Commerce leads franchise trade mission to India
U.S. Commerce Department's International Trade Administration will offer the country's first franchising trade mission to India, April 10-15.
The mission will enable 15 participating companies to meet and interact with prospective Indian partners during stops in Mumbai, Hyderabad and New Delhi.
'Many of the companies participating in this mission are strong, globally recognized brands and are well sought-after in many markets,' said Nicole Y. Lamb-Hale, assistant secretary for manufacturing and services, who is leading the trade mission.
Participating companies include Applebee's International of Lenexa, Kan.; Denny's Restaurant in Spartanburg, S.C.; Johnny Rockets in Aliso Viejo, Calif.; Wendy's Arby's International of Atlanta; Rita's Italian Ice of Trevose, Pa.; and RadioShack Corp. in Fort Worth, Texas.
The Indian market has experienced a significant increase in consumption. The franchise market in India is estimated to be worth $3.3 billion, with an annual growth of 30 percent. The market is expected to reach $20 billion by 2020.
More than 700 franchise systems are already operating in India, and nearly 10 percent are led by international companies, according the Commerce Department.
India is also the United States' 12th-largest trading partner and total trade increased by 30 percent to $48.7 billion in 2010. U.S. exports to India last year were $19.2 billion, an increase of 17 percent from the previous year.