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South East Asia, A Biggest Potential In The Market Place
• INTRODUCTION
• China represents a huge potential market for foreign manufactured goods and services, understanding where these opportunities lie and knowing how to access them can be challenging. Asia and Pacific’s position as a growth engine of the world’s economy has intensified in recent years. In 2016, its contribution has risen to approx.40% of world output.
• About two-thirds of the global growth is emerging from APAC countries. Therefore, developments in this region are central to global economic outlook.
• APAC countries such as China, Japan, Vietnam, India, Taiwan etc., represent the face of global export market place with Electronic equipments alone driving US$600.3 billion which accounts to 26.3% of total exports.
• The Chinese Foreign Joint Venture law (1979), established to extend economic cooperation and technological exchange with foreign countries, led to the rapid expansion of china’s domestic market.
• India found its growth in FDI in 1968 by the introduction of a Foreign Investment Board encouraging such investments. It could not attract FDI in both products and services. Today it’s majorly seen as a servicing IT industry.
• China’s Financial Assets go up to 220% of its GDP showing strengths in country’s savings and investments, whereas India’s Financial Assets up to 160% of its GDP while the savings and investment occur outside its financial system.
• Even when APAC dwells amidst giants like USA, Europe and South America, South East Asia is still is the biggest exporter in the world with $3.54 trillion in goods.
• Conclusion
• No place on Earth can match this region in digital and e-commerce adoption. However it’s a market that’s rapidly approaching a tipping point and has only a small percentage of online retail penetration.
• Can the biggest importer like USA or Europe with its fragile growth and renewed economic progress can take down APAC from its long standing position of being called one of the greatest market potential the world has ever realized?
CormSquare is cloud based procurement platform targeted for small and medium enterprises (SMEs) and bulk purchases. CormSquare is native end-to-end procurement software with private market. CormSquare automates procurement process, greatly reducing time. It also helps find right suppliers at lower price. CormSquare saves procurement cost and ease of procurement.
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Our Customer Relationship Officers (CROs) can assist you with finding suppliers, supplier competency assessment and supplier audit. Based on your requirement, our relationship officers can find local, national or global suppliers.Our Customer Relationship Officers (CROs) can assist in raising RFQs, RFIs, receiving quotes, compare technical and commercial quotes, purchase order management, delivery/document tracking and payable processing.Our Customer Relationship Officers (CROs) can analyses your procurement data and provide actionable intelligence.
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• Assisted Purchase – buyer receives customized quote from cormsquare’s procurement professionals.
• End to End E-Procurement Suite on cloud, that helps buyers in managing enterprise purchase.
• Seamless Responsive Interface which works across devices. • Digital B2B Store front for supplier with digital catalogue, ePayment and
eProcurement Services • Mini CRM Tools and Digital promotion assistance to our stakeholders. • Collaboration with supplier to assist in Customer acquisition, engagement. • Helping manufacturing and Buyers to master the transformation of their business.
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