Saturday, November 20, 2010

AFRICA HOLDS THE FUTURE OPPORTUNITY FOR THE WORLD

LUDHIANA. India and China will show potential growth rates and stand as opportunities for the next two to three decades. Beyond that the entire world will have to look towards Africa as a potential growth sector, said Ms. Harpreet K Kang, while addressing the Members of Ludhiana Management Association on the topic, "Global Market Dynamics" at Hotel Majestic Park Plaza. Ms. Harpreet Kang is the Dean, International Affairs, PCTE. She is an Advance Program Graduate from Harvard University in International Marketing.



Mr. V.K.Goyal, President, Ludhiana Management Association,Dr. K.N.S.Kang, General Secretary, LMA, dignitaries form Business world, Academician and students from business schools were also present on the occasion. Ms. Harpreet Kang said it is a misconception that USA is no more a global power or the fact that India can now compete with it in the next few years. She said infact US contributed more than one fourth of the world's economy of about US$58 trillion, and India had a mere US $ one trillion into that pie. She also endorsed that US was still the largest manufacturer of the world, and still continues to trade with practically every single nation in the world, except Cuba, Syria and Burma.



Dr. K.N.S.Kang, General Secretary Ludhiana Management Association while speaking on the occasion said that Global Markets are changing very fast and focus of the business world is changing rapidly. He said that about 200 to 300 years back there was a time when India dominated the global business and constituted approx 53% of the world GDP. At that time countries like USA and Europe were no where existing. Time passed and global environment changed and resulted in emergence of USA and European Union as biggest trading blocks in the world resulted in very less share of India trade in total world trade. He further said that dominance of these countries is again under pressure and they are looking forwarded to south East Asia especially India as major trading and business partners. He quoted that recent visit of USA President Barak Obama and his focus on Indo-US Business ties is a significant move in this direction.



Ms. Harpreet K Kang said that another issue which our country has lagged behind in the trading blocks. She elaborated that India was one of the last countries to join ASEAN, but we fail to understand that the world trade now more and more depends on being a part of the regional trading block. European Union is a wonderful example of it, and one that has proven that despite the entire Europe being in war for over seven to eight hundred years, these countries could come over their differences and issues, and become trade partners. Similarly India and Pakistan has to learn from them and forget their 65 odd years of conflicts, for it is only with trust that this closed border will open up. She said India was a peninsula, which had water on three sides, and Himalayas on the Western front, so the only opening, which is Pakistan to the rest of the world has been closed ever since Independence. Resolving these issues would finally give India to take trading to the next level.



She further said that companies need to explore new markets like Africa and Middle East having rich reservoir of resources. She advocated that bottom of Pyramid concept given by C.K.Parhlad is quite relevant in the present context. Business needs to focus on the markets which are less developed but having huge business potential like Africa, Middle East and Asia. Quoting an example, she said a single soap brand that sells in rural India alone in one year is more than all the brands put together that sell in entire Europe in a year. She concluded these were typical examples, which encouraged us to see markets like India, China, and even more so now Africa as potential and untapped markets.



Mr.V.K.Goyal, President Ludhiana Management Association while giving his presidential remarks said that world has squeezed with the advent of information Technology, abolition of Trade barriers. The companies are looking for expanding their business in International Markets. He said that Major region which attracts the companies to go global are stable Political environment, better Infrastructure, Booming Financial Markets and emerging consumer base. He further said that in order to gain strategic competitive advantage in the global business companies need not to look only for USA and Europe but also countries like Africa which has rich reservoir of natural resources and strong potential for development.


News From: http://www.7StarNews.com

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