A Largely Untapped Market: India could represent 1.3 billion new customers.

• Author: Salov, Alex
• Position: INTERNATIONAL TRADE SPECIAL SECTION / EMERGING MARKET

Alex Salov is the business operations manager of World Trade Center Anchorage and has been working at the center since 2004; he holds a master's degree in global supply chain management from the University of Alaska Anchorage.

What comes to mind when someone hears the word "India"? A large country located very far from Alaska. A very populous country home to millions of poor farm workers. At the same time, India also home to millions of highly skilled IT professionals. Many college students encounter professors from India who teach a spread of subjects at major American universities. And last but not least, the Taj Mahal is a major travel destination for many Western tourists. The above statements paint a multifaceted image of India.

But what about India/Alaska relations? The current trade between India and Alaska is very low: India is Alaska's 48th trading partner with $769,000 in exports (placed between Israel, 47th, and Romania, 49th). Current trade commodities include chemicals, electrical and transportation equipment, and waste and scrap. However, there are many opportunities for this trade to grow, and Alaska's business and government leaders need to take a closer look at India and learn more about this potential new partner for Alaska.

India's Socioeconomic State

India's landmass is about one third of the US territory, but it has three times more population than the United States--1.3 billion people, approximately one fifth of the world's population. By 2024, India is on track to become the world's most populous nation, surpassing China. One-third of India's population is below the age of eighteen, and the median age is twenty-seven. A similar trend was true about China several decades ago; however, today the median age in China is thirty-eight years old. Nearly 70 percent of Indians live in rural areas, but this number decreases every year.

The country has twenty-two official languages, many religions, and is the world's second largest English-speaking country (125 million people) just behind the US. India is a parliamentary democratic republic and it attained independence from Great Britain in 1947.

Today India consists of twenty-nine states and seven union territories. India's strong political system is an important factor for potential foreign investors--in 2016 it was the world's top investment destination. Another factor that is often mentioned in India-related articles is that India has one of the world's most extreme income...