We believe that 2021 will be an year of challenges, hope and growth for all of us. The Elevator and Escalator Industry in India and South Asia will be driven to ensure success to our customers by delivering them the best people flow experience. We at KONE, have always believed that the flow of urban life should be based on deeply-held values and a commitment to safety and quality. With new technologies and connectivity, we can provide an opportunity to add value to the customers in new ways that meet their specific needs, while at the same time technological development has changed their expectations on speed, transparency and predictability. An organization which is productive and has a sense of urgency for the success of customers is the one that will do well.
The industry will see a rising emphasis on smart and energy efficient elevators. Innovation will be at the core of this sector that will continue to see rapid urbanization and growth of vertical cities. The growth of infrastructure and real estate sector in India is evidently lean due to Covid-19 and parameter of liquidity before that. However, real estate experts have predicted that there will be a gradual demand for commercial and residential spaces in key metro cities of the country. There is already a latent demand built in because of the recent slowdown. Therefore, economic activity and Government policies are going to be favourable for this particular industry to grow.
As an industry, we need to work towards an overall Lift Regulation & Act, which allows design and manufacture of safe elevators. Safety is of paramount importance and therefore we, as an industry body, should ensure that our employees, customers and suppliers have a culture of safety built in and follow all the processes required for a safe productive world class working environment.
As an organization, we strongly believe that in today's connected world, the most sustainable source of growth will come from customers advocating on our behalf. We drive this with the "Winning with Customers" approach and by co-creating with our customers and partners through innovation and collaboration. To make this possible, we take all measures to ensure that our employees are skilled, engaged and productive. We strive to maintain a safe and healthy working environment and foster a collaborative and inclusive culture, where people are motivated to develop their competencies and deliver the best results.