Conglomerate 3M said it plans to invest $50 million to develop new technologies and products for the Chinese market in the next five years.

"The investment is part of our five-year strategy for China to increase annual sales 15 percent to 20 percent," said Hu Fen, vice-president of Operations and Finance at 3M China.

R&D investment accounts for six percent of 3M's total revenue. The company has R&D centers in the United States, Germany, Japan and Shanghai, which is the second largest.

"China has become 3M's most important overseas market, which represents 10 percent of its global business," Hu said.

"Our strategy for the next five years in China will be to focus on the Central and Western regions," he added.

The company is building a plant with an investment of $200 million in Hefei, capital city of Anhui province, to make products for the region's new energy, automotive and shipbuilding industries.

The company will also launch a project with a significant investment in Southwest China to produce products for the region's electronic and automotive industries.

"Work is being done to compare locations in Chengdu, Chongqing and Xichang for the project, but Chengdu, capital city of Sichuan province, is also a possible site," he said.

Other plant projects are expected to be launched in Northeast China and North China, Hu said.

chenqide@chinadaily.com.cn