India's economy is the 7th largest in the world by Nominal GDP and the third largest by Purchasing Power Parity (PPP). In Q4 of 2014, India became the leading growth engine in emerging Asia, expanding faster than China. India is classified as a newly industrialised country and is one of the G-20 major economies.
Managing Director Raymond van der Loos acknowledges opportunities in India. "Due to India's new government and the increasing number of new investors and businesses, India's average growth rate has accelerated to 7%. This suggests a growing range of opportunities for local and foreign businesses to participate in India's economy."
With the opening in Mumbai, Atradius Collections is now able to provide full services locally. In Asia Pacific, the company also has offices in Australia, China, Hong Kong and Singapore.
Global reach and knowledge, local service
Doing business in India can sometimes be challenging as you need to fully understand the business environment and the legal differences. Therefore, a physical presence and local knowledge are crucial to understanding the rules of collecting debts in India. "India is a large country. We have a strong team of experts in Mumbai with the right background and knowledge. With the help of our extensive network, we can visit debtors across the country," says Raymond van der Loos.
Building relationships and understanding the local culture and language are important in doing successful business. Being close to the customers enables Atradius Collections to maintain positive interpersonal relationships with the debtors. "Our local presence enables us to more easily contact, negotiate with and convince Indian debtors to pay both for overseas and domestic companies," states Vikas Malik, the Head of Operations at the Mumbai office.
Payments in India are being delayed to keep money in the company and to avoid borrowing from banks due to the high interest rate, which might lead to an increase in non-payments and insolvencies. Consequently the added value of helping international customers locally is prominent.
For more information about the new office in India please visit http://www.atradiuscollections.com.
About Atradius Collections
Through a presence in 25 countries, Atradius Collections provides trade invoice collection services in 96% of the countries across the world. Its wide breadth of services, ranging from first party to legal collections, helps companies around the globe recover unpaid invoices. Atradius forms part of Grupo Catalana Occidente (GCO.MC), one of the leading insurers in Spain and worldwide in credit insurance.