The mainland's No2 telecommunications equipment supplier, ZTE Corp, is targeting an aggressive 70 per cent increase in overseas sales, to US$1 billion, as part of its plan to beef up foreign expansion.
'The key revenue growth driver will be our wireless solutions,' a ZTE spokeswoman said. 'Both GSM and CDMA network equipment sales are expected to be growing strongly to developing countries in Asia-Pacific, Africa and Middle East.'
ZTE's boldness comes amid growing optimism surrounding the telecoms market in Asia-Pacific.
Asian telecoms carriers were expected to spend 9 per cent more on capital investment this year, after a five-year decline, because of improving market conditions, research firm Gartner said.
The Shenzhen-listed company's plan emulates that of close rival Huawei Technologies. ZTE hopes robust overseas expansion, which accounted for 20 per cent of the firm's sales revenue last year, will bolster the group's total earnings.
'We've been building our bases and brands in overseas markets over the past few years. This is the time to pay back our investment,' the spokeswoman said.
