business perspectives on emerging markets 2012-2017 · q1, 2012 teledensity (wireless) q1, 2012 250...

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Business Perspectives on Emerging Markets 2012-2017

Global survey (Benelux results), June 2012

Benelux companies are actively looking for growth opportunities and are keen to secure long-term success in future large markets outside of Europe. While the current proportion of global revenues from Emerging Markets is still relatively low, this share will grow considerably. The European companies in GIA’s Business Perspectives on Emerging Markets 2012-2017 Report say they expect nearly 40% of their global revenues to come from Emerging Markets by 2017.

Market intelligence will play an important role in this; 84% of Benelux companies say that accurate market sizing and growth estimates are critical to their Emerging Markets Strategy. When asked if they could have done any thing better to date, Benelux companies say they should have adapted more to local market conditions and prices, and that they should have conducted better intelligence or due diligence.

With this study, we share the strategic ambitions, concerns and challenges facing Benelux companies in fast growing markets. We trust this will prove enlightening for your own Emerging Markets strategy. I welcome you to share your thoughts with me or any of my colleagues around the world. Our mission is to help companies understand, compete and grow in international markets.

For the global findings or other country reports, please visit http://bit.ly/GIA2012 www.globalintelligence.com | [email protected]

Business Perspectives on Emerging Markets 2012-2017 Why this study is important

Philippe Brandts Managing Director, Benelux Global Intelligence Alliance

www.globalintelligence.com 2

Executive Summary: Indonesia, Vietnam and Poland are the next upcoming Emerging Markets after BRIC But Benelux companies are not making information on Emerging Markets readily available for staff

3 www.globalintelligence.com

Emerging Markets focus and expectations

•  Apart from the common BRIC definition, Benelux companies define Emerging Markets by their fast growth rates or by their stage of economic development.

•  Next to the BRIC countries, Indonesia, Vietnam and Poland are considered as important Emerging Markets for Benelux companies.

•  Benelux companies chose Eastern European, African & Middle Eastern countries amongst their top favored secondary Emerging Markets.

•  Asian, European and Latin American companies are all bullish about expected revenues from Emerging Markets (38%, 37% and 36% of total revenues by 2017, respectively), followed by US companies (34%).

Motivations and concerns

•  Benelux companies’ Emerging Markets strategies are primarily driven by the desire to gain a foothold for long-term success in future large markets.

•  46% of Benelux companies invest in Emerging Markets due to lack of growth/profit in established markets, and 42% have customers in Emerging Markets.

•  However, Benelux companies appear to lack readily available Emerging Markets information more than their global peers.

•  Two thirds of Benelux companies say that information on Emerging Markets is not readily available in their organizations. This often causes critical delays their decision making.

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How can Benelux companies succeed in Emerging Markets in 2012-2017?

•  In April-May 2012, GIA conducted an online survey amongst business managers at 431 large and mid-sized companies around the world, 26 of which were companies headquartered in Benelux.

•  We asked them questions such as: •  How do you define Emerging Markets in your company? •  Which are the top Emerging Markets for your industry over the next five years? •  What key factors will determine whether foreign companies succeed in Emerging Markets? •  What are the biggest threats to succeeding in Emerging Markets? •  What are your company’s main reasons for investing in Emerging Markets? •  What share of your company’s global revenue do you expect to come from Emerging Markets? •  Which one aspect of your Emerging Markets strategy would you go back and change if you could?

•  The Benelux respondents’ primary job functions included sales and marketing (35%), market/competitive intelligence (31%), strategic planning/business development (19%), research and development / product management (8%), senior management (4%), including others.

•  More than half of the Benelux companies in the survey earned more than 1 billion Euro in annual revenue and over 70% have more than 1,000 employees each.

•  See Appendix for more details about the survey sample.

26 companies from the Benelux region told us what drives their strategy How do companies target different Emerging Markets and have they been successful so far?


•  Manufacturing & Industrial

•  Telecommunication, Technology & Media

•  Professional & Business Services

•  Financial Services

•  Consumer & Retail

•  Pharmaceuticals & Healthcare

•  Energy, Resources & Environment

•  Automotive

•  Chemicals

•  Logistics & Transportation

10 industries are represented in this report The industries are represented by the following symbols


•  GIA took the opportunity to donate 5 Euro for every completed survey.

