Bloomberg reported that Mitsubishi Electric Corporation expects rising wages in China and India to fuel demand for its products.

Mr Kenichiro Yamanishi president of Mitsubishi Electric Corporation said that demand for Mitsubishi Electric's factory automation equipment is constantly growing in China, a trend that may spread to India. He added that "It's a transition period for China to be more automated from labor intensive work."

According to estimates at research firm Euromonitor International, hourly manufacturing wages in China in 2010 surged 89% from five years ago, while they tripled in India. That's prompting companies such as Foxconn Technology Group, the world's largest contract manufacturer of electronics, to push plans to automate their factories.

Mitsubishi Electric expects revenue will rise 23% over five years to JPY 4.5 trillion within the 12 months ending March 2016. Industrial automation systems made up 25% of sales and 39% of operating profit at the Tokyo based company last fiscal year.

(Sourced from www.bloomberg.net)