Hindustan Times: January, 2004
The Delhi-based International Trade and Exhibition (ITE) group plans to open an office in London next month with an initial investment of US$1 million followed by offices in the US, Canada and Bangkok.
Organizers of exhibitions across the country, ITE aims to unleash the hidden potential of the domestic market abroad through its proposed offices and associates. "With the prime objective of letting the outside world know about the real potential of the Indian market, we have decided to open our offices abroad," ITE managing director Mukesh Sharma said.
He said these offices would be 100 percent-owned subsidiaries of ITE India and initially the London office, space for which has already been acquired, would employ about eight to 10 people. The offices abroad would be headed by an Indian but the rest of the employees would be locals, he said.
The Bangkok office would be a representative office to begin with. "Having tried various forms of partnerships like joint ventures and international marketing agents we have not been able to get the desired overseas participation," Sharma said.
"As financial interests are limited, there has been a lack of commitment from foreign associates which ultimately hampers the interest of Indian exhibitors." ITE said it will analyze the markets for the kind of products that would be well accepted well.