Analysis of Success Factors for Overseas Markets (for Zinc)

29
6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU =LQF0D\SDJHV S $QDO\VLVRI6XFFHVV)DFWRUVIRU 2YHUVHDV0DUNHWVIRU]LQF 5HSRUWSURGXFHGWRFRPSO\ZLWKFRPSOHWLRQ RI3KDVHRIWKH6HFWRU3DUWQHUVKLSRIWKH 6RXWK$IULFDQ=LQF'HYHORSPHQW,QLWLDWLYH 5RE:KLWH0D\

Transcript of Analysis of Success Factors for Overseas Markets (for Zinc)

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 1/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

$QDO\VLVRI6XFFHVV)DFWRUVIRU

2YHUVHDV0DUNHWVIRU]LQF

5HSRUWSURGXFHGWRFRPSO\ZLWKFRPSOHWLRQ

RI3KDVHRIWKH6HFWRU3DUWQHUVKLSRIWKH

6RXWK$IULFDQ=LQF'HYHORSPHQW,QLWLDWLYH

5RE:KLWH0D\

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 2/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

7$%/(2)&217(176

(;(&87,9(6800$5< S

,1752'8&7,21 S

:25/':,'(&2168037,213$77(516 S

*HQHUDOUHJLRQDO&RXQW\]LQFFRQVXPSWLRQSDWWHUQV S

5HJLRQDO&RXQWU\IDFWRUVDIIHFWLQJ]LQFFRQVXPSWLRQ S

6RXWK$IULFD S

'LDPRQGVRIVLPLODULW\ S

68&&(66)8/0$5.(7,17(59(17,216 S

&RPSDULVRQRIGHYHORSLQJFRXQWULHV S

/DWLQ$PHULFD S ,QWURGXFWLRQ S

'LH&DVWLQJ S

&RUURVLRQ,QIRUPDWLRQ S

,QGLD S

,QWURGXFWLRQ S

'LH&DVWLQJ S

*DOYDQL]LQJ S

5XVVLD S

,QWURGXFWLRQ S

'LHFDVWLQJ S

*DOYDQL]LQJ S

'LH&DVWLQJ± *HQHUDO&RPPHQWV S

&RQWLQXRXV*DOYDQL]LQJ± *HQHUDO&RPPHQWV S

*HQHUDO*DOYDQL]LQJ± *HQHUDO&RPPHQWV S

,=$7RRONLW S

&21&/86,216$1'5(&200(1'$7,216 S

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 3/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

/,672)),*85(6

=LQF&RQVXPSWLRQDQG(FRQRPLF*URZWK

=LQF&RQVXPSWLRQDQG(FRQRPLF*URZWKLQ6RXWK$IULFD

)LUVWXVHU]LQFGHPDQGSHUFHQWDJHVIRU6RXWK$IULFDYHUVXV:RUOG

$YHUDJH &RPSDULVRQRIWUHQGJURZWKVWR6RXWK$IULFDYHUVXVWKH

ZRUOG

)LUVWXVHUGHPDQGFKDQJHVLQ6RXWK$IULFDDQGWKHZRUOG

%DVLFFRPSHWLWLYHPRGHOZLWK6RXWK$IULFD VXPPDU\

3HUFDSLWDFRQVXPSWLRQRIDOXPLQLXPVWDLQOHVVVWHHODQG]LQFIRU

YDULRXVFRXQWULHV

3ULFHPRYHPHQWVIRUDOXPLQLXPFRSSHUDQG]LQF

(FRQRPLFSURILOHFRPSDULVRQVIRUYDULRXVFRXQWULHV

:HVWHUQZRUOGXVHRIFRDWHGVKHHW

7KH(8PDUNHWIRUJDOYDQL]HGVKHHW 7RQQHVRIVWHHOSHU$XVWUDOLDQKRXVH

7KH(8PDUNHWIRU*HQHUDO*DOYDQL]LQJ

/,672)7$%/(6

)LUVWXVHRIJDOYDQL]LQJ± 6RXWK$IULFDYHUVXVZRUOGQRUPV

3UHGLFWHGJURZWKUDWHVRI]LQFGHPDQG

)LQDOGHPDQGIRU]LQF

6RPHHVWLPDWHG]LQFFRQVXPSWLRQEHQFKPDUNVIRUYDULRXVUHJLRQV

*URZWKUDWHVLQ]LQFFRQVXPSWLRQIRUVHOHFWHGFRXQWULHV]LQFXVDJHDQG

*'3

&RVWFRPSDULVRQEHWZHHQJHQHUDOJDOYDQL]LQJDQGKHDY\GXW\FRDWLQJLQ

$XVWUDOLDDQG6RXWK$IULFD

&RVWSURILOHVIRUJHQHUDOJDOYDQL]LQJIRUYDULRXVFRXQWULHV

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 4/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

(;(&87,9(6800$5<

7KH6RXWK$IULFDQPDUNHWIRU]LQFKDVVKRZHGORZRU]HURJURZWKRYHUDQH[WHQGHG SHULRG,WLVFOHDUWKDW]LQFFRQVXPSWLRQLVUHODWHGWRHFRQRPLFJURZWKDQGWKLVLVFOHDUO\GHPRQVWUDWHGZKHQFRPSDULVRQVDUHPDGHZLWKZRUOGJURZWKILJXUHV7KHILUVW

XVHUFRQVXPSWLRQSDWWHUQVLQ6RXWK$IULFDPLUURUWKDWRIRWKHUGHYHORSLQJ]LQFPDUNHWVZLWKDGLVSURSRUWLRQDWHFRQVXPSWLRQSHUFHQWDJHEHLQJWDNHQE\WKHJDOYDQL]LQJLQGXVWU\,QWKHWUDQVSRUWPDUNHWVHFWRUPDUNHWSHQHWUDWLRQLQ6RXWK$IULFDLVSDUWLFXODUO\ZHDN7KLVVHFWRULVODUJHO\VHUYHGE\WKHJDOYDQL]LQJDQGGLHFDVWLQJLQGXVWULHVDQGDVPHQWLRQHGLQWKH6HFWRU$QDO\VLV5HSRUWWKHODWWHUVHFWRUDSSHDUVZHDN

6WUXFWXUDOLVVXHVLQ6RXWK$IULFDVXFKDVSRRULQGXVWU\FRRSHUDWLRQWKHQHHGWRVXUYLYHDWRPHQWDOLW\LQPDQ\VPDOOFRPSDQLHVORZVNLOOVDYDLODELOLW\DQGDQXQGHPDQGLQJFRQVXPHUQRGRXEWUHIOHFWLQJRYHUDOOSRYHUW\OHYHOVKDYHPHDQWWKDWIHZFRPSDQLHVKDYHEHFRPHZRUOGFODVV7KXVWKHUHKDVEHHQDQHPSKDVLVRQ

FRPPRGLW\H[SRUWVZKLOVWJRYHUQPHQWKDVIRFXVHGXSRQWHFKQRORJ\8QIRUWXQDWHO\WKLVKDVOHIWWKHPDQXIDFWXULQJEDVHZHDNHQHG7KLVKDVEHHQUHFRJQLVHGUHFHQWO\E\JRYHUQPHQWDQGQHZLQLWLDWLYHVDUHXQGHUUHYLHZ

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

7KH,=$PDUNHWLQJSURJUDPPHVZRUNWKURXJK0DUNHW'HYHORSPHQW&RPPLWWHHV7KHUHDUHWKUHHVXFKFRPPLWWHHVIRFXVLQJXSRQ&RQWLQXRXV*DOYDQL]LQJ*HQHUDO*DOYDQL]LQJDQG'LHFDVWLQJ,Q&RQWLQXRXV*DOYDQL]LQJIRFXVKDVEHHQXSRQWZRPDUNHWVHFWRUVDXWRDQGFRQVWUXFWLRQ,QWKHILUVWVHFWRUVXFFHVVKDVEHHQSDUWLFXODUO\VDWLVI\LQJDQGWKHUHLVDPRYHZRUOGZLGHWRZDUGVWKHXVHRI&RQWLQXRXV*DOYDQL]LQJ

IRU³ERG\LQZKLWH´SDUWV7KHDXWRPDQXIDFWXULQJLQGXVWU\LQ6RXWK$IULFDLV SDUWLFXODUO\ZHOOGHYHORSHGDQGDOWKRXJKDOOVSHFLILFDWLRQVFRPHIURPRYHUVHDVORFDOLQGXVWU\VWDQGVWRJDLQIURPWKH,=$LQLWLDWLYHVSURYLGLQJWKDWZRUOGFODVVLQSXW

 SURGXFWLVDYDLODEOH*HQHUDO*DOYDQL]LQJLQLWLDWLYHVKDYHIRFXVHGXSRQSURPRWLRQWHFKQRORJ\WUDQVIHUDQGWUDLQLQJ,QGHYHORSLQJUHJLRQVWKHVLQJOHPRVWLPSRUWDQWPDUNHWLVWKDWRIHOHFWULFLW\WUDQVPLVVLRQ7KLVKDVEHHQZLGHO\VXFFHVVIXOLQ6RXWK$IULFDDOVREXWVLJQLILFDQWRSSRUWXQLWLHVH[LVWLQVXE6DKDUDQ$IULFD$OWKRXJKWKH*HQHUDO*DOYDQL]LQJPDUNHWLQ6RXWK$IULFDKDVJURZQLWLVFOHDUWKDWWKLVKDVEHHQVPDOOLQWHUPVRISRWHQWLDO,QWKHGHYHORSHG86$IRUH[DPSOHWKHPDUNHWKDVJURZQ

 E\RYHUWKHSDVWGHFDGH7KHUHLVDOVRDPRYHWRPRUH³XSPDUNHW´SURGXFWVVXFKDVVWUHHWIXUQLWXUH)RFXVLQJXSRQGHYHORSLQJQDWLRQVVLPLODUWR6RXWK$IULFD

