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New Frontiers in Emerging Markets

Brazil, Russia, India, China, and South Africa

In 2013, emerging markets will continue to drive global economic and consumer market growth. Consumer goods companies are overcoming the many challenges of operating in emerging markets by tailoring their strategies accordingly. Key to success is a thorough understanding of the operating environment and consumer trends in these markets.

—Euromonitor International1

Your growth, and possibly even survival, will depend on accessing new customers in international markets.

—Frederick W. Smith, founder, chairman, and CEO, FedEx2

Do you have a product or service that you could sell to nearly 3 billion people? That is a question millions of global citizens and companies alike are asking themselves, because the world is shifting its attention to BRICS (Brazil, Russia, India, China, and South Africa) in the next phase of globalization to drive export revenue growth. The BRICS countries are a major force in the world economy where a rising middle class promises a long-term customer base.

BRICS, a term that Jim O’Neill, of investment bank Goldman Sachs coined, currently have “combined foreign currency reserves of $4.4 trillion and account for 43 percent of the world’s population.”3 The long-range impact of this multitrillion-dollar group of countries includes: the creation of jobs, the reduction of trade deficits, and an increase in prosperity throughout the world economy. It is only a matter of time before you will need a strategy that will land your product or service in BRICS, no matter how complex or remote. And I’m not referring to sourcing or manufacturing there. I’m referring to a pure selling export strategy.

This chapter highlights the key growth drivers for BRICS, important market facts and products in demand in these countries, the implications for small businesses operating in them, a blueprint for export success to the countries, and other second-tier fast-growth countries to watch out for in the future. The key question to think about as you read through this section is this: do you have a product or service that BRICS want and can afford?

image Caution  The markets mentioned in this chapter are not easy to enter. It takes time, knowledge, money, and patience to make headway. It took companies like Intel, KFC, and GE years to make inroads in emerging markets. They invested millions of dollars over a protracted period of time before ever seeing a dime in profit. But they did this because of upside potential down the road. One example is Starbucks. In 2012, the company’s earnings growth was driven not by business in North America but rather by emerging markets.4

What Drives Growth in BRICS?

The BRICS countries are the focus of many companies when they set their sight on targeting big, fast-growth markets for exports. After all, four of the five countries (all of them except South Africa) are the world’s largest emerging economies, with China being the biggest in population.

What drives this unprecedented demand for imports by BRICS? Besides a having a hardworking group of people anxious to improve the quality of their lives, most of the BRICS countries have these characteristics in common:

  1. A large land mass or extensive territories
  2. A huge population. The total population for the five countries is 2.96 billion.5
  3. Massive infrastructure demands
  4. Strategic economic policies in place to support rapid growth
  5. The specific goal of expanding trade and investment with the world

The discussion of the BRICS countries and the reasons to export to them in the following sections provides important market facts for and specific products and services in demand for each market.

image Note  Although the actual GDP growth rates of BRICS may appear to be modest, you must take into consideration the general outlook for each economy, including its past and present conditions and its future potential. The source for the data is the Central Intelligence Agency’s World Factbook unless otherwise noted.

image Tip  I have made a point to highlight the more Internet-savvy countries, the languages spoken, and the preferred online payment methods when dealing with them. Take these factors into consideration as you prepare to tweak or build your e-commerce site. Your goal should be to satisfy consumers’ needs in each of these markets.

Brazil

The following are general statistics about conditions in Brazil related to exporting:6

  • Languages: Portuguese (official and most widely spoken language); Spanish (less common)
  • Population: 201,009,622—making it the fifth-largest country (July 2013 estimate)
  • Population growth rate: 0.83 percent (2013 estimate)
  • Internet usage: 88,494,756, representing a 45.6 percent penetration rate (percentage of population)7
  • Preferred online payment method: Credit cards remain the most popular method of online payment8
  • Gross domestic product: US$2.394 trillion (2012 estimate)
  • GDP growth rate: 0.9% (2012 estimate)
  • Inflation rate: 5.4 percent (2012 estimate)
  • Per capita GDP: US$12,000 (2012 estimate)
  • Imports: US$223.2 billion (2012 estimate)

Why Brazil?

