Toray well positioned for future growth in China
The Chinese market is one of Toray's largest and most promising markets for future growth, said Kazuhiko Shuto, chairman and president of Toray Industries (China) Co.
From Uniqlo's ultralight down jackets, home water purifiers and new-energy vehicles to Boeing 787 aircraft, Toray’s advanced materials and innovations are widely used.
Despite the impact of the coronavirus outbreak, Toray’s investment will continue in China thanks to the potential of the Chinese market and the country's improving business and investment environment.
“Investment in China is developing toward high-end segments to meet people’s demands for comfortable lifestyle and safe environment,” Shuto said.
Toray's success is rooted in its rich portfolio, covering fibers and textiles, resins and chemicals, films, carbon fiber composite materials, electronic and information materials, pharmaceuticals and medical products, water treatment and environmental sectors.
Since its founding in 2002, the company has invested 19.2 billion yuan (US$2.95 billion) in China. In terms of corporate social responsibility in the country, Toray was one of the sponsors of Shanghai International Marathon.
The company’s ongoing investments include projects in Guangdong Province and a health-care center in Shandong Province. It has also opened research centers in Shanghai and Nantong, Jiangsu Province.
Shuto’s confidence in these investments comes from the Chinese government’s effective control of COVID-19. The improved investment environment covers an advanced information infrastructure, laws to protect foreign investors, the China (Shanghai) Pilot Free Trade Zone and government officials easily connected.
Toray's business performance and investment processes still lag behind original pre-virus targets, but major manufacturing operations in China have fully recovered, Shuto said.