Xiaomi In No Hurry For International Expansion

TESTCOO/October 22, 2021


Chinese cell phone organization Xiaomi is not rushing to grow globally and will invest into the overseas markets bit by bit, the organization’s CEO said Monday.

“It requires investment and assets to find out about and enter another market because of various social, legitimate and business situations, and rushed development will bring about into numerous issues,” Xiaomi’s board director and CEO Lei Jun said at the sidelines of the progressing yearly session of China’s national lawmaking body, the National People’s Congress (NPC). 
The tech firm began overseas development three years back and is presently offering items in more than 20 nations and districts around the world. It took Xiaomi two years to wind up distinctly one of the main five cell phone marks in India, its biggest overseas market, which acquired offers of around 1 billion U.S. dollars in 2016. “India sets a decent case whose experience can be partaken in venturing into different nations, and Xiaomi will begin from neighboring markets and afterward go for western ones,” Lei said. 
Lei, who is representative to the NPC, trusts that the China-proposed Belt and Road Initiative offers great open doors for Chinese tech firms to extend overseas by helping different nations create IT foundation. To make Chinese tech firms’ overseas extension less demanding, Lei proposed that Chinese specialists could set up particular workplaces in outside nations to offer lawful, social and business counseling administrations and help connect participation with remote markets. 
“In five to ten years, China’s cell phone brands will gain worldwide prominence with items highlighting great quality, benefit and sensible value,” Lei added.