Wal-Mart Store Inc CEO Optimistic About Developing India Business
Wal-Mart Store Inc is the world's largest retailer and Wal-Mart Store Inc chief executive said Monday that the company began to invest direct foreign investment (FDI) in India's multi brand retailing industry.
He said WAL-MART is actively negotiating with the India side. The joint venture between the company and the company will complete the company's plan in India according to the possible changes in India's foreign investment policy.
The retail market in India is 450 billion US dollars, while the organized retail industry accounts for only 6%. The India retail market is basically closed to foreign companies. It favors small shops, provides livelihoods for hundreds of thousands of people, and provides services for more than 1 billion people.
Duke, chief executive of WAL-MART, said that because Christmas Day is coming, he is optimistic about WAL-MART's business in the United States. Compared with 2009, the company has taken positive measures.
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India currently limits the proportion of foreign direct investment in single brand stores to 51%, while the direct foreign investment of multi brand retailers is restricted to cash self shipping stores or wholesale stores.
Metro (Metro AG) opens a cash self shipping store in India, while French retailer Carrefour is planning to build a wholesale store.
Transnational retailers such as WAL-MART have entered into controversy in India. India's left side is opposed to opening up retail businesses, and small traders fear losing their jobs.
Analysts say that opening up retail businesses to foreign direct investment can help create thousands of jobs and curb food price inflation by restricting domestic waste. At least 40% of domestic production is wasted due to insufficient storage and transportation capacity in India.
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