The China-proposed Belt and Road (B&R) initiative offers opportunities for the international growth of Chinese brands, leading global performance management company Nielsen said on Tuesday.
"As a new driver of globalization, the B&R initiative is helping companies stretch their international horizons and grow," said Zhao Xinyu, president of Nielsen China, at the Chinese Brand Global Strategic Development Forum organized by Nielsen with the support of the China International Council for the Promotion of Multinational Corporations (CICPMC).
Zhao said that smartphones, vehicles, e-commerce and fast-moving consumer goods are four areas that can be expected to show really fast growth.
He noted that Nielsen branches have a huge presence in countries and regions along the B&R routes.
Meng Xiaosu, vice chairman of the CICPMC, told the Global Times on Tuesday that the B&R initiative is more targeted than earlier initiatives.
"The B&R markets are fast-growing emerging markets with huge growth potential due to their developmental stages," Meng said.
Managing directors from Nielsen offices in Egypt, Indonesia, the Philippines and Turkey shared their insights on consumption trends in various markets and suggestions on how to succeed.
Nearly all those countries have young populations and fast growth rates.
"Currently, Lenovo and Huawei are the most recognized brands in Turkey," Didem Sekerel Erdogan, managing director of Nielsen Turkey, told the Global Times Tuesday.
"We see a concentration of Chinese companies in the technology, telecommunications and infrastructure sectors, but we expect more Chinese brands in the retail and e-commerce sectors to enter Turkey very soon. There are strong brands in such sectors in China."
Choosing the right niche market and local partners are key approaches in companies' localization strategy, experts from Nielsen said.
According to Nielsen, even though the B&R initiative means great opportunities for companies, huge differences in political, economic, cultural and legal systems of various markets must be taken into account.