Australian furniture and appliance retailer Harvey Norman plans to open 34 stores in Malaysia, taking its network there to 50.

In a commentary accompanying the company’s recent Australian results filing, Harvey Norman said it was planning substantial investment outside Australia where markets offered greater growth potential.

The company indicated it would open as many as 18 of its own stores overseas by 2020, taking its offshore network to 107. More stores would likely open on a franchised model.

Malaysia is a primary target given the country’s population has been growing at a rate of 400,000 people per year since 2010 and currently totals about 32 million. It believes the market can sustain 50 Harvey Norman stores by 2023.

Asia stores accounted for about AUD$500 million (US$362 million) in sales in the latest financial year.