•  The total donation came close to 2,200 Euro, distributed across the following local charities:

This study also helped people living in Emerging Markets Donations from this study went to four charities assisting poor communities in Emerging Markets


•  Cambodia: Tabitha (NGO that runs self-help programs on personal and financial development for the poorest people)

•  Brazil: VidaBela (NGO that awards university scholarships to talented candidates from highly disadvantaged socio-economic backgrounds)

•  Russia: Gift of Life/Podari Zhizn (charity that funds vital medicine for leukemia treatment and searches for potential bone marrow donors for children)

•  South Africa: CANSA (NGO that provides holistic cancer care and support to those affected by the disease)


Emerging Markets focus to 2017

(Benelux companies)


Benelux companies define Emerging Markets by fast growth or stage of economic development

9

“By geography” is another popular definition of emerging markets, as well as BRIC or BRIICS

How Benelux Companies Define Emerging Markets

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017. Respondents were allowed to select more than one.

Question: How do you define Emerging Markets in your company? N=26 (Benelux companies).

Emerging Markets focus to 2017 (Benelux companies)

23%

16%

11%

11%

9%

9%

8%

8%

3%

2%

Market growth rate

Stage of economic development

BRIICS (BRIC, Indonesia, S. Africa)

By geography (eg. in region X)

BRIC (Brazil, Russia, India, China)

Penetration level of product/service

Penetration level by my company

Penetration level by multinationals

Market not in US, Western Europe, Japan

Proprietary listing eg. FTSE, S&P


Global companies pick Emerging Markets in Asia, Latin America, Russia, South Africa & Turkey as top targets

10

Top 10 Emerging Markets (2012-2017) by % all companies

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey.

Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? N=427 (All companies).

Emerging Markets focus to 2017 (All companies)


Benelux companies have a broader range of Emerging Markets of interest to 2017

11



Top 10 Emerging Markets (2012-2017) by % Benelux companies

Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? N=26 (Benelux companies).


BRIC favored as top Emerging Markets by Benelux companies

12

Benelux companies would like to place more emphasis on BRIC as top Emerging Markets

Top Four Emerging Markets (2012-2017)

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017. Respondents were allowed to select more than one. * Figures based on 2012, 2013 and 2017 average from IMF World Economy Outlook: Growth Resuming, Dangers Remain

•  Brazil, Russia, India and China are the top four most important Emerging Markets for Benelux companies to 2017.

•  The four BRIC countries are not expected to be equally important, with Russia being least favored (46.2%).

•  According to the IMF, average growth rates for 2012-2017* are 7.4% for India, 3.7% for Brazil, 8.5% for China and 3.9% for Russia.

•  Brazil seems to be finding favor for reasons other than its growth rates.

Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? N=26 (Benelux companies).

65.4%

61.5%

53.8%

46.2%

Brazil

India

China

Russia

All companies Benelux companies

Brazil 66.3%

India 67.0%

China 66.0%

Russia 40.0%



205.72 1,205.10 1,343.24 138.08

China’s economy outweighs the other BRIC countries but Brazil and Russia have highest GDP per capita

13

Different BRIC countries are attracting interest and investment for different reasons

Source: Global Intelligence Alliance; IMF; CIA

Population Persons (millions)

GDP USD (Billions)

GDP (PPP) per Capita Current international dollar

GDP growth rate 2012 (e)

Land Km2

Brazil India China Russia

11,600 3,700 8,400 16,700

2,518 1,843 6,989 1,791

3.0% 6.9% 8.2%

4.0%

8,514,877 3,287,263 9,596,961 17,098,242



303 286 1,312 375

China is relatively the easiest to do business in; Brazil is becoming more competitive in the global context

14

Levels of development and the opportunities vary across the different BRIC countries

Source: Global Intelligence Alliance; MIIT China, TRAI India, Anatel Brazil, Deloitte