FRQFHUQVDUHH[SUHVVHGUHJDUGLQJGHOLYHU\DQGRYHUDOOSRRUFRQILGHQFHLQWKHLQGXVWU\$OWKRXJKLQ6RXWK$IULFDWKH6HFWRU$QDO\VLV5HSRUWVKRZHGWKDWPDUNHWVKDUHZDV

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 5/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

PRYLQJDZD\IURPSDLQWLQJWRZDUGVJDOYDQL]LQJIDEULFDWRUFRQFHUQVZLWKWKHLQGXVWU\SHUVLVW$EULHIHFRQRPLFDQDO\VLVRILQGXVWU\VWUXFWXUHFRVWVDQGFRPSHWLWLRQVKRZVQRDQRPDOLHVLQWKH6RXWK$IULFDQ*HQHUDO*DOYDQL]LQJLQGXVWU\,=$WHFKQRORJ\WUDQVIHUSURJUDPPHVDQGWUDLQLQJLQSDUWLFXODUDUHQHHGHGIRUERWKJDOYDQL]HUDQGXVHU7KH'LHFDVWLQJLQGXVWU\LQ6RXWK$IULFDUHTXLUHVPDMRU

LQWHUYHQWLRQ,QGHYHORSLQJQDWLRQVWKH,=$KDVLGHQWLILHGODFNRIWHFKQRORJ\DQGVHUYLFHLVVXHVDVPDMRULPSHGLPHQWVWRGHYHORSPHQW7KHVHKDYHEHHQDGGUHVVHGWKURXJKWKHSURGXFWLRQRIWUDLQLQJPDWHULDODQGSURJUDPPHVWRIRVWHUSDUWQHUVKLSV7KHVHFDQEHHPXODWHGORFDOO\

)LQDOO\WKHUHLVDQRYHUDOOODFNRIDZDUHQHVVRI]LQFE\WKHJHQHUDOSXEOLF:KLOVWLWZRXOGEHXQZLVHWRGHYHORSDEURDGSURPRWLRQFDPSDLJQDSURPRWLRQSURJUDPPHUHIHUULQJEDFNWRWKH,=$6$DVDVHUYLFHFHQWUHDQGSURPRWLRQSURJUDPPHVIRFXVLQJXSRQVSHFLILFSURMHFWVVKRXOGEHGHYHORSHG7KH,=$KDVQXPHURXVSXEOLFDWLRQVDQGRWKHUPDWHULDOWRDVVLVWLQWKLVSURFHVV

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 6/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

,1752'8&7,21

7KHIRFXVRIWKLVUHSRUWLVRQWKH'HPDQGVLGHRIWKH]LQFPDUNHW6XSSO\VLGHDQDO\VLVLVDYDLODEOHIURPPDQ\VRXUFHVHJ6WG%DQN0HWDO%XOOHWLQHWF

7KH,=$KDVLGHQWLILHGWKHWKUHHPRVWLPSRUWDQWPDUNHWGHYHORSPHQWVHJPHQWVDVJHQHUDOJDOYDQL]LQJFRQWLQXRXVJDOYDQL]LQJDQG]LQFGLHFDVWLQJ'LIIHUHQWUHJLRQV

 SUHVHQWGLIIHUHQWRSSRUWXQLWLHVDQGUHTXLUHGLIIHUHQWPHWKRGVRIWDUJHWLQJPDUNHW SRWHQWLDO

,QJHQHUDOJDOYDQL]LQJWKH%XLOGLQJDQG&RQVWUXFWLRQDQGWKH6WUHHWDQG2XWGRRUIXUQLWXUHVHFWRUVKDYHEHHQLGHQWLILHGDVRIIHULQJWKHJUHDWHVWJURZWKRSSRUWXQLWLHV,Q(XURSHIRFXVKDVEHHQRQWKHGHYHORSPHQWRILQIRUPDWLRQEURFKXUHVDIWHUFDUU\LQJRXWDQHHGVDQDO\VLVRIWKHIDEULFDWLRQPDUNHW7KH86IRFXVLVRQWKHGHYHORSPHQWRIWKHJDOYDQL]HGVWHHOSROHPDUNHWDVUHSODFHPHQWIRUDOWHUQDWLYHV\VWHPV7KLVPDUNHWLQJHIIRUWKDVDOVREHHQWDLORUHGWRUDLVHSHUFDSLWDFRQVXPSWLRQRI]LQFWRGHYHORSHG

ZRUOGYDOXHV

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

%RWKWKHDERYHPDUNHWGHYHORSPHQWSURJUDPPHVDUHWDUJHWLQJVSHFLILFLQGXVWULHVVXFKDVWKHDXWRPRWLYHPDUNHW/LJKWZHLJKWKLJKVWUHQJWKVWHHOLVSURYLGLQJJRRGRSSRUWXQLWLHVIRU]LQFFRDWLQJVLQDPHOLRUDWLQJWKHFRUURVLRQULVN,/=52WHFKQLFDOVXSSRUWWKURXJKWKHJDOYDQL]HGDXWRERG\SDUWQHUVKLSLVSURYLGLQJYDOXDEOHLQVLJKWLQWKHQHHGGHOLYHUDEOHVUHTXLUHGRIWKHJDOYDQL]LQJLQGXVWU\WRPHHWWKLVRSSRUWXQLW\

7KHPDUNHWGHYHORSPHQWSURJUDPPHWDUJHWLQJ'LH&DVWLQJKDVIRFXVHGXSRQWKH SURYLVLRQRILQGHSWKWHFKQLFDOVXSSRUWIRUWKHGLHFDVWLQJLQGXVWU\$JDLQ,/=52LV SURYLGLQJYDOXDEOHUHVHDUFKGDWDRQQHZJHQHUDWLRQ]LQFGLHFDVWLQJV,QFLGHQWDOO\WKH&6,5LV LQYROYHGZLWKWKLVSURJUDPPH

,QDOOWKHDERYHIRFXVDUHDV:RUOG&RPPLWWHHVKDYHEHHQVHWXSWRHQVXUHWKDWLQIRUPDWLRQLVJOREDOO\WUDQVIHUDEOH7KHSULPDU\REMHFWLYHRIWKH,=$0DUNHW'HYHORSPHQWSURJUDPPHLVWRUDLVHWKHJOREDOFRQVXPSWLRQRI]LQFE\ WRQQHV

 SHUDQQXPRYHUDQGDERYHQDWXUDOJURZWKGXHWRHFRQRPLFH[SDQVLRQ

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 7/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

:25/':,'(&2168037,213$77(516

*HQHUDO5HJLRQDO&RXQWU\]LQFFRQVXPSWLRQSDWWHUQV

,QJHQHUDO]LQFFRQVXPSWLRQKDVEHHQVKRZQWREHUHODWHGWRHFRQRPLFJURZWK7KLV

LVFOHDUO\GHPRQVWUDWHGE\UHIHUHQFHWR)LJXUH VKRZLQJFRQVXPSWLRQDQGHFRQRPLFJURZWKDVPHDVXUHGE\LQGXVWULDOSURGXFWLRQ VLQFH

           

           

          

           

           

           

           

          

           

           

           

           

          

           

           

            

\HDU 

    D    Q    Q    X    D     O

         F

     K    D    Q    J    H

2(&',3

ZHVWHUQ]LQFFRQVXPSWLRQ

)LJXUH=LQF&RQVXPSWLRQ(FRQRPLF*URZWK VRXUFH6WDQGDUG%DQN

$VLPLODUSLFWXUHHPHUJHVIRUWKHGHPDQGIRU]LQFLQ6RXWK$IULFD )LJXUH

\HDU 

    D    Q    Q    X    D     O

         F

     K    D    Q    J    H

]LQFRUORFDOVDOHV

*'36$

)LJXUH=LQF&RQVXPSWLRQDQG(FRQRPLF*URZWKLQ6RXWK$IULFD

$FFRUGLQJWRWKHSUHVVUHOHDVHE\WKH,/=6*2FWREHULWLVDQWLFLSDWHGWKDWDOWKRXJKXVDJHRIUHILQHG]LQFPHWDOZLOOGHFUHDVHLQE\JOREDOO\DQGE\

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 8/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

LQWKH:HVWDQLQFUHDVHLVDQWLFLSDWHGRIDQGUHVSHFWLYHO\IRU5HJLRQDOO\WKHIDOOLQZLOOEHJUHDWHVWLQWKH86$PDLQO\LQWKHFRQVWUXFWLRQDQGDXWRVHFWRUV:LWKLQFUHDVHG&KLQHVHFRQVXPSWLRQ$VLDQJURZWKZLOOEHRIWKHRUGHURILQ

)LUVWXVHUPDUNHWGHPDQG6RXWK$IULFDDQGJOREDOO\LVVKRZQLQ )LJXUH

)LJXUH )LUVWXVHU]LQFGHPDQGSHUFHQWDJHVIRU6RXWK$IULFDYHUVXV:RUOG

$YHUDJH\HDU

,QJHQHUDOLWKDVEHHQQRWHG5RVNLOOWKDWWKHVPDOOHUWKHPDUNHWWKHKLJKHUWKH SHUFHQWDJHFRQVXPSWLRQDFFRXQWHGIRUE\JDOYDQL]LQJ,WDO\DQG&KLQDDUHWKHRQO\PDUNHWVZRUOGZLGHZKHUHJDOYDQL]LQJLVQRWWKHODUJHVWQDWLRQDOPDUNHW,WDO\LVGRPLQDWHGE\WKHEUDVVDQGEURQ]HPDUNHW&KLQDE\WKHVHPLVPDUNHW$VFDQEHVHHQIURPWKHFRQVXPSWLRQILJXUHV6RXWK$IULFDILWVLQZLWKWKHGHVFULSWLRQRIEHLQJDVPDOOXQGHUGHYHORSHG"PDUNHWZLWKRYHURIORFDO]LQFFRQVXPSWLRQLQWKHJDOYDQL]LQJPDUNHW

