Panasonic to hire 3,500 in India by 2018

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.