Jim Owens, chairman of Caterpillar Inc., says his company plans to invest $1 billion in China and other emerging markets over the next three years. The move is largely seen as a challenge to Komatsu Ltd. in the Japanese manufacturer's own backyard. "Our goal is nothing short of being the leader in every major market by the year 2010 and on absolute terms for every major product line that we serve," Owens said earlier regarding Caterpillar's strategy in emerging markets.

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