Grand Rapids, US: Buoyed by the success of its Indian venture, the $8 billion-company Amway wants the country to be among its top five business centres in the world in the next five years.
“I want India to move to among top five overseas markets of the company in the next five years,” Amway chairman Steve Van Andel told the visiting reporters at the company’s headquarters.
At present the top five markets of Amway, a direct selling company, include the US, China, Japan, South Korea and Russia with all having sales of over $1 billion.
“Let us see, India bumps out which market,” Van Andel said while suggesting that India should frame laws for direct selling companies to ensure growth of person-to-person selling of products and also to effectively check fraudulent pyramid schemes.
Having started operations in India in 1998, Amway has about 5 lakh individual business owners. The company which sells over 100 products through individuals recorded sales of Rs300 crore in 2008.
As regards the investments for expanding business in the country, the Amway chief said the company would make available resources for manufacturing products not only for the Indian consumers but also for other markets.