Wednesday, March 27, 2013

1.4 billion people mature: the China market for healthcare

Idaho Gov. Butch Otter
 Idaho brands like Simplot and Micron have benefited from the emergence of China as a global economic giant.  Idaho's exports to China have risen from $700 million in 1987 to more than $5 billion today across all sectors.

But what are the new opportunities for Idaho businesses to grow dramatically as the nation of 1.4 billion people matures.

"China is moving from being the world factory to being the world market," said Manuel Menendez, a businessman who has been making deals in China for 30 years.

This shift, along with huge wealth accumulated by individual Chinese, will help nearly every segment of Idaho's economy – including health care.

Menendez was the keynote speaker at a one-day China Business Summit I attended last month in Boise. It was sponsored by the state and several Idaho businesses. I joined business executives from around Idaho to hear how to integrate China trade into our brand strategies.

Gov. Butch Otter opened the session, sharing advice he has gained from visits to 83 countries in 18 trade missions since 1987. Both he and Menendez spoke of the importance of having partners in China who know the country, and the cultural and political landscapes.

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