Brazil India China Russia

Mobile subscribers Q1, 2012

Teledensity (wireless) Q1, 2012

1.01 billion 919 million 250 million

No. of millionaire households 2011, thousands

Ease of doing business Index (World Bank) 2011, ranking

91 132 126

Global Competitiveness Index (WEO) 2010/11 to 2011/12, ranking

120

227 million

74% 76% 126% 160%

26 53

58

51

27 66

63



26%

28%

21%

33%

29%

25%

24%

32%

17%

19%

15%

13%

28%

28%

40%

22%

US headquarters

European headquarters

Latin American headquarters

Asian headquarters

Brazil Russia India China

European companies are prioritizing Asia and Latin America despite their proximity to Russia

15

Latin American companies are less adventurous when it comes to looking outside their home region

Top Four Emerging Markets by Location of Headquarters (2012-2017)

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey. Respondents were allowed to select more than one.

Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? (To 2017) N=395 (Total): N=95 (US), N=161(Europe), N=44 (Latin America), N=95 (Asia).



Benelux companies’ second tier Emerging Markets span the globe, led by Indonesia and Vietnam

16

Emerging Markets after BRIC (2012-2017)

Africa/Middle East Asia Europe Latin America


•  Most of the 17 non-BRIC Emerging Markets that Benelux companies plan to target in 2012-2017 are in developing economies.

•  Indonesia and Vietnam (23%) are the next upcoming second-tier Emerging Markets after BRIC.

•  Argentina is the only Latin American county in the list.

•  Benelux companies chose more Eastern European, African & Middle Eastern countries amongst their top ranked 13 favored Emerging Markets.

•  They also chose three of “The Four Small Dragons”, Hong Kong, Singapore and South Korea.

Question: Which are the top 5 Emerging Markets for your industry over the next 5 years (to 2017)? N=26 (Benelux companies).

Country % 5 Indonesia, Vietnam 23.1% 7 Poland 19.2% 8 Hong Kong 15.4% 8 Turkey 15.4% 10 Argentina 11.5% 10 Malaysia, Thailand 11.5% 10 South Africa, UAE 11.5% 13 Czech Republic/Slovakia 7.7% 13 Egypt, Nigeria, Saudi Arabia 7.7% 13 Singapore/South Korea 7.7%



15% 18% 4%

26%

15% 17%

11%

11% 10%

11%

3%

22% 15% 10%

29%

6% 14% 17%

7%

6% 10% 4%

20%

2%

5% 7% 1%

10%

6% 3% 20% 3%

6% 6%

4%

6%

4% 7%

1%

8%

US HQ European HQ Latin American HQ Asian HQ

Malaysia

South Korea

Chile

Thailand

Argentina

Turkey

Mexico

Vietnam

South Africa

Indonesia

After Indonesia and South Africa, Turkey and Mexico interest US and European companies most

17

Latin American companies focus more on their own home region; Asian companies favor Vietnam


Question: Which are the top 5 Emerging Markets for your industry over the next 5 years (TO 2017)? N=395 (Total): N=95 (US), N=161 (Europe), N=44 (Latin America), N=95 (Asia).

Top 10 Secondary Emerging Markets by Location of Headquarters (2012-2017)



Emerging Markets investment experiences and motivations

(Benelux companies)


70

80

50

60

30

40

10

73% Gain foothold for long term success in large future market

46% Lack of growth/profit in established markets 42% Our customers are there

31% Gain global market share 27% Tap into short/medium term growth/profit

15% Establish low cost supply base

23% CEO/board directive / Diversify risks

Most Benelux companies are investing in Emerging Markets to set up a presence in future major markets

19

Only 15% looked to Emerging Markets as a low cost supply base

Motivations for investing in Emerging Markets


•  Benelux companies’ Emerging Markets strategies are primarily driven by the desire to gain a foothold in future large markets.

•  Capturing lower production costs (15%) has become less important.

•  46% of Benelux companies invest in Emerging Markets due to lack of growth/profit in established markets; 42% have customers in Emerging Markets.

•  31% want to gain global market share in Emerging Markets and 27% wish to tap into short/medium term growth/profit.

•  23% of Benelux companies want to diversify risks and 12% acknowledge their competitors are in Emerging Markets. Question: What are the main reasons for investing in Emerging Markets

for your company? N=26 (Benelux companies).