$QRWKHUREVHUYDWLRQLVWKDWW\SLFDOO\RIJDOYDQL]LQJLVXVHGLQJHQHUDOJDOYDQL]LQJUDWKHUWKDQVKHHWVWULSZLUHSLSHDQGWXEH/RFDOFRPSDULVRQZLWKWKHVHQRUPVLVVKRZQLQ7DEOH

7DEOH)LUVWXVHRIJDOYDQL]LQJ± 6RXWK$IULFDYHUVXVZRUOGQRUPV

*DOYDQL]HGXVDJH :RUOG5RVNLOO 6RXWK$IULFD0LOOWRQQHV WRQQHV

6KHHWVWULS

:LUH

3LSH7XEH

8QVSHFLILHG

7RWDO

,WLVFOHDUIURPWKLVWKDWWKHRYHUDOOPDUNHWLHLQFOXGLQJH[SRUWVIRUJDOYDQL]HG SURGXFWVLVVLPLODULQ6RXWK$IULFDWRWKRVHJOREDOO\

:RUOG

727$/*$/9$1,=,1*

=,1&$//2<6

%5$66$//2<6

727$/%$77(5<

727$/&+(0,&$/

727$/27+(5

6RXWK$IULFD

727$ /*$/9$ 1,=,1*

%5$66$//2< 6

727$/ 27+(5

727$ /&+(0,&$/

727$ /%$77(5<

=,1&$// 2<6

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 9/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

5RVNLOOUHSRUWHGSUHGLFWLRQVLQJURZWKLQGHPDQGHDUO\LQ7KHVHSUHGLFWLRQV SUHGDWHWKHHYHQWVRI6HSWHPEHU WK EXWRYHUWKHORQJHUWHUPVKRXOGVWLOOSURYHDVDFFXUDWHDVSRVVLEOH7KHVHDUHVKRZQLQ7DEOH

7DEOH3UHGLFWHGJURZWKUDWHVRI]LQFGHPDQG

0DUNHW $YJURZWK

0W $YJURZWK

0W

*DOYDQL]LQJ

%UDVV%URQ]H

=LQFDOOR\V

&KHPLFDOV

6HPLV

'XVW3RZGHU

2WKHU

7RWDO VRXUFH5RVNLOO7KH(FRQRPLFVRI=LQF

WK(GLWLRQ-DQ

*URZWKUDWHVGXULQJDUHVKRZQJUDSKLFDOO\LQ )LJXUH 7KLVLQIRUPDWLRQDORQHOHGWRWKHGHYHORSPHQWRIWKH,QLWLDWLYHLQ6RXWK$IULFD

)LJXUH&RPSDULVRQRIWUHQGJURZWKVWR6RXWK$IULFDYHUVXVWKH

ZRUOG VRXUFH,/=6*,=$

$OWKRXJKDWILUVWJODQFHLWDSSHDUVDVLIWKH6RXWK$IULFDQFRQVXPSWLRQSDWWHUQVKDYH EXFNHGWKHWUHQGWKHODUJHSURSRUWLRQRI]LQFXVHGLQJDOYDQL]LQJUHSUHVHQWVWKHODUJHVWORVWRSSRUWXQLW\*DOYDQL]LQJJURZWKEDVHGXSRQWKHVHILJXUHVZRXOGLQGLFDWHWKDWWKHUHVKRXOGKDYHEHHQDLQFUHDVHLQWKHDFWXDOWRQQDJHLHDQDGGLWLRQDOWSD7KHGLHFDVWLQJWRQQDJHKDVGURSSHGWSDRYHUD\HDUSHULRG

(QGXVHFRQVXPSWLRQILJXUHVKDYHEHHQQRWRULRXVO\XQUHOLDEOHLQWKHSDVW+RZHYHUDQLQLWLDWLYHEHWZHHQWKH,/=6*DQG,=$(XURSHLVLQWHQGHGWRLPSURYHWKHFXUUHQW³EHVWJXHVV´VFHQDULR&XUUHQWO\ILJXUHVDUHREWDLQHGYLDFRXQWU\VWDWLVWLFVJDWKHUHGRQ

     *    D

     O    Y    D    Q

     L    ]     L    Q

   J

     '     L    H     &    D    V

     W     L    Q

   J

     %    U    D    V    V

     6    H    P

     L

     0    D    Q    X

     I    D    F

     W    X    U    H    U    V

     =     L    Q    F

     2    [

     L     G    H

          '    X    V

     W

     0     L    V    F    H

     O     O    D    Q    H    R    X    V

     7    R

     W    D

     O     0    D    U

     N    H

     W

6$IULFD

:RUOG

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 10/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

DSULPDU\VXSSO\EDVLV8QIRUWXQDWHO\WKLVPDNHVFRPSDULVRQGLIILFXOW+RZHYHULWDSSHDUVWKDWLQ6RXWK$IULFDWKHFRQVXPSWLRQRIJDOYDQL]LQJKDVLQIDFWLQFUHDVHGRYHUD\HDUSHULRG&RPSDULVRQRIWKHUHYLVHG6RXWK$IULFD]LQFFRQVXPSWLRQVWDWLVWLFVGRHVKRZHYHUVKRZDQHYHQPRUHSDUORXVVWDWHRIWKHQRQJDOYDQL]LQJLQGXVWU\)LJXUH

  *  D

   O  Y  D  Q

   L  ]   L  Q

  J 

   =   L  Q

  F  D   O   O  R

  \  V

   %  U  D  V  V

  D   O   O  R

  \  V

  &   K  H

  P   L  F

  D   O  V

   7  R  W  D   O

6RXWK$IULFD

:RUOG

)LJXUH)LUVWXVHUGHPDQGFKDQJHVLQ6RXWK$IULFDDQGWKHZRUOG

VRXUFH,=$

7KHUHKDVEHHQDVKLIWLQZRUOG]LQFFRQVXPSWLRQWRZDUGVJDOYDQL]LQJDQGDZD\IURP EUDVVDQGDOOR\V$VXUYH\FDUULHGRXWE\%URRN+XQWDQG2XWRNXPSXVKRZHGWKHHQGXVHVIRU]LQFWREHDVVKRZQLQ7DEOH )RUFRPSDULVRQSXUSRVHVLQIRUPDWLRQVXSSOLHGE\WKHILUVWXVHUEDVHSURYLGHVVRPHJXLGHOLQHVWRXVHLQ6RXWK$IULFD

7DEOH)LQDOGHPDQGIRU]LQF

0DUNHW6HFWRU :RUOG5RVNLOO 6RXWK$IULFD

%XLOGLQJ&RQVWUXFWLRQ

7UDQVSRUW$XWRV

,QGXVWULDO&RPPHUFLDOPDFKLQHU\

&RQVXPHUGXUDEOHVLQFO EDWWHULHV

3XEOLF,QIUDVWUXFWXUH LQFOXGHVDJULFXOWXUH

$QRYHUUHOLDQFHXSRQWKHEXLOGLQJDQGFRQVWUXFWLRQVHFWRUVPDNHVSULFHVSURQHWRF\FOLFDOGRZQWXUQV:KLVWWKHUHPD\EHDQRYHUUHOLDQFHXSRQWKHXVHRIFRDWHGVKHHWLQWKHDXWRVHFWRUFRQVHQVXVLQWKHLQGXVWU\LVWKDWWKHUHDUHVWLOOWRQQDJHRSSRUWXQLWLHVDYDLODEOH+RZHYHUQRWZLWKVWDQGLQJWKLVLWLVFOHDUWKDWRWKHUVHFWRUVFRXOGSURYLGH

RSSRUWXQLWLHVIRUIXWXUHJURZWK

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 11/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

6RPHEHQFKPDUNLQJHVWLPDWHVDUHSURYLGHGLQ 7DEOH UHJDUGLQJLQWHQVLW\RI]LQFXVDJHSHUVHFWRU

7DEOH6RPHHVWLPDWHG]LQFFRQVXPSWLRQEHQFKPDUNVIRUYDULRX VUHJLRQV

0DUNHWVHFWRU 2(&'

DYHUDJH

86$ (XURSH $XVWUDOLD 6RXWK

$IULFD$XWR ]LQFXVHSHUFDU

NJ 86$NJ NJ

'LHFDVWLQJ

&RQVWUXFWLRQFRQWLQXRXVVKHHW

!RIFROGUROOHG

!RIFROGUROOHG

!RIFROGUROOHG

*HQHUDO*DOYDQL]LQJ

RI/3VWHHO

RIVWHHO/3

RIVWHHO/3

RIVWHHO/3

LQFOXGHVFRDWLQJVGLHFDVWLQJVDQGW\UHV JURZWKUDWHVRYHUWKHODVW\HDUVVRXUFH,=$WKLVVWXG\

EDVHGXSRQSURILOHVDOHVWRPLQLQJDQGFRQVWUXFWLRQ WRQQHV

RIZRUNORQJSURGXFWV

,QRUGHUWRLGHQWLI\RSSRUWXQLWLHVLQWKH6RXWK$IULFDQPDUNHWWKHDERYH EHQFKPDUNLQJILJXUHVSURYLGHVRPHEDVLVIRUGHWHUPLQLQJXQGHUXWLOLVDWLRQLQORFDOLQWHQVLW\RI]LQFXVDJH 5HJLRQDO&RXQWU\IDFWRUVDIIHFWLQJ]LQFFRQVXPSWLRQ

6RXWK$IULFD

,WLVILUVWSHUWLQHQWWRDQDO\VHWKHFRPSHWLWLYHVLWXDWLRQRI6RXWK$IULFDYHUVXVRWKHU

FRXQWULHV7KLVDQDO\VLVZLOOEHEDVHGXSRQWKH3RUWHU'LDPRQGPRGHODVWKLVPHWKRGKDVEHHQH[WHQVLYHO\XVHGZLWKLQWKH6RXWK$IULFDQIUDPHZRUN7KLVLVVKRZQLQ)LJXUH ZLWKFRPPHQWVRQWKH6RXWK$IULFDQSHUIRUPDQFH

)LJXUH%DVLFFRPSHWLWLYHPRGHOZLWK6RXWK$IULFDVXPPDU\DIWHU3RUWHU

*29(510(17

)LUPVWUDWHJ\

VWUXFWXUH ULYDOU\

,03529,1*

)DFWRUFRQGLWLRQV67521*%87

/2&$/,6('

'HPDQG&RQGLWLRQV

:($. 

