Panasonic to hire 3,500 in India by 2018

Summary:Japanese electronics giant focusing on making country a manufacturing hub by investing in more production facilities.

Panasonic is looking to add over 3,500 people by 2018 in India as it looks to invest more production facilities there. 

" Panasonic shall focus on making India a manufacturing hub and will export products from India to other markets like Middle East and African region," said the company, according to a Times of India (TOI) report Wednesday.

The Indian market is important for Panasonic, where demand is growing, said Yorihisa Shiokawa, managing director for Asia-Pacific at Panasonic. He was speaking to reporters at a opening of Panasonic's sixth plant in India.

"As per our target, India will be the second-largest market in Asia-Pacific after China," Shiokawa added.

The company estimates India will contribute US$10 billion revenue by 2018, noted the report.

Panasonic currently has a workforce of about 12,650 people in India, according to TOI.

Just last month, the Japanese electronics firm announced another round of massive job cuts , axing another 10,000 jobs globally. In that same month, it was also downgraded to "junk" status along with Sony by ratings agency firm Fitch, which cited "weakness" in both businesses.

Topics: IT Employment, Hardware, India

About

Loves caption contests, leisurely strolls along supermarket aisles and watching How It's Made. Ryan has covered finance, politics, tech and sports for TV, radio and print. He is also co-author of best seller "Profit from the Panic". Ryan is an editor at ZDNet's Asia/Singapore office.

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