According to the Office of the United States Trade Representative, U.S. goods and services trade with Brazil totaled $103 billion in 2011 (latest data available for goods and services trade). U.S. goods exports to Brazil in 2012 were $43.7 billion, up 1.8% ($774 million) from 2011, and up 253% from 2002—making Brazil the United States’ 7th largest goods export market in 2012.9 According to Ernest & Young Terco’s Doing Business in Brazil report, “Brazil is among the ten largest economies in the world and the country remains very attractive to foreign investors due to its growth potential, large and competitive market and political stability.”10

Brazil’s primary trading partners are the United States, Argentina and other Latin American countries, the members of the European Union (EU), Japan, Saudi Arabia, South Korea, and China.

A hot tip for exporting to Brazil: You need patience, persistence, and an understanding of the market to enter into Brazil. Brazilians are known to be enthusiastic, confident, innovative, and adaptable. They enjoy dealing with foreigners. Learn how to leverage this in your favor. Be open to developing relationships with Brazilians from the outset, and dedicate time to growing the relationship.

The best prospects for general exports to Brazil are: Machinery, electrical, and transport equipment (including airplane and helicopter parts); chemical products, oil, automotive parts, and electronics; pharmaceutical drugs for humans and veterinary medicine; and so forth. Specific to United States, the top export categories in 2012 include: Machinery, mineral fuel, aircraft, electrical machinery and optic and medical instruments. The leading agricultural categories include: dairy products, snack foods, and feeds and fodders.

image Note  Brazil is preparing for the World Cup in 2014 and the Olympics in 2016, which can be promising for US exports.

The top US exports of private services to Brazil are in the following areas: telecom, business, professional, technical, financial, travel, and royalties and license fees

Russia

Russia’s general conditions relative to the export process are:11

  • Languages: Russian (official); many minority languages
  • Population: 42,500,482—the ninth-largest country (July 2013 estimate)
  • Population growth rate: –0.02 percent (2013 estimate)
  • Internet usage: 67,982,547, representing a 47.7 percent penetration rate (percentage of population)12
  • Preferred online payment method: credit cards13
  • Gross domestic product: US$2.555 trillion (2012 estimate)
  • GDP growth rate: 3.4 percent (2012 estimate)
  • Inflation rate: 5.1 percent (2012 estimate)
  • Per capita GDP: US$18,000 (2012 estimate)
  • Imports: US$334.7 billion (2012 estimate)

Why Russia?

Russia is the world’s ninth-largest economy by population and has the highest per capita GDP ($18,000) of the BRICS countries. It is an upper-middle-income country, with a highly educated workforce and sophisticated consumers. According to export.gov, “With over 140 million consumers, a growing middle class, and almost unlimited infrastructure needs, Russia remains one of the most promising markets for U.S. exporters.”14

A hot tip for exporting to Russia: Personal relations are vital to build trust with Russian businesspeople. Business discussions can often be slow and detailed, so patience is required, along with punctuality at meetings. Russians are tough negotiators (with interpreters who speak both Russian and English and provide information in both languages) and rely on fact-based information on hand at meetings. Plan on developing and maintaining long-term relationships when traveling to Russia.

The best export prospects to Russia are: Machinery; vehicles; pharmaceutical products; plastic; semifinished metal products; meat, fruits, and nuts; optical and medical instruments; and iron and steel. Note: Russia’s biggest trading partners for 2012 are China, Germany, and the Ukraine.

image Tip  Just as there is Tmall (http://www.tmall.com) in China—the country’s B-to-C shopping destination for brand-name goods letting companies sell directly to the public (review chapter 7)—there is Ozone Holdings (http://www.ozon.ru/) in Russia, the country’s largest e-commerce company. Although e-commerce is in the early state of its development in Russia, it is very much alive and flourishing. The trick for small businesses in that country is to partner or collaborate with companies such as Ozone. That can only happen with the appointment of a good on-the-ground person to stay at the pulse of consumer action.

