Lastly, we have the promising emerging markets.
Global gross domestic product (GDP) is expected to grow by 3.5% annually through calendar year 2013, and GDP in emerging markets is expected to substantially outpace the global average. For example, it is said that the BRIC markets -- Brazil, Russia, India and China -- will account for more than 20% of global GDP in three years. Consumer electronics sales in the emerging markets are expected to grow sharply -- 18% annual growth is forecast for the BRIC markets -- and Sony views the emerging markets as vital to our growth strategy. We grew our sales (local currency basis) in the BRIC markets by approximately 40% in fiscal year 2010 compared to the previous year, and we expect our sales growth in the emerging markets to continue to greatly exceed that of the market.
There are considerable regional differences within the emerging markets, and therefore to capture market growth, we must ensure our operations are rooted firmly in each local community. Looking ahead, we will grow by capitalizing on our accrued brand strength, and on our extensive and carefully tailored local sales networks, as well as by taking advantage of our unique position as a company with operations that also encompass the B2B and entertainment fields.
In March 2011, I visited India's entertainment capital, Mumbai, to take part in a ceremony to inaugurate the Sony Media Technology Centre.* There I had the opportunity to speak with people involved in the production of movies, television and other content both from inside and outside Sony, and I could feel just how vital the entertainment industry is in India. I also experienced firsthand the energy of this fast-growing nation, and was particularly pleased to see bold "Sony BRAVIA" billboards along roads abuzz with speeding cars and auto rickshaws.