5HODWHGDQG

VXSSRUWLQJLQGXVWULHV

:($.%87

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 12/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

7KH6RXWK$IULFDQ1DWLRQDO'LDPRQGKDVEHHQUHYLHZHGE\WKH0RQLWRU&RPSDQ\DQGXSGDWHGE\YDULRXVFRQVXOWLQJFRPSDQLHV%OXHSULQW&RQVXOWLQJ,'&,QHVVHQFHWKHGHVFULSWLRQEHORZVXPPDULVHVRWKHUVWXGLHVWRJHWKHUZLWKUHOHYDQWGLVFXVVLRQVZLWKSDUWLFLSDQWVLQWKLVVXUYH\

)LUPVWUDWHJ\VWUXFWXUHDQGULYDOU\EULHIO\GHVFULEHWKHQDWLRQDOPHWKRGVRIFRPSDQ\FUHDWLRQPDQDJHPHQWSKLORVRSK\DQGLQWHUFRPSDQ\ULYDOU\3DVWVXUYH\VKDYHIRFXVHGRQWLPHVQDSVKRWVZLWKRXWDGGUHVVLQJFKDQJHVRFFXUULQJ1RRQHV\VWHPLVULJKWIRUDOOQDWLRQV3DVWFRPPHQWVRQWKHORFDOWUDGLWLRQRIFRQIOLFWUDWKHUWKDQFRRSHUDWLRQZLWKLQDQGEHWZHHQFRPSDQLHVRIIHUQRURDGPDSWRWKHIXWXUH

N &RUSRUDWHJRYHUQDQFHLVLPSURYLQJDOWKRXJKWKHUHLVVRPHZD\WRJR

N ,QGXVWU\FRRSHUDWLRQLVLPSURYLQJDOWKRXJKWKHUHLVURRPIRUEHWWHUWUXVW

N 7KHH[SRVXUHWRZRUOGPDUNHWVZKLOVWWUDXPDWLFKDVFRPSHOOHGFRPSDQLHVWRLQQRYDWH+RZHYHUWKHVPDOOGRPHVWLFPDUNHWLQPDQ\LQVWDQFHVKDVOHGWRVRPHIDLOXUHV

N 5HOLDQFHRQJRYHUQPHQWH[SHQGLWXUHKDVIRUFHGDUHIRFXVE\PDQ\FRPSDQLHV

N 7KHUHLVVWLOOXQIRUWXQDWHO\UHOLDQFHXSRQDFRPPRGLW\PHQWDOLW\OHDGLQJWRHPSKDVLVRQFRVWFXWWLQJUDWKHUWKDQVSHQGLQJRQLQQRYDWLRQ

N 7KHUHLVVWLOOWRRPXFKFRQFHQWUDWLRQRILQGXVWU\LQ6RXWK$IULFD7KHUHIRUHFRPSHWLWLRQLVRIWHQERXJKWRXW UDWKHUWKDQLQQRYDWLRQGHYHORSPHQW+RZHYHUWKHZRUOGWUHQGRI³QHZFRPSDQLHV´HQWHULQJPDUNHWVLVRFFXUULQJ7KLVHQFRPSDVVHVPDQXIDFWXULQJWUDGLQJDQGVHUYLFHV

N 7RRPDQ\600(¶VKDYHDWRPHQWDOLW\ZLWKFDSLWDOXWLOLVDWLRQEHLQJSRRU7KLVSDUWRIWKHGLDPRQGLVVKRZLQJLPSURYHPHQWRIIDZHDNEDVH

)DFWRUFRQGLWLRQVSXWVLPSO\GHILQHWKHSURGXFWLYLW\RIWKHQDWLRQXQLWRIRXWSXWSHU

XQLWRIODERXURUFDSLWDODQGWKHVXUURXQGLQJLQIUDVWUXFWXUH7KHLQKHULWDQFHRIWKH SDVWKDVUHVXOWHGLQDODUJHXQVNLOOHGODERXUSRRO,QDGGLWLRQWKHIRFXVRQSULPDU\LQGXVWU\KDVQRWHQFRXUDJHGVNLOOVGHYHORSPHQW7KHFRVWRIFDSLWDOZKLOVWKLJKZDVDPHOLRUDWHGE\WKH0LQLQJ+RXVHEDQNSKLORVRSK\ZKHUHORFDOIXQGLQJZDVDYDLODEOH

N /DERXUVNLOOVDUHQRZDIRFXVDUHDDOWKRXJKWKHUHLVVWLOOGLVDJUHHPHQWEHWZHHQJRYHUQPHQWDQGLQGXVWU\DVKRZWRPDQDJHWKHSURFHVV$OVRWKHPDMRUFRQWULEXWRUVWR*'3DUHVXIIHULQJXQGHUFDSDFLW\XWLOLVDWLRQLVPRUHGXHWRGHPDQGWKDQVNLOOVOLPLWDWLRQVVHH6HFWRU$QDO\VLVUHSRUW7KLV REVHUYDWLRQLQQRZD\QXOOLILHVWKHQHHGWRLPSURYHVNLOOVZLWKLQ6RXWK$IULFD

N 7KHFRVWRIFDSLWDOLVUHJDUGHGDVWRRKLJKE\PDQ\EXVLQHVVHV+RZHYHUWKHUHLVVWLOODSUHSRQGHUDQFHRIFRPSDQLHVQRWZRUNLQJIXOOVKLIWVDQGWKHUHIRUH

ORZHULQJFDSLWDOFRVWVE\LPSURYLQJXWLOLVDWLRQN (OHFWULFLW\FRVWVLQ6RXWK$IULFDDUHVWLOOFKHDSLQZRUOGWHUPVDQGGR

FRQWULEXWHWRLQGXVWULDOFRPSHWLWLYHQHVV

N 2YHUDOOSURGXFWLYLW\LVLPSURYLQJLQ6RXWK$IULFDVHH6HFWRU$QDO\VLV5HSRUW

N 7KHILQDQFLDOVHFWRULQ6RXWK$IULFDLVVWURQJZHOOGHYHORSHGDQGFRKHUHQW

N %DVLFLQIUDVWUXFWXUHLVJRRGDQGZKHUHQHZLQIUDVWUXFWXUHLVQHHGHGLWFDQEHGHYHORSHGHDVLO\,QIUDVWUXFWXUHGHOLYHU\WRWKHRYHUDOOSRSXODWLRQLVVWLOO

 SDWFK\EXWLWLVTXHVWLRQDEOHZKHWKHUWKLVLPSDFWVXSRQPDMRUEXVLQHVVGHFLVLRQPDNLQJ+RZHYHULWGRHVLPSHGH600(FUHDWLRQDQGGHYHORSPHQW

7KLVSDUWRIWKHGLDPRQGLVVKRZLQJLPSURYHPHQWLQJHRJUDSKLFVSUHDG

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 13/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

7KHVWDWHRIUHODWHGDQGVXSSRUWLQGXVWULHVDUHDNH\IDFWRULQSURYLGLQJDSODWIRUPIRUFRPSHWLWLYHQHVV1XPHURXVVXSSOLHUVDUHEXV\WUDQVIRUPLQJDQGWKLVKDVFUHDWHGVWUHVVIXUWKHUDORQJWKHYDOXHDGGLQJFKDLQ

N 3ULPDU\DQGVHFRQGDU\VXSSOLHUVXVHLPSRUWSULFHSDULW\WRORFDOFXVWRPHUV,QVRPHLQVWDQFHVWKLVFDQLPSDFWXSRQLQSXWPDWHULDO

 SULFHVDIIHFWLQJRYHUDOOFRPSHWLWLYHQHVVRISDUWLFXODULQGXVWULHVN &RQFHQWUDWLRQRILQGXVWU\LQ*DXWHQJGRHVIDYRXUORFDOFRPSHWLWLRQ

DPRQJVWVXSSOLHUV2SSRUWXQLVPKDVFUHDWHGFRPSHWLWLYHVXSSO\E\DOORZLQJPRUHZLGHVSUHDGVRXUFLQJIURPDOWHUQDWLYHRYHUVHDVVXSSOLHUV+RZHYHUZLWKRXWLQQRYDWLRQWKLVZLOOZHDNHQWKHORFDOVXSSOLHUEDVH

N $OWKRXJKDJRRGGHDORIPDFKLQHU\DQGHTXLSPHQWLVLPSRUWHGWKHFOXVWHULQLWLDWLYHLQWKLVVHFWRULVLPSURYLQJORFDOVXSSO\,QGHHGWKHH[SRUWLQLWLDWLYHVKHUHDUHGHYHORSLQJDJOREDOO\FRPSHWLWLYHVXSSO\LQGXVWU\LQVRPHDUHDV+RZHYHUIRUWKLVWREHPRUHZLGHVSUHDGFRVWRIODERXUQHHGVWRJRXSFRQFRPLWDQWZLWKDGURSLQWKHFRVWRIFDSLWDO

N &OXVWHUDQDO\VLVZKHUHDFWHGXSRQKDVUHVXOWHGLQZKROHLQGXVWU\XSOLIWPHQW DQGLPSURYHGFRPSHWLWLYHQHVV

$OWKRXJKVWLOOUHJDUGHGDVZHDNWKLVDUHDLVVKRZLQJLPSURYHPHQWVDVWKHUHVXOWVRIZRUNLQJWRJHWKHUDUHEHFRPLQJDSSDUHQW

)DVWLGLRXVGHPDQGDQGKLJKGHPDQGLVDNH\IDFWRULQGRZQVWUHDPGHYHORSPHQWRIORFDOLQGXVWULHV

N +LVWRULFLVRODWLRQDQGSURWHFWLRQIRVWHUHGOLWWOHLQFHQWLYHIRUFRPSDQLHVWREHLQQRYDWLYHRWKHUWKDQLQFHUWDLQVWUDWHJLFDUHDV&HQWUHVRIH[FHOOHQFHLQVXSSO\H[LVWEXWTXDOLW\GHPDQGUDWKHUWKDQQHFHVVLW\LV