India

Here are the conditions for India that relate to exporting:15

  • Languages: Hindi, Bengali, Telugu, Marathi, Tamil, Urdu, Gujarati, Kannada, Malayalam, Oriya, Punjabi, Assamese, Maithili, and others, including English (considered a subsidiary language but nonetheless an important language for national, political, and commercial communications)
  • Population: 1,220,800,359—the second-largest country (July 2013 estimate)
  • Population growth rate: 1.28 percent (2013 estimate)
  • Internet usage: 137,000,000, reflecting a 11.4 percent penetration rate (percentage of population)16
  • Preferred online payment method: Direct debit accounted for more than a half of B-to-C e-commerce payment transactions in 201217
  • Gross domestic product: US$4.761 trillion (2012 estimate)
  • GDP growth rate: 6.5 percent (2012 estimate)
  • Inflation rate: 9.3 percent (2012 estimate)
  • Per capita GDP: US$3,900 (2012 estimate)
  • Imports: US$500.4 billion (2012 estimate)

Why India?

With a population of more than 1.2 billion, India is the second-most populous country in the world. Approximately 30 percent of the country’s population resides in urban areas.

A hot tip for exporting to India: Indian society has a very strong belief system based on the family, and these beliefs extend to business, so get to know your business partner first before ever negotiating one ounce of business—do not rush the process. Adapting a laid-back approach with clear and direct communications is the best approach to dealing with Indian businesspeople.

The best export prospects are: crude oil, precious stones, machinery, fertilizer, iron, steel and chemicals. The hot industry sectors are: architecture; civil aviation; education services; environment and water; health care and medical equipment; infrastructure (roads, ports, and railroads); mining and mining equipment; plastics; power and renewables; and travel and tourism.18

image Note  As of 2012, India’s best trading partners are China, the United Arab Emirates, Saudi Arabia, Switzerland, and the United States.

China

The following statistics are relative to China’s exports:19

  • Languages: Standard Chinese or Mandarin (Putonghua, based on the Beijing dialect); Yue (Cantonese); Wu (Shanghainese); Minbei (Fuzhou); Minnan (Hokkien-Taiwanese); Xiang; Gan; Hakka dialects; and other minoritylanguages
  • Population: 1,349,585,838—the world’s largest country (July 2013 estimate)
  • Population growth rate: 0.46 percent (2013 estimate)
  • Internet usage: 538,000,000, representing a 40.1 percent penetration rate (percentage of population)20
  • Preferred online payment method: Cash on delivery (COD), credit cards (China UnionPay cards), and debit cards (China UnionPay cards)21
  • Gross domestic product: US$12.61 trillion (2012 estimate)
  • GDP growth rate: 7.8 percent (2012 estimate)
  • Inflation rate: 2.6 percent (2012 estimate)
  • Per capita GDP: US$9,300 (2012 estimate)
  • Imports: US$1.735 trillion (2012 estimate)

Why China?

China’s sheer geographic size, population, and growth prospects offer unlimited possibilities. Building a large and profitable presence in China requires exporting top-quality products that are affordable to the masses. Small businesses that might not have the deep financial pockets that big companies do need to be extra careful on how they approach entering China. Be on heightened awareness at all times because one big China export misstep could cost you your business. As I write in an article for Forbes.com, “You better put on your boxing gloves, for China can seem more like a sparring partner than a trading partner.”22 I say this because of having had first-hand knowledge of conducting business in China and it being a tough nut to crack. As a result of my experience with China, its popularity, and its growth prospects, I am providing more information on the country.