20

12% Our competitors are there

Experiences & Motivations (Benelux companies)


50%

21%

8%

14%

21%

8%

14%

29%

22%

29%

61% 15% 8%

2012

2014

2017

0%-10% 11%-20% 21%-30% 31%-50% 51%-60% 61%-80% 81%-100%

Proportion of global revenues from Emerging Markets will continue to grow through 2017

20

% Global Revenue from Emerging Markets (2012-2017)

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017.

Question: What % of your company's global revenue do you expect to come from Emerging Markets? N=13 (2012), N=12 (2014), N=13 (2017).



More than 30% of Benelux companies surveyed say they should have adapted to local market conditions

21

Half of the Benelux companies struggle to enter earlier or conduct intelligence/due diligence better

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey,

•  14% of surveyed Benelux companies say they are satisfied with their Emerging Markets strategy. This is higher than the global average (9%).

•  86% would have done things differently with regards to their Emerging Markets strategy.

•  Benelux companies primarily have two main regrets.

•  More than 30% of them would have made greater efforts to enter earlier.

•  18% say they would have conducted intelligence / due diligence better.

Emerging Markets strategy as of 2012

14% Satisfied with strategy

86% Would have done things differently

Question: Which one aspect of your Emerging Markets strategy would you change if you could go back in time, and how? (Will change vs. Will not change) N=22 (Benelux companies).



More than 30% Benelux companies say they should have adapted local market conditions better

22


Aspects Benelux companies (86%) would like to have approached differently

Not conducting intelligence/due diligence better is the second most commonly cited mistake


Question: Which one aspect of your Emerging Markets strategy would you change if you could go back in time, and how? N=22 (Benelux companies).

32%

18%

14%

14%

4%

4%

Adapted better to local market/prices

Conducted better intelligence/due diligence

Entered more quickly

Sought local partners

Built stronger local talent/expertise

Cultivated stronger local relationships (gov't, partners)


Emerging Markets investment experiences and motivations

(All companies)

Technology sector expects the most growth in Emerging Markets, followed by Logistics and Chemical

24

The Resources sector will source the most revenue from Emerging markets; Consumer, Finance and Healthcare the least

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017

Experiences & Motivations (All companies)

17%

19%

19%

35%

15%

15%

13%

18%

20%

24%

24%

29%

25%

45%

18%

21%

19%

27%

32%

30%

36%

38%

37%

53%

26%

28%

27%

37%

48%

41%

2017 2014 2012

Question: What share of your company's global revenue do you expect to come from Emerging Markets? N=277 (2012), N=268 (2014), N=263 (2017).

% Average Global Revenue from Emerging Markets by Industry (2012-2017)


US companies are slightly behind the curve on tapping into Emerging Markets revenues

25

Smaller companies are expecting a greater share of revenue from Emerging Markets than larger ones

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017


Question: What share of your company's global revenue do you expect to come from Emerging Markets? N=256 (Total of 2017): N=86(<0.1 bil Euro), N=62 (0.1 bil-<1 bil Euro), N=108 (=/>1 bil Euro). .

% Average Expected Global Revenue from Emerging Markets (2017)

33%

38%

42%

=/> 1bil Euro

0.1 bil - < 1bil Euro

<0.1 bil Euro

By size of annual revenue

34%

36%

37%

38%

US HQ

Latin American HQ

European HQ

Asian HQ

By location of headquarters

Question: What share of your company's global revenue do you expect to come from Emerging Markets? N=245 (Total of 2017): N=63 (US), N=94 (Europe), N=27 (Latin America), N=61 (Asia).