UHTXLUHGN 'HPDQGIRUYDULRXVSURGXFWVLVZHDNIUDJPHQWHGDQGVPDOO7KLV

OHDGVWRDQLPSRUWLVEHVWPHQWDOLW\

N &RPSDQLHVPLVWDNHORZFRVWIRUSRRUTXDOLW\HJZKHUHORZFRVW SURGXFWVDUHUHTXLUHGIRUWKH$IULFDPDUNHWKLJKWHFKORJLVWLFVV\VWHPVDUHUHTXLUHGWRFUHDWHVHQVLEOHGHOLYHU\7KLVUHTXLUHVWKDWWKHVXSSOLHUKDVWKHFRPSHWHQF\WRDFFRPPRGDWH³EHVWSUDFWLFH´WKURXJKRXWWKHFRPSDQ\RUDMXVWJRRGHQRXJKPHQWDOLW\LVFUHDWHG

'HPDQGLVZHDN:KLOVWLWFDQEHDJXHGWKDWWKLVLVGXHWRWKHVPDOOVL]HRIWKHPDUNHWVPDOOEXVLQHVVHVVWDUWE\VXSSO\LQJVPDOOGHPDQG

$OOWKHDERYHIDFWRUVZRUNWRJHWKHULQDUHJXODWRU\IUDPHZRUNSURYLGHGE\JRYHUQPHQW$OPRVWDOOWKHGLVFXVVLRQVZLWKEXVLQHVVOHDGHUVLQGLFDWHGWKDWWKHUHJXODWRU\IUDPHZRUNZDVQRWVXIILFLHQWO\VXSSRUWLYH*RYHUQPHQW¶VWDVNDVFLWHGE\HFRQRPLVWVLVWKHFUHDWLRQRIDQHQYLURQPHQWLQZKLFKFRPSDQLHVFDQJDLQFRPSHWLWLYHDGYDQWDJH:KLOVWRSWLQJWRFDUU\WKLVRXWE\LQGLUHFWLQYROYHPHQWJRYHUQPHQWLQYROYHPHQWLVUHTXLUHGHDUO\LQWKHGHYHORSPHQWSURFHVV3RUWHU7KHIROORZLQJ DUHDVZHUHFRPPRQLQGLVFXVVLRQ

N &ULWLFLVPZDVPDGHWKDWJRYHUQPHQWZDVFUHDWLQJDUHJXODWRU\IUDPHZRUNEXWGHYHORSPHQWDQGLPSOHPHQWDWLRQZDVSRRU,IIXOO\DSSOLHGWKLVZRXOGLPSURYHRYHUDOOLQGXVWU\E\LQGXVWU\FRPSHWLWLYHQHVVE\HQVXULQJWKDWUHTXLUHG VWDQGDUGVJRYHUQDQFHKHDOWKVDIHW\DQGHQYLURQPHQWDOZHUHHQIRUFHGSUHFOXGLQJVXEVWDQGDUGHQWUDQWVRURSHUDWRUVLPSDFWLQJRQLQGXVWU\G\QDPLFV7KLV

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 14/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

ZLOODOVRSURPRWHHYHQSOD\LQJILHOGULYDOU\DQG³ZRUOGFODVV´ SHUIRUPDQFH

N &UHGLWZDVJLYHQWRDOORZODUJHFRUSRUDWLRQVWRH[SDQGLQWRRYHUVHDVPDUNHWVWRGULYHHFRQRPLHVRIVFDOHDQGIRUFHDGRSWLRQRI³EHVW

 SUDFWLFH´

N &ULWLFLVPZDVPDGHRIWKHGLIIHUHQWWLPHIUDPHVEHWZHHQJRYHUQPHQWDQGLQGXVWU\,QGXVWU\QHHGVWRVXUYLYHLQWKHVKRUWWHUPDQGJURZLQWKHORQJWHUP$OOJRYHUQPHQWLQWHUYHQWLRQVWHQGWREHORQJWHUPLQLQGXVWU\¶VYLHZ

N ,QGLYLGXDOFRPSDQ\WRJRYHUQPHQWLQWHUDFWLRQZDVFRQVLGHUHGGLIILFXOWDQGWRUWXRXV&OXVWHURSHUDWLRQLPSURYHVWKLVEXWVRPHFRPSDQLHVIHHOWKDWWKH\DUHDZD\IURPWKHHDURIJRYHUQPHQW,QWXUQJRYHUQPHQWIHHOVWKDWWRRRIWHQOLDLVRQZLWKLQGXVWU\LVDSODWIRUPIRUD³PXWXDOPRDQLQJVHVVLRQ´

N *RYHUQPHQWZDVDQGLVDODUJHLPSRUWDQWFXVWRPHU

N &XUUHQWWDULIIV\VWHPVDQGLQYHVWPHQWUXOHVZHUHFRQVLGHUHGFRPSOH[DQGJHQHUDOO\XQIDYRXUDEOHIRUQHZORFDOLQYHVWPHQW/RZLQWHUQDOUDWHVRIUHWXUQZHUHVWDWHGDVLPSHGLQJLQYHVWPHQWZKHQFRPSDUHGWRRWKHUGHYHORSLQJQDWLRQVVXFKDV3RODQG

*RYHUQPHQWGHOLYHU\UDWKHUWKDQVWDWHGLQWHQWLRQZDVYLHZHGDVQRWFRQGXFLYHWR SURYLGLQJDQLQFHQWLYHIRULQYHVWPHQW,QWHUPVRI2(&'SUHFHSWVWKHFRPSHWLWLYHDVVLVWDQFHDIIRUGHGE\JRYHUQPHQWVKRXOGEH

N &UHDWLRQRIDQHQYLURQPHQWWKDWHPEUDFHVFKDQJH

N 7KHSUHVHUYDWLRQRIPDFURHFRQRPLFVWDELOLW\HJLQIODWLRQ

N 7KHHQFRXUDJHPHQWRIFRPPHUFLDORSHQQHVVHJUHGXFHEDUULHUVWR

FRPSHWLWLRQ

7KLVDQDO\VLVZLOOEHXVHGWRFRPSDUH6RXWK$IULFDDVD]LQFFRQVXPHUWRRWKHUQDWLRQVWRORRNIRUVLPLODULWLHVLQRWKHUQDWLRQDOVWUXFWXUHV:KHUHVLPLODULWLHVH[LVWDQGWKH,=$KDVKDGVXFFHVVIXOLQWHUYHQWLRQVWKHVHKDYHDJRRGFKDQFHRIVXFFHVVORFDOO\7KHDQDO\VLVZLOOEHNHSWVLPSOHDVGLUHFWFRXQWU\,=$LQWHUYHQWLRQLVOLPLWHGDQGWKHUHIRUHRQO\JHQHUDOFRXQWU\VLPLODULWLHVDUHUHOHYDQW$PDMRULPSDFWXSRQWKHHFRQRP\RI6RXWK$IULFDLVGHPDQG7KLVLVVKRZQLQWKHFDSDFLW\XWLOLVDWLRQRISODQWDQGLWVUHODWLRQWRODFNRIGHPDQGUDWKHUWKDQRWKHUIDFWRUV

'LDPRQGVRIVLPLODULW\

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

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 15/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

JURZWKLVDQRYHUDOOJURZWKLQWKHHFRQRP\2EVHUYDWLRQRI)LJXUH DOVRLQGLFDWHVWKDWWKHPHWDOVVLWXDWLRQLQ6RXWK$IULFDDSSHDUVWREHFORVHWRWKDWRI0H[LFR7KHUHIRUHDQ\,=$LQWHUYHQWLRQVLQ0H[LFRWKDWKDYHVKRZQSURPLVHFRXOGUHDVRQDEO\DVVXPHGWRKDYHVXFFHVVORFDOO\

)LJXUH3HUFDSLWDFRQVXPSWLRQRIDOXPLQLXPVWDLQOHVVVWHHODQG]LQFIRU

YDULRXVFRXQWULHVVRXUFH± $OXPLQLXP6WDWLVWLFDO5HYLHZ+HLQ]3DULVHU.XPED5HVRXUFHV

        

        

        

        

        

        

        

        

         

        

        

        

        

        

SHULRG

     /     0     (

    S    U     L    F    H 

               W    R    Q    Q    H

]LQF

DOXPLQLXP

FRSSHU 

)LJXUH3ULFHPRYHPHQWVIRUDOXPLQLXPFRSSHUDQG]LQF VRXUFH,1HW

$OXPLQLXPFRPSHWHVZLWK]LQFLQWKHDUHDRIGLHFDVWLQJ$OVRFRSSHULVDGGHG WR

]LQFIRUWKHEUDVVLQGXVWU\)LJXUH VKRZVWKHUHODWLYHSULFHFKDQJHVRYHUWLPHRIWKHWKUHHPHWDOV7KHF\FOLFDOQDWXUHRIWKHSULFHVLVFOHDUEXWWKHUHDUHQRFRXQWHU

**''33SSHHUUFFDDSS LLWWDD

     3     3    H    H    U    U    F    F    D    D    S    S     L     L     W     W    D    D    F    F    R    R    Q    Q    V    V    X    X    P    P    S    S     W     W     L     L    R    R    Q    Q  

     N     N    J    J

VWDLQOHVVVWHHO

DOXPLQLXP

]LQF

6                   6                   

R             

X             

R             

X             

W               W               K                   K                   

$                   $                   

I                   I                   U             U             L                   L                   F             F             D             D             

&& KKLLQDQD

,,QQ GGLLDD

00 HH[[LLFFRR

8    &    

6    $     

$          

*    *    

H U  H U  P  P  

D D Q  Q  

  \   \ 

&          &          

D       D       Q       Q       

D       

G           

D       

G           

D       D       

.    .     

