BizAims

On Monday, July 7, 2008, the Japanese electronics corporation, Canon, stated that it looks forward to build a new plant for producing digital cameras as the competition between domestic and foreign companies intensifies.

In a statement the company mentioned that it would invest 17.4 billion yen, which is about 163 million dollars in the factory. It is worth mentioning that the factory will be built in Nagasaki, in western Japan and it ill be used for making compact and single-lens reflex digital cameras.

"Currently, the global market for digital cameras continues to grow rapidly, and demand is expected to expand. It has therefore become a pressing need for Canon to enhance production capacity for the cameras," said one of the company's representatives.

Canon plans to start the construction of the plant at the end of 2009. The production capacity of the company's new factory will be 4 million units per year and it will provide 1,000 jobs. This plant will be the company's first new domestic factory for camera production in 26 years. Canon decided to build a new factory in order to be able to maintain its first position on the market.

This year the company has the gold of selling 9.4 million digital cameras, being helped by the continuously increasing demand in rising economies.