There is a heightened sense of uncertainty about the future such as worldwide concerns about increasing geopolitical risks and serious global environmental problems.
This is particularly necessary in these times that in line with our corporate philosophy of "the prosperity of our society," "the maintenance of our global environment," and "each and everyone involved in our business to prosper," we will continue to work towards realizing a prosperous society and act on the basis of a steady growth strategy. We believe that it is necessary to reform our organizational culture as a whole.
Our signature power supply ICs are used in a wide range of devices and applications throughout the world. The value and impact these products have on society are immeasurable. The ultra-compact power supply IC in front of me is an object of engineering fascination, coming from my engineering background, however, I have also observed the development of our company and the globalization of our business as a result of this tiny power supply IC. Moreover, I am now looking firmly at its future.
Human resources are undoubtedly the key to our development strategy. The semiconductor industry is undergoing rapid technological change, and the pace of development is accelerating. Although having a large number of experienced engineers is our strong asset, we urgently need to train new engineers. It generally takes about 10 years for a design engineer to build a career, gain knowledge and experience, and eventually become a fully-fledged engineer.
For the development of professional engineers, it is essential that experienced engineers and young engineers actively interact with each other across departmental boundaries to develop new ideas, create business concepts, and, above all, pass on skills to the next generation. We are convinced that this will lead to an acceleration in human resource development. With the spread of remote working in recent years, we have felt the challenge of reduced communication. We will consider introducing initiatives to promote employee growth by creating an environment where employees can easily communicate with each other.
Since its inception, we have high aims to refine our unique technological capabilities, develop, and establish the Torex brand worldwide. We will continue to drive technological development with an inquisitive mind and do our utmost to improve the quality of our products as demanded by the market. At the same time, we will expand our antennae for new technologies and market trends, as well as actively seek alliances to improve our technological capabilities. We will spare no effort to meet our customers' diverse needs for miniaturization, higher efficiency, and lower noise, while continuing to further enhance our brand strength and product value to ensure global acceptance of Torex products.
