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Mitsubishi Electric Corp. (Tokyo) established Mitsubishi Electric Turkey to give the company its first direct presence in Turkey. The Turkish company will act as a base to expand Mitsubishi Electric Group business in Turkey and surrounding regions.
Mitsubishi Electric's business in Turkey currently includes air-conditioning as well as factory automation and infrastructure-related products such as satellites and elevator/escalators. Sales totaled 9.8 billion yen (approx US$112 million) in the previous fiscal year that ended March 2012.
Kei Uruma was named president of the new company, which is based in Istanbul.
Mitsubishi Electric has positioned Turkey as a priority market based on its growth potential. The company noted that Turkey's nominal GDP was the world's 18th largest in 2011, at $774 billion, and it has a growing middle class and a large working population. Turkey's real GDP growth rate was high, at 8.5%, in 2011, with steady growth of 2-4% is predicted in 2012 and beyond.
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