Korean companies have been able to enter the China and India markets thanks to a simple localization strategy. Basically, the lesson is "listen to the local market needs, and the returns could be relevant".
The world is raving over China and India, which are increasingly referred to as "Chindia." There seems to be ceaseless admiration for the two nations as China has achieved some 10 percent economic growth over the past several years while India's economy has grown at an annual average rate of 9 percent over the last three years. Even during the recent global economic crisis China's economy grew 6.5 percent and India's 6.7 percent. Together the two countries have about 2.5 billion people, or 40 percent of the world's population.
Korean businesses are doing well in Chindia, primarily because of efforts to localize. With advanced technologies they are already well-known for, Korean companies have made sure that their products cater to the lifestyle needs of local consumers.
Indian Prime Minister Manmohan Singh, left and Chinese Premier Wen Jiabao react at a press briefing after a signing ceremony held at the Great Hall of the People in Beijing Monday, Jan. 14, 2008. (AP Photo/Ng Han Guan, Pool)