Here are some hot tips for exporting to China (which might apply to the other countries in BRICS as well):

  • Create desirability. Get to know your customer in order to determine which of your products offers the greatest appeal for the Chinese consumer and fits best with the local culture.
  • Provide your product or service at your lowest price.
  • Have a negotiating strategy . The Chinese expect you to have a strategy, and if you don’t, they will take advantage of you. Know where you want to end up and how you plan to get there.
  • Build strong relationshipsnegotiating strategy because they are the lifeblood of business in China. It’s not how much you know but whom you know in China. Look for a partner who already has a Chinese presence and a great reputation in your industry. Take care of the people who take the time to make introductions for you. Thank them, thank them again, and thank them one more time.
  • Set the right course and slow your pace. Your success will be based not on how well you craft your strategy but on how well you execute the deliverables.
  • Be courteous.
  • Invest a significant amount of time and money to build and monitor sales, marketing, and distribution.
  • Prepare for a fierce competitor. The Chinese are known to flex their muscle relative to the sheer population size of the market they are dealing with, insist that you partner or form a joint venture together, learn everything you do and improve on it, and then turn around and compete against you. Do you have a strategy in place to combat that?
  • Put people on the ground in China who are respected, know the market, the language, the industry, and the lay of the land.
  • Train staff at the national HQ and locally in China to work with the country well in advance of developing business. Training helps your staff connect, become knowledgeable on what needs to be accomplished, and develop confidence in their ability to get things done.
  • Take extra precaution in protecting your intellectual property. Will it be sufficiently complicated for someone in China or other emerging markets to duplicate your product? Figure it out and then come up with a plan that acts like a Sun Tzu Art of War contingency plan. “The supreme art of war is to subdue the enemy without fighting,” Tzu says.23

image Tip  A great primer on operating in China is Doing Business in China for Dummies (2007). Robert Collins, my friend and colleague and the CEO of the Shanghai-based company Doing China Business, coauthored the book with Carson Block. The book is not just for dummies, as it covers everything we all want to know about how business is done in China. It also includes a cheat sheet on common business blunders and discusses Chinese business values and even fun ways to spend your downtime in China. The chapter “Managing Risks” is particularly insightful for those who are concerned at the outset over managing legal (intellectual property, for example) and environmental issues, if any.

The best export prospects for China are: electrical equipment and other machinery, oil and mineral fuels, optical and medical equipment, metal ores, motor vehicles, and a range of professional services..

image Note  The biggest trading partners on China’s imports for 2012 are Japan, South Korea, United States, Germany, and Australia

South Africa

Here are the general statistics about South Africa:24

  • Languages: IsiZulu, IsiXhosa, Afrikaans, Sepedi, English (8.2 percent—widely spoken in business circles), Setswana, Sesotho, Xitsonga, siSwati, Tshivenda, and isiNdebele (2001 census)
  • Population:48,601,098—the twenty-sixth largest country (July 2013 estimate)
  • Population growth rate: –0.45 percent (2013 estimate)
  • Internet usage:8,500,000, constituting a 17.4 percent penetration rate (percentage of population)25
  • Preferred online payment method: Bank transfer for online purchases; PayPal has started to accept locally issued South African bank cards as of 2012 (still in its infancy)
  • Gross domestic product: US$592 billion (2012 estimate)
  • GDP growth rate: 2.5 percent (2012 estimate)
  • Inflation rate: 5.7 percent (2012 estimate)
  • Per capita GDP: US$11,600 (2012 estimate)
  • Imports: US$105 billion (2012 estimate)

Why South Africa?

South Africa was the thirty-seventh-largest goods export market for the United States in 2011. “U.S. goods exports to South Africa in 2011 were $7.3 billion, up 29.5% ($1.7 billion) from 2010, and up 137% from 2000,” according to the Office of the United States Representative.26

A few hot tips for exporting to South Africa: Take it slow, start with trusting relationships (South Africans like sticking with known suppliers), and perform due diligence on the companies you are dealing with.

