I am pleased to report Mitsubishi Corporation's (MC) latest midterm management plan, “Midterm Corporate Strategy 2021 -Achieving Growth Through Business Management Model-”, taking effect from fiscal year 2019 for the next 3 years.
Societal and economic circumstances are changing rapidly due to developments, such as the geopolitical shift between the US and China, and the rise of the “Fourth Industrial Revolution” through digital technology trends and the evolution of platformers.
In response, we will take full advantage of MC's unique collective capabilities to optimize and adapt its portfolio to the changing times. We are constantly questioning in which sectors to strengthen our presence and in which to apply our expertise to develop future Core Businesses. We are fully committed to creating the optimum business portfolio at any given time.
MC's strengths are the collective capabilities to enable its holistic view across all industries, its expertise in conceiving new businesses and its depth of management talent to run them. We will leverage those capabilities to identify Potential Growth Sources, nurture them into Growth Drivers and ultimately establish them as next-generation Core Businesses. When we are no longer capable of adding value to a business, we will redirect capital to businesses where we can add value.
In order to achieve this, we will reform our HR system for the first time in some 20 years. The new system will ensure that our employees gain the right experience earlier in their careers to develop into management professionals, become more meritocratic to guarantee the right people are in the right positions, and optimize our talent deployment throughout the MC Group. Those steps will be carried out in parallel to appropriate reorganizations that will better equip us to deal with changes in our operating environment.
True to MC's guiding philosophy, the Three Corporate Principles, we will do our best to continue meeting the expectations of our many stakeholders, growing our businesses in such a way as to simultaneously generate economic, societal and environmental value.
We thank you for your support and look forward to working together for an even brighter future.
President & CEO