Icom Japan Launches Medium Term Business Plan

Due to the prolonged outbreak of COVID-19, supply shortages of semiconductors and other production materials, the situation in Ukraine and other factors that diverged from the initially anticipated market background, Icom said that the company was unfortunately unable to fully achieve the final targets of the "Medium Term Business Plan 2023" and will thus begin a new medium term business plan.

The business environment was affected by lockdowns from COVID-19 and the worldwide shortage of semiconductors, compared to the time when the 2023 plan was formulated. However, from the latter half of 2021, the easing of restrictions on business activity starting in Europe and the United States, and also Japan, began to have a positive impact on the economy. However, there are still some economic uncertainties, such as global cost-push inflation caused by the situation in Ukraine and other factors, and the accompanying policy rate hikes in the United States and other countries.

On the other hand, since Icom has multiple fields of radio business categories, which is one of te companies unique advantages, Icom is less affected by external factors in any one field at the same time.

In addition, demand in the radio communication industry is expected to remain firm due to increasing geopolitical tensions and heightened awareness of crisis management. Icopm believes that demand in the radio equipment business will remain firm, and we will continue to pursue the management vision and basic strategies outlined in their "Medium Term Business Plan 2023".

Based on corporate activities in response to changes in the market environment over the past three years, Icom will now implement new strategies to enhance corporate value over the next three years, with particular focus on profit growth.