The best export prospects for commodities are: Machinery and equipment, electrical power systems, aviation, telecommunications, automotive components, chemicals, petroleum products, scientific instruments, and foodstuffs. Opportunities exist for a wide range of consumer products and services as well. Note: as of 2012, South Africa’s biggest trading partners are China, Germany, United States, Saudi Arabia, India, and Japan.

Achieving Success Exporting to BRICS

Even the poorest markets in the world can generate revenue for small businesses provided they tailor their products and services to meet the needs of the consumers. If you target countries that have a healthy GDP, are Internet savvy, and have a population with a high percentage of people using the Internet, you will greatly improve your chance for success. Before entering a market, check with the World Bank Group’s ranking of 185 economies to learn the ease of doing business in each country at http://www.doingbusiness.org/rankings. A high ranking on the index means that the country’s regulatory environment is more conducive to the starting and operation of a local firm but is not necessarily representative of the ease of exporting there. Nonetheless, it will give you a good idea of the complexity or ease of entering into any given market.

Here is a blueprint for success in operating in BRICS. Consider these my export imperatives or immutable rules. Take these lessons with you on your journey and then use your own insight and intelligence to make good decisions.

  • Develop a distinctive quality product at a very low price. Many people in the emerging parts of the world are at the bottom of the pyramid living in poverty. They cannot afford many products, so price as low as you can while still making sure you will earn a profit, and use the pricing as a basis for entering other markets.

image Tip  Develop products for emerging markets, which can serve as invaluable breeding grounds for innovations that were originally developed for these markets. These products will pioneer new uses when introduced back to the developed countries (the United States, for example). Authors Vijay Govindarajan, Chris Trimble, and Indra K. Nooyi describe the developing world as a fertile research and development lab for companies in any market in their provocative book Reverse Innovation: Create Far from Home, Win Everywhere (2012).

  • Tap into markets that have a healthy GDP, are creditworthy, are Internet savvy, and whose population has a high percentage of people using the Internet (in China, for example). You are seeking a tipping point where consumers and businesses are just getting a knack for e-commerce.

image Tip  According to [the late] C. K. Prahalad, who created the “bottom of the pyramid” concept, “The dominant assumption is that the poor do not have money to spend and, therefore, are not a viable market. Certainly, the buying power for those earning less than $2 per day cannot be compared with the purchasing power of individuals in the developed nations. However, by virtue of their numbers, the poor represent a significant latent purchasing power that must be unlocked.”27 For an in-depth look at bridging the Internet gap and creating new global opportunities in low- and middle-income countries, read Intel’s “Women and the Web” at http://www.intel.com/content/www/us/en/technology-in-education/women-in-the-web.html.

  • Prequalify potential business partners and maintain constant communications with them so you can rapidly respond to the whims of customers.
  • Take a long-term view on goals and progress (five to ten years out) because that is where opportunity enters. By then, you will have acquired new knowledge and developed sufficient expertise to act on it.
  • Be patient —overseas business, especially in emerging markets, sometimes seems like it takes forever to get done.

image Tip  Goldman Sachs has a complete 272-page e-book on the growth potential of BRICS and what the future holds BRICS and Beyond available for immediate download (http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/brics-book/brics-full-book.pdf).

Useful Guides on Doing Business with BRICS

The US Commercial Service, part of the US Department of Commerce, has already taken initiatives to help you learn about, and take advantage of, the new and existing opportunities for your business in BRICS. The following reports offer rich, in-depth looks at different countries’ political and economic environments and selling US products and services to those countries and discuss their trade regulations, investment climate, contracts, market research, trade events, and even market entry strategies. To understand the challenges and opportunities BRICS present, it is important to read these publications. The reports are the latest available.

image Caution  As you drill down on the information, look for each country’s credit rating to determine how fluid the market is. In other words, can capital flow in and out freely? Consult with your banker. Also look at “Global Online Payment Methods Report 2013—First Half 2013” (http://online.wsj.com/article/PR-CO-20130530-906555.html) to determine each country’s preferred method of e-commerce payment.