TOTAL

(N=425) (N=80) (N=58) (N=49) (N=41) (N=39) (N=38) (N=34) (N=24) (N=20) (N=17)

Distribution / access to customers 35% 41% 36% 22% 37% 49% 37% 15% 21% 50% 29%

Adapting to local culture 28% 25% 34% 37% 24% 26% 11% 29% 17% 25% 24%

Building a strong brand 24% 18% 26% 33% 24% 44% 26% 9% 25% 20% 12%

Local partner(s) 24% 20% 19% 37% 32% 15% 29% 21% 21% 15% 12%

Government relations 23% 13% 21% 33% 32% 13% 24% 32% 21% 5% 24%

Pricing 23% 24% 22% 16% 12% 31% 34% 15% 38% 30% 24%

Localized competitive positioning 22% 21% 28% 20% 2% 10% 32% 18% 38% 35% 35%

Product/service quality 21% 21% 21% 20% 27% 21% 24% 12% 4% 35% 29%

Flexibility as the market develops 20% 19% 22% 18% 17% 15% 8% 21% 25% 10% 18%

Localization of products/services 18% 26% 26% 8% 7% 18% 13% 6% 38% 20% 18%

Finding the right talent 18% 16% 16% 18% 12% 13% 18% 24% 21% 15% 12%

Local business relationships/lobbying 17% 16% 12% 22% 17% 13% 11% 21% 13% 20% 18%

Access to customers is the biggest single Emerging Markets success factor across industries

26


Question: In your industry, what 3 key factors will determine which foreign companies succeed in Emerging Markets to 2017? N=425(All companies).


Success Factors for Emerging Markets (2012-2017)

Success Factors

Brand is very important for the Consumer sector; localization least important for the Finance sector


TOTAL

(N=425) (N=80) (N=58) (N=49) (N=41) (N=39) (N=38) (N=34) (N=24) (N=20) (N=17)

Bureaucracy and red tape 35% 23% 34% 41% 46% 44% 29% 50% 13% 20% 41%

Corruption / weak rule of law 33% 29% 33% 37% 41% 26% 39% 44% 21% 10% 18%

Competition from local companies 28% 38% 21% 29% 15% 28% 42% 9% 46% 30% 24%

Competition from other foreign companies 26% 33% 21% 31% 12% 13% 24% 18% 54% 20% 29%

Economic volatility 23% 28% 14% 22% 37% 26% 24% 21% 21% 20% 24%

Regulations and taxes 23% 25% 16% 16% 22% 33% 26% 26% 21% 25% 29%

Lack of local market understanding at HQ 21% 25% 19% 18% 32% 18% 18% 12% 21% 25% 12%

Political risk 20% 23% 16% 10% 24% 18% 5% 38% 8% 35% 29%

Poor infrastructure 19% 19% 24% 16% 20% 15% 13% 15% 8% 30% 35%

Lack of reliable market intelligence 18% 14% 29% 16% 17% 15% 21% 12% 13% 15% 29%

Unreliable local partners 17% 14% 17% 24% 20% 18% 18% 9% 21% 0% 18%

27 Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey. Respondents were allowed to select more than one.


Question: In your industry, what are the 3 biggest threats to succeeding in Emerging Markets in the next 5 years (TO 2017)? N=431(All companies).

Threats in Emerging Markets (2012-2017)

Biggest threat across industries is bureaucracy; competition a concern for Auto and Manufacturing

Threats


China, India and Brazil look good to most industry sectors; Russia has less widespread appeal

28

Healthcare sector is least positive on China, Automotive on India, Energy & Resources on Brazil, and Consumer & Retail on Russia

Top Four Emerging Markets by Industry (2012-2017)


Question: Which are the top 5 Emerging Markets for your industry over the next 5 years? (To 2017) N=427 (All companies).

27% 25% 26% 30% 30% 24% 29% 29% 27% 29%

27% 32% 28% 30% 29%

24% 29% 23% 31% 21%

19% 15% 16% 13% 12%

21% 17%

21% 16%

21%

27% 28% 30% 27% 29% 31% 25% 27% 26% 29%

Brazil Russia India China



Vietnam stands out for Consumer, Logistics and Resources sectors, Mexico for Healthcare

29

Chemical sector very focused on Indonesia and South Africa, Consumer & Retail on SE Asia



Question: Which are the top 5 Emerging Markets for your industry over the next 5 years (TO 2017)? N=427 (All companies).