R R U  U  H H D D 

  -       -     D D 

  S    S  

D D Q  Q  

%% UUDD]]LLOO55 XXVVVVLLDD

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 16/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

 SULFHPRYHPHQWV7KHSULFHRIDOXPLQLXPZRXOGQHHGWREHRYHUòWLPHVWKDWRI]LQFWRPDNH]LQFGLHFDVWLQJVFRPSHWLWLYHRQDZHLJKWIRUZHLJKWEDVLV,WLVFOHDUWKDWWKLVKDVQHYHUEHHQWKHFDVHDQGWKLVIDFWDORQHUHSUHVHQWVWKHUHDVRQIRUWKHODUJHVWVKLIWWRZDUGVDOXPLQLXPIURP]LQF7KLVLVVXHDQGWKHFRQVHTXHQFHVIRUWKH]LQF GLHFDVWLQJLQGXVWU\DUHGLVFXVVHGLQGHWDLOLQWKHGLHFDVWLQJVHFWLRQRIWKH6HFWRU

$QDO\VLV5HSRUW

7RLGHQWLI\FRXQWULHVZLWKVLPLODUHFRQRPLFSURILOHVWKHIROORZLQJDUHFRPSDUHG

=LQFFRQVXPSWLRQSHUFDSLWDWRVHHWDUJHWDFKLHYDEOH *'3WRPHDVXUHQDWLRQDOZHDOWK *'3SHUFDSLWDWRGHWHUPLQHZHDOWKDYDLODEOH 3URGXFWLYLW\WRGHWHUPLQHIDFWRUGHYHORSPHQW

7KLVLQIRUPDWLRQZDVQRUPDOLVHGE\WDNLQJWKHYDOXHVIRUWKH86$DVRQDOOFRXQWV8VLQJWKHVDPHVFDOHVWKHSURILOHVDUHVKRZQLQ )LJXUH

7KHIROORZLQJREVHUYDWLRQVFDQEHPDGH ,WLVGLIILFXOWWRVHHPDMRUVLPLODULWLHVEHWZHHQGHYHORSHGFRXQWULHV

VXFKDV*HUPDQ\DQGWKHGHYHORSLQJZRUOG 3HUFDSLWDFRQVXPSWLRQSDWWHUQVIRU0H[LFRDQG6RXWK$IULFDDUH

VLPLODU &KLOH&KLQD,QGLDDQG5XVVLDVKRZVLPLODUGHYHORSPHQWSDWWHUQV

)URPWKLVDQDO\VLVLWDSSHDUVDVLI&KLQDDQG,QGLDVWLOOKDYHWRUHDFKWKHGHYHORSPHQWRI%UD]LO0H[LFRDQG6RXWK$IULFD0RUHUHOHYDQWWRWKLVVWXG\LVWKHREVHUYDWLRQWKDWLQJHQHUDOPDUNHWGHYHORSPHQWLQWHUYHQWLRQVWKDWKDYHZRUNHGLQ%UD]LODQG0H[LFRFRXOGZHOOZRUNLQ6RXWK$IULFDDQGYLVDYHUVD&OHDUO\XQLTXHFLUFXPVWDQFHVVXFKDVWKH1$)7$DJUHHPHQWLQ0H[LFRDQGWKHPLQHUDOVLQGXVWU\LQ6RXWK$IULFDQHHGWREHWDNHQLQWRDFFRXQWGXULQJDQ\VSHFLILFFRPSDULVRQ

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 17/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

)LJXUH(FRQRPLFSURILOHFRPSDULVRQVIRUYDULRXVFRXQWULHV

8.

)UDQFH

86 86 =Q 86

,QGLD

*'3

*'3FDSLWD

=QFDSLWD

3,QGH[

0H[LFR

*'3

*'3FDSLWD

=QFDSLWD

3,QGH[

&KLOH

*'3

*'3FDSLWD

=QFDSLWD

3,QGH[

6RXWK$IULFD

*'3

*'3FDSLWD

=QFDSLWD

3,QGH[

&KLQD

*'3

*'3FDSLWD

=QFDSLWD

3,QGH[

*HUPDQ\

*'3

*'3FDSLWD

=QFDSLWD

3,QGH[

5XVVLD*'3

*'3FDSLWD

=QFDSLWD

3,QGH[

%UD]LO

*'3

*'3FDSLWD

=QFDSLWD

3,QGH[

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 18/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

68&&(66)8/0$5.(7,17(59(17,216

&RPSDULVRQRIGHYHORSLQJFRXQWULHV

)URPWKHDERYHDQDO\VLVLWLVFOHDUWKDWVXFFHVVIXOLQWHUYHQWLRQVLQGHYHORSLQJ

FRXQWULHVVKRXOGZHOOZRUNLQ6RXWK$IULFD%HIRUHUHIHUHQFLQJWKLVPDWHULDODILQDOFRPSDULVRQVKRXOGEHPDGHEHWZHHQJURZWKUDWHVHFRQRP\DQG]LQFGHPDQGRIWKHLGHQWLILHGFRXQWULHVDQG6RXWK$IULFD7KLVLVVKRZQLQ 7DEOH0H[LFRKDVEHHQDEOHWRJURZERWKLQWHUPVRIWKHHFRQRP\DQG]LQFFRQVXPSWLRQDWGRXEOHWKH6RXWK$IULFDQUDWHRYHUWKHSDVWIHZ\HDUVGXHWRODUJHDPRXQWVRIIRUHLJQGLUHFWLQYHVWPHQW

  SULPDULO\IURPLWVQHLJKERXU0RUHVWULNLQJO\%UD]LOZKLFK KDVVXIIHUHGORZHUHFRQRPLFJURZWKUDWHVWKDQ6RXWK$IULFDKDVQHYHUWKHOHVVVKRZQJRRGJURZWKUDWHVLQ]LQFFRQVXPSWLRQ

7DEOH*URZWKUDWHVLQ]LQFFRQVXPSWLRQIRUVHOHFWHGFRXQWULHV]LQFXVDJHDQG

*'3

&RXQWU\ *'3FKDQJH

FKDQJHLQ]LQFGHPDQG

*'3FKDQJH

FKDQJHLQ]LQFGHPDQG

%UD]LO

,QGLD

0H[LFR

5XVVLD

6RXWK$IULFD

6RXUFH:RUOG%DQN 

6RXUFH,/=6*QRWHYDOXHVDUHEDVHGXSRQFRXQWU\UHWXUQVIURPSULPDU\SURGXFHUV

$VDUHVXOWRIWKHDERYHDQDO\VLVUHIHUHQFHZLOOEHPDGHWRWKHFXUUHQWDFWLYLWLHVRIWKH

,=$LQ0H[LFRDQG/DWLQ$PHULFDLQJHQHUDO,QGLDDQG5XVVLD7KH/DWLQ$PHULFDQFRXQWULHVKDYHGLDPRQGVRIVLPLODULW\WR6RXWK$IULFD&KLQD,QGLDDQG5XVVLDDSSHDUWREHOHVVZHOOGHYHORSHGEXWFHUWDLQLQWHUYHQWLRQVPDGHLQWKHVHFRXQWULHVFRXOGDOVRKDYHLPSDFWORFDOO\5XVVLDLQSDUWLFXODULVZRUWK\RIFRQVLGHUDWLRQDV*'3*'3SHUFDSLWDDQG]LQFFRQVXPSWLRQ \HDUVDJRZRXOGKDYHSURGXFHGDGLDPRQGVLPLODUWRWKDWLQ6RXWK$IULFD

/DWLQ$PHULFD

,QWURGXFWLRQ

7KUHHPDMRU,=$WKUXVWVDUHXQGHUZD\LQ/DWLQ$PHULFD2QHLVUHJLRQDOZLWKIRFXVRQ&ROXPELD3HUXDQG9HQH]XHODWKHRWKHUVKDYHEHHQGHVLJQHGWRDGGUHVVPDUNHWGHYHORSPHQWLQ%UD]LODQG0H[LFR

7KH/DWLQ$PHULFDQSURMHFW0'KDVDVLWVFKLHIREMHFWLYHWKHJURZWKRIUHILQHG]LQFFRQVXPSWLRQLQWKHUHJLRQIURPNW\UWRNW\UE\$FWLYLW\KDVIRFXVHGXSRQWKHHVWDEOLVKPHQWRIJDOYDQL]LQJDVVRFLDWLRQVWRFRRUGLQDWHWKHGLVVHPLQDWLRQRILQIRUPDWLRQWUDQVODWHGIURPWKH,=$LQIRUPDWLRQSRRO)DFW)LOHV=LQFLQLQIUDVWUXFWXUH=LQF&DVWHWF3DUWLFLSDWLRQLQVHPLQDUVDQGRUJDQLVLQJWKHVDPHGLVVHPLQDWLRQRIUHFHQWO\DFTXLUHGDWPRVSKHULFFRUURVLRQLQIRUPDWLRQDQG

 SURPRWLRQRIGLHFDVWLQJDUHNH\IRFXVDUHDVIRU

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 19/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

7KH0H[LFDQSURMHFW0'KDVDVLWVFKLHIREMHFWLYHWKHJURZWKRIUHILQHG]LQFFRQVXPSWLRQLQWKHUHJLRQIURPNW\UWRNW\UE\7KLVSURJUDPPHGHYHORSHGIURPDPDUNHWVXUYH\LQLVZHOOIRFXVHGLQWKDWLQLWLDODVVLVWDQFHZDVJLYHQWRWKHHVWDEOLVKPHQWRIDJDOYDQL]HUVDVVRFLDWLRQDQGLQVWLWXWHRIIRXQGU\PHQ)XUWKHUDFWLYLWLHVQRZRSHUDWHLQSDUWQHUVKLSZLWKWKHVHERGLHVDQGD'LH&DVWLQJ