Challenges of Operating in Emerging Markets

With any opportunity comes a host of challenges. When entering into BRICS, there is no single cookie-cutter approach because each market varies along with the individual companies. But this I can guarantee: You will face unpredictable market conditions; limited human resource capabilities; corruption; high-income inequality; weak infrastructure (poor transport systems that make shipping goods particularly problematic, for example); spotty retail systems (small local retailers and kiosks vs. small number of big chains); lack of credit card penetration (the vast majority of purchases, including online ones, being made in cash); electrical shortages; and weak fixed line telecommunications. The bottom line: In many instances, the countries are too underdeveloped to get into. Still, it is worth a try to beat your competitors from getting the first-mover advantage on new customers. Take your conquest of BRICS in steps or stages and you will fare best.

image Caution  Trade and technology regulations and standards vary from country to country, which makes life difficult for manufacturers and exporters. Always check with a variety of sources to determine whether the regulations and standards specific to a country can become obstacles to trade. The “Technical Barriers to Trade” section on the World Trade Organization site (http://www.wto.org/english/tratop_e/tbt_e/tbt_e.htm) is a good place to start.

Other Opportunities in New Frontier Markets

Frontier markets or next-generation emerging markets often have shakier economies with a much younger labor force, yet in the next five years, growth could become much faster for frontier markets than in the established emerging markets. For now, monitor the following markets closely for growth and development: United Arab Emirates, Bulgaria, Pakistan, Qatar, Venezuela, Jordan, Sri Lanka, Argentina, Egypt, Indonesia, Mexico, Poland, Turkey, Vietnam, Singapore, and Malaysia. Some will grow so fast that they move into the emerging-market category.

While these markets are still in their early stages of development, they can be attractive export opportunities that offer long-term economic growth with strong profit-return potential, provided you actively manage this area. There is nevertheless great risk, volatility, and inefficiencies in frontier markets, so tread carefully.

Summary

A successful export business revolves around satisfying customer demand. If you want to succeed in BRICS and other second-tier fast-growth markets, you must make extraordinary efforts, understand the operating environment and consumer trends, have the financial capacity to sustain the journey, offer products that are in demand at low prices, take a risk, and get the right people on board to execute your strategy. Nothing feels more satisfying in the business world than claiming your place as a high-powered export player in BRICS, especially if you are improving billions of lives in the process. If you are up to the challenge and persist, you will reap the benefits for years to come.

After venturing into BRICS and other second-tier countries, what’s next? The world is larger than you think for opportunity! In the next chapter, I will look at ten export markets that are possibly the most attractive for selling your products.

1 “How to Succeed in Emerging Markets,” Euromonitor International, November 7, 2013, http://go.euromonitor.com/CCEmergingMarketsWebinar2013.html.

2 “FedEx’s Fred Smith to Small Businesses: Think Globally,” Free Enterprise, May 22, 2012, http://www.freeenterprise.com/americas-small-business-summit/fedexs-fred-smith-small-businesses-think-globally.

3 “BRICS Nations Plan New Bank to Bypass World Bank, IMF,” Mike Cohen and Ilya Arkhipov, Bloomberg, March 26, 2013, http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html.

4 “Starbucks: Reaching for the Stars in Asia,” StockTwits, accessed November 8, 2012, http://www.alphavn.com/2012/04/30/reaching-for-the-stars-in-southeast-asia/.

5 “The World Factbook; Country Comparison: Population,” Central Intelligence Agency, July 2013, https://www.cia.gov/library/publications/the-world-factbook/rankorder/2119rank.html?countryname=Brazil&countrycode=br&regionCode=soa&rank=5#br.

