commitment to having the China market make a greater contribution to its overall operations, Philips will put its Shanghai Innovation Park, which involves a US$500 million investment, into operation before the end of this year.
At present, Philips has 11 R&D centers in China and has invested EU40 million each year in recent three years into its R&D in China.