Top 10 Secondary Emerging Markets by industry (2012-2017)

21% 18% 16% 20% 21% 12% 16% 16%

27% 21%

18% 15%

12%

20% 6%

14% 18% 19%

27%

8%

14% 15%

14%

7% 20%

3%

18% 6%

14%

21%

10% 15% 14%

10% 12%

20%

12%

13%

4%

4%

14% 8%

10% 12% 11%

17%

6% 16%

8%

8%

5% 8%

8% 6% 3% 14% 6% 3%

5%

8%

4% 5% 9% 6%

3%

8% 8%

6%

5%

14%

6% 8% 2% 6%

8%

4% 6%

9%

5% 8%

3% 6% 9% 3% 12% 1% 6% 6%

4% 5% 2% 6% 10%

4% 7% 4% 6% 5% 4%

South Korea Malaysia Thailand Chile Argentina Turkey Mexico Vietnam South Africa Indonesia



Emerging Markets intelligence


Almost 40% of Benelux companies find decision making is delayed because of lack of information

31


Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, N=431.

•  Benelux companies appreciate the value of market intelligence, with 84% saying that accurate market sizing and growth estimates are critical to their Emerging Markets Strategy.

•  65% use market intelligence to support their decisions on Emerging Markets, versus a global average of 55%.

•  However, Benelux companies appear to lack readily available Emerging Markets information more than their global peers. 65% say that information on Emerging Markets is not readily available in their organizations, compared to the global average of 53%.

•  Meanwhile, 39% say lack of intelligence about Emerging Markets delays their decision making, compared to the global average of 48%.

•  And 77% doubt the accuracy and completeness of the information.


42%

6%

3%

6%

44%

18%

10%

22%

9%

23%

12%

24%

4%

38%

40%

34%

1%

15%

35%

14%

34%

0%

0%

4%

50%

23%

8%

19%

8%

12%

15%

19%

4%

50%

50%

42%

4%

15%

27%

16%

Accurate market sizing and growth estimates are critical for our Emerging Markets strategy

Information on Emerging Markets is always readily

available in our organization

Inaccurate or incomplete information about Emerging Markets is never a problem

Large volumes or overflow of information about Emerging Markets is never a problem

Strongly agree Somewhat agree Neither agree or disagree Somewhat disagree Strongly disagree

32

Information on Emerging Markets

Benelux companies All companies

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, Benelux companies = 26. All companies = 431.

Benelux companies lack readily available Emerging Markets information more than global peers 65% say such information is lacking, compared to 53% globally on average



18%

17%

4%

37%

33%

18%

21%

31%

30%

17%

17%

38%

7%

2%

10%

19%

4%

4%

46%

42%

15%

12%

27%

42%

19%

27%

35%

4%

0%

4%

All executive decisions on Emerging Markets are supported

by market intelligence

Executive decision making is very efficient in our Emerging Markets

organization

Our decisions are never delayed because we are missing

information about Emerging Markets

Strongly agree Somewhat agree Neither agree or disagree Somewhat disagree Strongly disagree

33

Decision making on Emerging Markets

Benelux companies All companies

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, Benelux companies = 26. All companies = 431.

39% say that lack of information delays decisions This is likely to be one underlying factor behind strategic mistakes made in Emerging Markets



Appendix: Survey Respondents

26 large and mid-sized Benelux companies took part in the survey Over 70% have at least 1,000 employees

35 Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, N=26 (Benelux companies).

24%

20%

24%

12%

20%

< $0.13 bil/0.1 bil Euro

$0.13-<$1.3 bil/0.1-<1 bil Euro

$1.3-<$6.5 bil/1–<5 bil Euro

$6.5-<$13 bil/5-<10 bil Euro

=/> $13 bil/10 bil Euro

% of respondents by annual revenue


36

Companies taking part in the survey represented a wide spread of industry sectors

23%

15%

15%

11%

8%

8%

4%

4%

4%

4%

4%

Manufacturing & Industrial

Chemicals

Professional & Business Services

Consumer & Retail

Financial Services

Logistics & Transportation

Automotive

Construction & Property Development

Pharmaceuticals & Healthcare

Telecommunication, Technology & Media

Others

% of respondents by industry

Source: Global Intelligence Alliance, Business Perspectives on Emerging Markets 2012-2017 Survey, N=26 (Benelux companies). www.globalintelligence.com


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business perspectives on emerging markets 2012-2017 · q1, 2012 teledensity (wireless) q1, 2012 250...

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