6 “The World Factbook; South America: Brazil,” Central Intelligence Agency, last modified October 25, 2013, https://www.cia.gov/library/publications/the-world-factbook/geos/br.html.

7 “South America: Brazil,” Internet World Stats: Usage and Population Statistics, accessed November 8, 2013, http://www.internetworldstats.com/south.htm#br.

8 “Internet Users in Brazil Eager to Buy Online,” eMarketer, January 25, 2012, http://www.emarketer.com/Article/Internet-Users-Brazil-Eager-Buy-Online/1008795.

9 “Brazil,” Office of the United States Trade Representative, accessed November 8, 2013, http://www.ustr.gov/countries-regions/americas/brazil.

10 Ernst & Young Terco, Doing Business in Brazil, 2011, http://www.ey.com/Publication/vwLUAssets/Doing_business_in_Brazil_2011/$FILE/Doing%20Business%20in%20Brazil%202011.pdf.

11 “The World Factbook; Central Asia: Russia,” Central Intelligence Agency, last modi­fied November 8, 2013, https://www.cia.gov/library/publications/the-world-factbook/geos/rs.html.

12 “Russia (Russian Federation),” Internet World Stats: Usage and Population Statistics, accessed November 8, 2013, http://www.internetworldstats.com/europa2.htm#ru.

13 “Closer Look at Russian Online Payment Jungle,” Anna Oshkalo, Russian Search Tips, June 11, 2013, http://www.russiansearchtips.com/2013/06/closer-look-at-russian-online-payment-jungle/.

14 “Doing Business in Russia: Market Overview,” export.gov, last modified June 7, 2013, http://export.gov/russia/doingbusinessinrussia/index.asp.

15 “The World Factbook; South Asia: India,” Central Intelligence Agency, last modified October 31, 2013, https://www.cia.gov/library/publications/the-world-factbook/geos/in.html.

16 “India,” Internet World Stats: Usage and Population Statistics, accessed November 8, 2013, http://www.internetworldstats.com/asia.htm#in.

17 “Global Online Payment Methods Report 2013–First Half 2013,” Wall Street Journal, May 30, 2013, http://online.wsj.com/article/PR-CO-20130530-906555.html.

18 “Council of Great Lakes Governors: India Trade Mission 2014,” Council of Great Lakes Governors, http://www.cglg.org/projects/INDIA2014mission/Docs/India%20Mission%20Flyer.pdf.

19 “The World Factbook; East & Southeast Asia: China,” Central Intelligence Agency, last updated October 25, 2013, https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html.

20 “China,” Internet World Stats: Usage and Population Statistics, accessed November 8, 2013, http://www.internetworldstats.com/asia.htm#cn.

21 “China Online Payment Methods,” CPS: Your Trusted Payments Partner, accessed November 8, 2013, http://www.chinapaymentservices.com/china-online-payment-methods.

22 Laurel Delaney, “Trade Routes to China,” Forbes.com, November 3, 2003, http://smallbusiness.forbes.com/small-business-articles/trade-routes-to-china-1153.

23 “The Art of War Quotes,” Sun Tzu, goodreads, http://www.goodreads.com/work/quotes/3200649---s-nz-b-ngf.

24 “The World Factbook; Africa: South Africa,” Central Intelligence Agency, last modified November 4, 2013, https://www.cia.gov/library/publications/the-world-factbook/geos/sf.html.

25 “Internet Users, Population and Facebook Statistics for Africa 2012—Q2,” Internet World Stats: Usage and Population Statistics, http://www.internetworldstats.com/stats1.htm.

26 “South Africa,” Office of the United States Trade Representative, accessed November 7, 2013, http://www.ustr.gov/countries-regions/africa/southern-africa/south-africa.

27 C. K. Prahalad, Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits, Revised and Updated 5th Anniversary Edition (Philadelphia: Wharton School Publishing, 2009), 35.

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