The following "New Year Message 2024" was addressed to all officers and employees by President Kenichi Hori.
As we welcome 2024, I would like to extend my greetings to all of you.
First of all, we wish to express our deepest condolence to the people who passed away in the earthquake that struck the Noto region on January 1, and sincerely hope for the safety and swift recovery for all of those affected in the disaster-hit area.
Looking back on 2023
Last year, I was able to visit many of our frontline locations around the world. Throughout those trips, I saw firsthand the exceptional efforts of our people, both on the offense side and the defense side, as we navigate through this difficult external environment, affected by volatile international affairs and growing uncertainties in the global economy. Thanks to your tremendous efforts, we are making steady progress towards achieving the goals set in the Medium-term Management Plan 2026. I am grateful to all of you.
To make 2024 a dynamic year
As we approach the second year of the medium-term plan, I would like to share three points with you today.
First, I want to talk about my confidence in the role of the medium-term plan as our compass which we can continue to depend on. Last year, during my engagement with our customers and partner companies around the world, and in the conversations we had about our three Key Strategic Initiatives* in the plan, I found that we were able to share common challenges and identify mutually beneficial approaches to business. And, I was able to reaffirm that our strategies are fully in line with future global needs.
Furthermore, the implementation of company-wide Corporate Strategies is accelerating in each business unit. This also shows that our plan is effectively functioning as a guiding compass. In particular, we have started to see tangible outcomes, by "elevating our ability to make global, cross-industry proposals"; as you remember well, this is one of the pillars of our Corporate Strategies. Specifically, we have overcome any barriers between units and regions effectively; embraced new ideas generated from open-minded discussions; fulfilled our share of responsibilities; and turned our vision into action plans with firm resolve. This year, we will build further momentum. We will focus on realizing business solutions that work and further establish a sustainable and robust profit base through concerted efforts.
Second, it is vital to enhance resilience amidst increasing external uncertainties. A business environment with great uncertainty also brings in opportunities for Mitsui. In the middle game of existing businesses, we will make flexible and strategic moves for the next phase of business. At the same time, we are committed to restructuring the business portfolio so that we can take preemptive measures in anticipation of environmental changes. As we solidify our footing in this way, we will also remain aggressive on growth investments. We will strive to constantly improve the quality of individual projects and execute them with discipline and by seizing the opportunities in a timely way.
When the company's fundamental competitiveness is put to the test in a highly uncertain environment, developing the capability of every one of us makes the difference. Each of us is a unique businessperson who is always on a learning curve. This year, let's continue to challenge ourselves, proactively learn new things, and positively influence others, so that we can raise our level of institutional capabilities as a whole. By fully focusing on outward-looking, high value-added work, and demonstrating flexible teamwork free from duplicated tasks, we can further enhance the company's competitiveness.
Third, I would like you to embrace your high aspiration to boldly tackle social issues and push yourselves towards making a positive difference in your respective areas of responsibility. As I mentioned when I became CEO three years ago, the "& Co." part in "Mitsui & Co." represents our global colleagues who work for Mitsui – that is – every single one of you. I know that you all take pride in being "independent thinkers" who think things through with your own time-tested professionalism and get things done. I encourage you to be creative and always challenge yourselves in your "own fields". At the same time, I ask you to maintain humility and always show gratitude to those around you. When our employees boldly take on new challenges with such mindset, we believe that it will naturally fuel our efforts to embody and pass on the strengths of Mitsui & Co., and that will take us to even greater heights.
On a closing note, I would like to stress the importance of maintaining good physical health and mental well-being. Last year, we renewed our "Health Declaration" and transformed it into a broader and more encompassing "well-being" declaration, entitled Mitsui's Commitment to Employee Well-being. And throughout this year, we are determined to prioritize the health and safety of Mitsui & Co.'s global group employees and all of those involved in our businesses.
I sincerely wish that this year will be a healthy and happy year for all of you and your family.
*Three Key Strategic Initiatives
⋅ Industrial Business Solutions: Developing solutions for stable supply of resources, materials, food, etc., essential for the development of society, and mobility, basic and digital infrastructure supporting industries
⋅ Global Energy Transition: Providing real solutions through business, eyeing both stable energy supply and climate change action
⋅ Wellness Ecosystem Creation: Providing value that enhances quality of life including healthcare and healthy food