At a discussion entitled Crouching Tiger, Hidden Dragon organised by the Indian Merchants Chamber (IMC) on Friday, top honchos from Bajaj Electricals Ltd, Essel Propack Ltd, Zodiac Clothing Co Ltd and Aptech Ltd shed light on some of the must dos for industrialists who seek to do business in China and equip themselves to meet the Chinese competition.
Among the must knows was the fact that most Indian industries do not know much about the language, culture and political scenario of the country, which, all the participants felt, is one of the golden rules for profitable business in China.
Talking about the five Ps that are required for success in China, Aptech Ltd CEO and managing director Pramod Khera said that first and foremost is priority of work.
Also needed is plenty of patience as the Chinese are known for their tenacity when it comes to business negotiations. The other three Ps are right price, precision of work and people. One needs to learn how to localise oneself and merge in the market in order to be accepted in business in China.
Sharing the localisation view was Essel Propack Ltd executive vice chairman Ashok Goel who stressed the need for evolving as a local enterprise. He also felt that Indian companies should be very transparent in their dealings in order to do well there.
Bajaj Electricals Ltd president and chief operating officer R Ramakrishnan said that the Indian industries should move towards co-opetition, which is cooperation in creating value and sharing it with China instead of only moving competitively. Zodiac Clothing Co Ltd vice chairman and managing director AY Noorani felt that restraints on textiles will disappear by 2005 and this will translate into a huge opportunity for the Indian textile industry. He felt that the Indian textile industry should move towards more favourable traffic structures to combat the Chinese threat.