US software firm Veritas Software Corporation plans to increase its investments in China, one of the fastest growing markets in the world.

Gary Bloom, chairman, president and chief executive officer of the US storage software vendor, said yesterday on the sidelines of the Veritas Vision user conference in Beijing that his company would set up a wholly owned enterprise and a research and development (R&D) centre in China to meet the fast growth of its business in the country.

According to P.W. Pong, president of Veritas' operations in China, a Veritas team from the United States is visiting Beijing, Shanghai and Shenzhen on local investment environment and quality and quantity of professionals to decide where the proposed venture will be located.

"We hope the establishment of the two organizations will be done as soon as possible." Pong said, "The progress should be counted by month rather by year."

Veritas, one of the world's top 10 software companies, currently has four offices in Beijing, Shanghai, Guangzhou and Chengdu with over 120 employees.

Last year, its business in China grew by 65 per cent over 2001, compared with the Asia-Pacific average of 40 per cent, while its worldwide revenues only grew by about 1 per cent year-on-year in 2002.

The NASDAQ-listed software firm also planned to build its proposed R&D centre in China into one of the major research facilities in the world.

"This should be another major engineering centre for Veritas," said Bloom.

The facility will be mainly engaged in the development of Chinese versions of Veritas products and verify the compatibility with solutions with its local partners, but in the future it will evolve into a key link in Veritas' global R&D network.

He said 30 per cent of the engineering of Veritas is done in its overseas research organizations in India, Britain and Israel.

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