In an interview with Reuters, Kraft Foods Inc. (NYSE: KFT) reported that it expects sales in China to gain 10% in 2009. "This is one of the times when I love being in the food business. This is a market that, whatever happens in the economy, people still eat. And we have a range of products to serve everybody's needs," explained Lorna Davis, the company's president of operations in China. "Opportunities here are just huge," she added.
The projected 10% sales growth for 2009 roughly corresponds with Kraft's 2008 sales results in China. The food firm plans to maintain its healthy pace of expansion by way of a 20% boost to advertising spending. "If you want to build your business here and you don't spend more than 10 percent of your total revenue on advertising, you are not going to grow," asserted Davis.
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