SHANGHAI, March 7 (Xinhua) -- Sweden-headquartered global appliance company Electrolux Group will continue to expand its investment in China, an executive of the Fortune Global 500 company said recently.
"China is not only the second-largest economy in the world, but also the middle-class consumers here are growing very fast, who are looking for products with good quality to improve the standard of living," Ramon Sariego-Villar, managing director of Electrolux China, told Xinhua here in an interview.
"This is good for global companies like Electrolux, and this is why we remain highly confident" about the Chinese market, he said.
Electrolux has been expanding its footprint in China over the years, having established manufacturing factories across the country and a research and development (R&D) center in Shanghai. The company has also been in contact with around 100 strategic partners in China.
"Our factory in Hangzhou produces products not only for China, but also for Asia Pacific," noted Sariego-Villar, adding that the R&D center in Shanghai, one of the companies' five global R&D centers, develops products tailored for consumers in China.
Over the past three years, China managed to achieve an average annual growth of 4.5 percent, far exceeding the global average. Electrolux also had a good performance during this period.
"By doing business integration, Electrolux China grew the business by 61 percent in 2020 and by 58 percent in 2021," Sariego-Villar said.
"The Chinese market is a strategic market for Electrolux. We will continue to expand our investment in China and further promote the brand influence in China," he said.
In the eyes of the executive, China's clear objectives and policies concerning carbon emission and sustainable development will bring great opportunities for Electrolux, which has declared its global commitment to achieving carbon neutrality across its value chains by 2050.
China will actively promote technological progress in relevant fields, Sariego-Villar said, adding that he looks forward to in-depth cooperation with Chinese partners in this regard.