FHQWUHKDVEHHQHVWDEOLVKHG)RFXVIRULVRQVHPLQDUVWRGLVVHPLQDWHLQIRUPDWLRQ

7KH%UD]LOLDQSURMHFW0'DLPVWRLQFUHDVHWKHPDUNHWE\IURPWKHFXUUHQWOHYHORINW\U0DUNHWDQDO\VLVVKRZVWKDWWKH]LQFRIIWDNHLVVLPLODUWRWKDWLQ6RXWK$IULFD,Q%UD]LOJDOYDQL]LQJDFFRXQWVIRURIWKH]LQFGHPDQG$FWLYLW\LVIRFXVHGXSRQWKHGHYHORSPHQWRIDJDOYDQL]HUVJURXSDQGSURPRWLRQYLD,=$

 SXEOLFDWLRQVDQGDFWLYLWLHVDWWHUWLDU\LQVWLWXWLRQV

'LH&DVWLQJ

7KHSUR[LPLW\RI0H[LFRWRWKH86FRPELQHGZLWKORZODERXUUDWHVKDVVSDZQHG

LQWHQVLYHLQGXVWULDOGHYHORSPHQW7KLVKDVUHVXOWHGLQWKHGHYHORSPHQWRIDFRPSHWLWLYHGLHFDVWLQJLQGXVWU\ZKHUHUDZPDWHULDOSULFHLVFRQVLGHUHGWKHNH\FRPSRQHQWRIFRPSHWLWLYHQHVV7KHLQGXVWU\LVVLPLODUWR6RXWK$IULFDFRPSULVLQJQXPHURXVVPDOOMREELQJRSHUDWLRQVVXSSO\LQJLQWRDVHFRQGDU\DVVHPEO\PDUNHW(QGXVHUVLQWKLVPDUNHWDUHORRNLQJIRUFKHDSGXUDEOHJRRGORRNVLQ]LQFFDVWLQJV5HFRPPHQGDWLRQVIURPDXVHUSHUFHSWLRQVXUYH\ZHUHWKDWPRUHIRFXVVKRXOGEH

 EURXJKWWREHDUXSRQTXDOLW\LVVXHVXVLQJQHZGHYHORSPHQWVVXFKDVWKLQQHUFDVWLQJVDQGSDUWQHUVKLSVZLWKHQGXVHUV,QDGGLWLRQWKHODFNRILQGXVWU\FRRSHUDWLRQEHWZHHQWKHGLHFDVWHUVLVYLHZHGDVEHLQJSDUWO\UHVSRQVLEOHIRUWKHHDVHRISODVWLFVVXEVWLWXWLRQ$NH\IRFXVUHTXLUHPHQWZDVWRLPSURYHVXSSOLHUSHUIRUPDQFHDQGQHZDSSOLFDWLRQDZDUHQHVV$VLQ6RXWK$IULFDVSHFLILFDWLRQVIRUPDQ\XVHUVVXFKDVDXWRDUHGUDIWHGHOVHZKHUH6RLIWKHTXDOLW\UHTXLUHPHQWVDUHQRWPHWWKH

 SURGXFWXQLWLVVLPSO\LPSRUWHG

&RUURVLRQ,QIRUPDWLRQ

7KHSURGXFWLRQRIDWPRVSKHULFFRUURVLRQLQIRUPDWLRQKDVEHHQDWUHQGZRUOGZLGH2IWHQODLGXSRQWKHEDFNRIHQYLURQPHQWDOVWXGLHVWRGHWHUPLQHSROOXWLRQFOLPDWHVDQXPEHURILQLWLDWLYHVKDYHEHHQFDUULHGRXWVXFKDVWKH/DWLQ$PHULFD,EHUR$WPRVSKHULF&RUURVLRQ6WXG\7KLVKDVSURGXFHGFRUURVLRQPDSVIRUPDQ\/DWLQ$PHULFDQFRXQWULHVDQGLVEHLQJOHYHUDJHGE\WKHYDULRXVJDOYDQL]LQJDVVRFLDWLRQV

,QGLD

,QWURGXFWLRQ

7KH,=$LVLQWKHSURFHVVRIVXSSRUWLQJWKHGHYHORSPHQWRIWKH]LQFLQGXVWU\LQ,QGLD)RFXVKDVEHHQLQWZRDUHDVYL]JDOYDQL]LQJDQGGLHFDVWLQJ,QWKHIRUPHUDUHDDFWLYLW\KDVIRFXVHGXSRQDZDUHQHVVFDPSDLJQVWRLQIOXHQFHVSHFLILHUVDQGJRYHUQPHQW*DOYDQL]LQJLVE\IDU WKHELJJHVWPDUNHWIRU]LQFLQ,QGLDWDNLQJWRQQHVGU\EDWWHULHVWDNHWRQQHVDKLJKHUSURSRUWLRQWKDQRWKHUFRXQWULHVDQGGLHFDVWLQJWDNHVDERXWWRQQHV

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 20/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

'LH&DVWLQJ

7KHGLHFDVWLQJLQGXVWU\LQ,QGLDKDVEHHQWKHIRFXVRIWZRVWXGLHV,/='$DQG,/=6*6WUXFWXUDOHFRQRPLFVUHVXOWHGLQDKLJKSURSRUWLRQRIFDVWLQJVEHLQJRIDOXPLQLXP7KHUHIRUHZLWKWKHRSHQLQJRIWKHHFRQRP\WKHGLHFDVWLQJLQGXVWU\

GRHVQ¶WKDYHWKHHTXLSPHQWWRPD[LPLVHWKHSURGXFWLRQRI]LQFGLHFDVWLQJV$PDMRUGHYHORSPHQWSURJUDPPHLVLQSODFHZKLFKVKRXOGEHPRQLWRUHGWRVHHLIDQ\WUDQVIHURIWKHPRGHODGRSWHGZRXOGEULQJEHQHILWVLQWRWKH6RXWK$IULFDQPDUNHWSODFH/DUJHDSSOLFDWLRQDUHDVDUHLQDXWRORFNVFDUEXUHWWRUV]LSSHUVJDVUHJXODWRUV DQGHOHFWULFDOILWWLQJV+RZHYHUVRPHRIWKHVHPDUNHWVDUHXQLTXHWR,QGLD6XFKH[DPSOHVLQFOXGHWKHIDFWWKDWDODUJHGHPDQGDUHDLVIRUFDUEXUHWWRUVEXWWKLVLVODUJHO\FRQILQHGWRWKHDQGZKHHOHUPDUNHWV/3*LVXVHGZLGHO\E\KRXVHKROGVLQ,QGLD YHUVXVSDUDIILQLQ6RXWK$IULFD

*DOYDQL]LQJ

7KHUHDUHHVWLPDWHGWREHVRPHJDOYDQL]HUVLQ,QGLDZLWKWKHWRSKDYLQJDFDSDFLW\RIWSDRIVWHHO0XFKRIWKHWRQQDJHVJRLQWRLQIUDVWUXFWXUDOGHYHORSPHQWSURMHFWV± SRZHUWUDQVPLVVLRQFRPPXQLFDWLRQVDQGUDLOZD\HOHFWULILFDWLRQ&OHDUO\WKHVHPDUNHWVDUHWRDODUJHH[WHQWDOUHDG\GHYHORSHGLQ6RXWK$IULFDWKLVLVFRQILUPHGWKURXJKUHIHUHQFHWRWKHGHYHORSPHQWGLDPRQGDERYH7KHUHIRUHZKLOVWWKHUHDUHXQOLNHO\WREHPRGHOVWKDWDUHDSSOLFDEOHWRWKHORFDOVFHQHWKHDFWLYLW\LQ,QGLDZLOOFOHDUO\EHPLUURUHGLQVRXWKHUQ$IULFDDVGHYHORSPHQWRFFXUV

5XVVLD

,QWURGXFWLRQ

7KH,=$LQLWLDWLYHIRU5XVVLDLVFDUULHGRXWDV3URMHFW0'=LQFFRQVXPSWLRQLQ5XVVLDKDVGHFUHDVHGIURPWRQQHVLQWRWRQQHVLQ7KLVGURSRFFXUUHGLQDOOPDUNHWVHJPHQWVZLWKWKHH[FHSWLRQRIFRQWLQXRXVO\JDOYDQL]HGVWHHOVKHHW$GHYHORSPHQWFHQWUHKDVEHHQHVWDEOLVKHG1RQ&RPPHUFLDO3DUWQHUVKLS=LQF,QLWLDO,=$DFWLYLWLHVLQFOXGHGWKHVXSSRUWRIWKHHVWDEOLVKPHQWRIWKLVERG\WKURXJKWKHWUDLQLQJDQGGHYHORSPHQWRISHUVRQQHODQGWKHWUDQVODWLRQRIWKH³)DFW)LOHV´DQGFDUU\LQJRXWDVHPLQDURQ]LQF

7KH5XVVLDQ]LQFPDUNHWKDVXQGHUJRQHVHYHUHVWUXFWXUDOFKDQJHVRYHUWKHSDVW\HDUV3URGXFWSURGXFWLRQZLWKWKHH[FHSWLRQRIWKHDOOR\VEXVLQHVVEUDVV]LQFDQGVHPLVKDVUHPDLQHGUHODWLYHO\VWDEOHEXWH[SRUWVKDYHKDGWRWDNHXSFDSDFLW\/RFDOFRQVXPSWLRQUHGXFHGIURPWRNJSHUFDSLWDRYHUWKHSHULRGWR7KHDOOR\EXVLQHVVKDVKDGOLWWOHLQYHVWPHQWLQQHZHTXLSPHQWDQGFRPELQHGZLWKORZHUORFDOGHPDQGYROXPHVKDYHPDGHPXFKRIWKLVLQGXVWU\LQWHUQDWLRQDOO\XQFRPSHWLWLYH7KLVPLUURUVWKH6RXWK$IULFDQVLWXDWLRQ5XVVLDKDGORZHOHFWULFLW\DQGODERXUUDWHVDVLPLODUVFHQDULRWRWKDWSUHYDOHQWLQ6RXWK$IULFD)LQDOO\VLPLODUO\WR6RXWK$IULFDWKHPDUNHWFKDQJHVKDYHUHVXOWHGLQWKHSHUFHQWDJHVKDUHDOORFDWHGWRJDOYDQL]LQJKDYLQJULVHQIURPLQWRE\

