Dear Friends and Stakeholders,
Fiscal year 2012 was the final year of "Midterm Corporate Strategy 2012" and we have now moved on to a new stage.
Uncertainties remain in the world economy, including the ongoing European financial crisis, slowing growth in emerging nations, and volatility in financial markets and natural resource prices. On the other hand, growth in Asian economies has been relatively strong and expectations that Asia will be a driver of the world economy continue to increase. Meanwhile, deregulations and technical innovations are giving rise to new markets, and the global structure of industry will only evolve further in the coming years.
Since coming to power at the end of last year, Japan's new administration has buoyed the hopes of the nation with its so-called three arrows of monetary easing, fiscal stimulus, and the national growth strategy. Signs of a bright future for the Japanese economy are beginning to appear. In tune with these developments at home and around the world, Mitsubishi Corporation has established a new management strategy that went into effect at the start of this fiscal year. It is entitled "New Strategic Direction – Charting a new path toward sustainable growth". Through it, we have revised our business models, reassessed our value as a sogo shosha, changed our approaches to setting growth and financial targets, and upgraded our management framework. Gone is our traditional practice of setting midterm targets, which we have replaced with a long-term growth, "MC Group circa 2020" Vision. New Strategic Direction sets forth our management policies, along with the business and market strategies needed to realize this Vision.
The new strategy seeks to maximize our value and upside potential as a sogo shosha – a company capable of "providing stable earnings throughout business cycles by managing a portfolio diverse in business models, industries, markets and geographies". We remain dedicated to sustainable growth at MC, but as evidenced by our guiding philosophy, the "Three Corporate Principles", our business activities are even more committed to helping solve problems in Japan and around the world. Our chief goal is to contribute to sustainable societal growth on a global scale.
It has been two years and three months since the Great East Japan Earthquake. With the help of the international community, our nation is still hard at work restoring the afflicted regions. Through our East Japan Earthquake Recovery Fund, we are providing aid in several ways at MC, including emergency scholarships to university students affected by the disaster, and recovery support grants to NPOs and social welfare organizations involved in the restoration efforts. Last year we established the Mitsubishi Corporation Disaster Relief Foundation, which has assumed control of the fund and is also helping to revitalize industries and create jobs in the stricken areas. Shortly after the earthquake struck, we began dispatching teams of employee volunteers to assist in the recovery efforts and are still doing so today. MC will continue to do all it can to help with the restoration.
President & CEO