World Economic Forum: Asian Leaders Discuss Emerging Era of Huge Consumption
Jan 30, 2013
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Despite ongoing global concern over the state of the world economy, many Asian financial watchers are quite optimistic about the future. They expressed that optimism at a recent panel hosted by the Confederation of Indian Industry and The Boston Consulting Group (BCG), during the January 2013 World Economic Forum annual meeting in Davos, Switzerland.

In general, panelists see great potential for global prosperity coming from the rise of emerging nations.

Among the speakers was Adi Godrej, president of the Confederation of Indian Industry and chairman of the Godrej Group (Mumbai). The group is one of India's largest conglomerates, and it includes the appliance business Godrej & Boyce. Adi Godrej pointed out that explosive growth of Asia's consumer class is creating a massive market for a wide range of goods. But the diverse nature of the consumers requires global companies to develop highly tailored strategies and approaches.

One example, Adi Godrej said, was the ChotuKool refrigerator (pictured) from his own company. Edison Awards - which gave the appliance a Social Impact Gold Award in 2012 - called it a "disruptive innovation aimed at meeting the daily food and beverage cooling needs of the 80% of the world population that lacks refrigerators."

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