,QDGGLWLRQVSHFLILFLQIRUPDWLRQKDVEHHQJDWKHUHGRQWKHSRWHQWLDOIRUWKH5XVVLDQ]LQFPDUNHW7KLVLQGLFDWHVWKDWDVDUHVXOWRILPSURYHPHQWVLQWKHHFRQRPLFFOLPDWH

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 21/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

RIWKHFRXQWU\WRJHWKHUZLWKVXEVWDQWLDOIRUHLJQGLUHFWLQYHVWPHQWVXEVWDQWLDOJURZWKLVOLNHO\

'LH&DVWLQJ

'XHWRORZLQYHVWPHQWLQHTXLSPHQWLQWKHSDVWWKH,=$LQLWLDWLYHWRVXSSRUWWKH5XVVLDQGLHFDVWLQJLQGXVWU\KDVFHQWUHGXSRQLQVWDOODWLRQRIHTXLSPHQWDQGWUDLQLQJRISHUVRQQHO7KLVKDVEHHQGRQHLQSDUWQHUVKLSZLWKFRPSDQLHVDQGRWKHUERGLHVZLWKVSHFLILFJRDOVLQWHUPVRIUHGXFHGPHWDOFRQVXPSWLRQDQGLQFUHDVHLQRYHUDOO

 SURGXFWLYLW\7KHUHKDVDOVREHHQUHFRJQLWLRQRIWKHLQFUHDVHGSUHIHUHQFHIRUWKHKLJKDOXPLQLXP]LQFDOOR\VLQWKHDXWRLQGXVWU\7KHVHSHUPLWJUHDWHUXVHRIWKLQZDOOGHVLJQHWF7KLVSDUWLFXODULQLWLDWLYHSURYLGHVRSSRUWXQLWLHVIRUHPXODWLRQRIWKH³PRGXVRSHUDQGL´LQ6RXWK$IULFDDQGXVHRIWHFKQRORJ\IRUWKLQZDOOGLHFDVWLQJVZDVDQREVHUYDWLRQPDGHLQWKH6HFWRU5HSRUW

*DOYDQL]LQJ

7KHJDOYDQL]LQJLQGXVWU\LVXQGHUJRLQJWHFKQRORJ\FKDQJHVLQFRQMXQFWLRQZLWKVWHHO SURGXFHUVWRSURYLGHJDOYDQL]HGVKHHWLQWRWKHORFDOJURZLQJDXWRPDUNHWDQGSURYLGHLQWHUQDWLRQDOO\DFFHSWDEOHSURGXFWLQWRWKHEXLOGLQJDQGFRQVWUXFWLRQPDUNHW

7KHDXWRLQGXVWU\LQ5XVVLDKDVWKHDGYDQWDJHRYHUWKDWLQ6RXWK$IULFDLQWKDWDOWKRXJKPDQ\-RLQW9HQWXUHVKDYHEHHQHVWDEOLVKHGZLWKFRPSDQLHVVXFKDV5HQDXOWDQG2SHOWKHUHH[LVWVORFDOO\RZQHGFRPSDQLHV7KHUHIRUHGHFLVLRQPDNLQJLVORFDOHQDEOLQJDFORVHUUHODWLRQVKLSEHWZHHQDXWRPDNHUDQGVXSSOLHU,QFRQWUDVWLQ6RXWK$IULFDGHVSLWHWKHSUHVHQFHRIDGLYHUVHDXWRLQGXVWU\DOOWKHPDQXIDFWXUHUVDUHIRUHLJQRZQHGDQGWKHUHIRUHGHFLVLRQVDUHPDGHHOVHZKHUH7KXVWKH5XVVLDQLQLWLDWLYHZRXOGKDYHOLPLWHGDSSOLFDWLRQORFDOO\

,QWKHEXLOGLQJDQGFRQVWUXFWLRQVHFWRUXQOLNH5XVVLDWKHGLYHUVLW\RIWKHGLVWULEXWRU SURGXFWUDQJHLQ6RXWK$IULFDLQSURGXFWVVXFKDVURRILQJLQGLFDWHVWKDWWHFKQRORJLFDOO\DFFHSWDEOHSURGXFWLVDYDLODEOHORFDOO\DWFRPSHWLWLYHSULFHV

,QIUDVWUXFWXUHUHEXLOGSURJUDPPHVRIIHUPDUNHWRSSRUWXQLWLHVLQ5XVVLDDVLQ6RXWK$IULFDDQGVRXWKHUQ$IULFDLQJHQHUDO7KH5XVVLDQLQLWLDWLYHUHOLHVKHDYLO\XSRQ

 SURPRWLRQWRWKHUHOHYDQWWDUJHWVSHFLILHUV

'LHFDVWLQJ± *HQHUDO&RPPHQWV

7KHFRPPHQWVWKDWFOHDUO\HPHUJHIURPWKHPDUNHWDQGSHUFHSWLRQVXUYH\VIRUWKH]LQFGLHFDVWLQJLQGXVWU\ZRUOGZLGHDUHWKDWWKHUHDUHHVVHQWLDOO\WZRVWDJHVRIGHYHORSPHQW7KHILUVWUHSUHVHQWVWKDWRIWKHGHYHORSLQJZRUOGLQFOXGLQJWKH)DU(DVWZKHUHWKHPDMRUIRFXVLVRQSULFH,QWKHGHYHORSHGZRUOGWKHLQGXVWU\LVFRXQWHULQJWKHWKUHDWIURPDOWHUQDWLYHPDWHULDOVVXFKDVHQJLQHHULQJSODVWLFVDQGDOXPLQLXPE\HLWKHUWKHDGRSWLRQRIQHZWHFKQRORJLHVWKLQZDOOFDVWLQJVRUWKHGHYHORSPHQWRIQHZPDUNHWVVXFKDVDXWRXQGHUERQQHWFRPSRQHQWV+LJKJURZWKDUHDVDUHQRWLQDXWREXWKDUGZDUHDQGKRPHDSSOLDQFHVHVSHFLDOO\ZKHUHFORVHWROHUDQFHVDUHUHTXLUHG7UDGLWLRQDO]LQFDXWRDSSOLFDWLRQVRIWHQPRYHWRDOXPLQLXP

2YHUDOOWKHDXWRLQGXVWU\DSSHDUVWREHGHVLJQLQJ]LQFDOOR\VRXWEDVHGXSRQFRVWDQGZHLJKW,QPRVWFRXQWULHVGLHFDVWHUVXVHDOXPLQLXPDVZHOODV]LQFLQWKHLUIDFLOLWLHV

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 22/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

3ODVWLFVLQWXUQRIWHQHYHQWXDOO\UHSODFHDOXPLQLXP+RZHYHUQHZ]LQFGLHFDVWDSSOLFDWLRQVLQDXWRVXFKDVFRPSRQHQWVUHTXLULQJGDPSLQJYLEUDWLRQUHVLVWDQFHDQGWHPSHUDWXUHVWDELOLW\± HVSHFLDOO\FRPSDUHGWRSODVWLFVFRQWLQXHWRDSSHDU,QPRVWFRXQWULHVJURZWKLQEXVLQHVVLVGXHPRUHWRLPSURYLQJEXVLQHVVFOLPDWHRULQFUHDVHGPDUNHWVKDUHWKDQQHZPDUNHWV

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

LQGXVWU\ZRXOGSURYHEHQHILFLDO3RRUVXSSOLHUVHUYLFHLVDNH\UHDVRQIRUHQGXVHUPDWHULDOVXEVWLWXWLRQ7KLVFDQRQO\EHFRXQWHUHGE\HVWDEOLVKLQJDQLQGXVWU\JURXSLQJ

:KHUHWKHPDUNHWLVGHYHORSLQJWKHUHDSSHDUVWREHDWHPSWDWLRQIRUHQGXVHUVWRLQVWDOOWKHLURZQIDFLOLWLHVWR³VDYHFRVWV´7KLVXQIRUWXQDWHO\FDQUHVXOWLQDPRQRSRO\SV\FKHZKLFKHYHQWXDOO\OHDGVWRPDWHULDOVXEVWLWXWLRQDVHQGXVHUIRFXVLVPHUHO\RQSULFH6XFFHVVVHHPVWREHUDWKHU YLDSDUWQHUVKLSVZKHUHWKHOLQNEHWZHHQGLHFDVWHUDQGILQLVKHULVVXFKWKDWHDFKPDLQWDLQVFRVWHIIHFWLYHQHVVSUHFOXGLQJVXEVWLWXWLRQ7KLVPRGHOFRXOGSURYLGHOHVVRQVIRUWKH6RXWK$IULFDQ'LH&DVWLQJPDUNHW,QDGGLWLRQZKHUHWKHGLHFDVWHULVSURDFWLYHDQGLQYROYHGZLWKWKHHQGXVHUHYHQLIDIRUPDOUHODWLRQVKLSGRHVQRWH[LVWWKHUHDUHGHVLJQRSSRUWXQLWLHVWKDWFDQEHXVHGWRUHWDLQDQGUHJDLQPDUNHWVKDUHEDFNWR]LQF$OVRVHFWRUVZLWKVKRUWSURGXFWOLIHF\FOHVVXFKDVDXWRVDQGDSSOLDQFHVDUHNHHQWRORRNDWQHZPDWHULDORSSRUWXQLWLHV

$QDSSURDFKWRFRQVLGHULVWKDWDGRSWHGE\WKH,=$± WDUJHWLQJWKHWRSGLHFDVWHUVVXSSO\LQJRIWKHPDUNHWDQGIRUPLQJVXSSOLHUJURXSV3HUIRUPDQFH

 EHQFKPDUNLQJVKRXOGEHFDUULHGRXWVHPLQDUVKHOGZLWKVSHFLILHUVDQGFXVWRPHUVWRVWLPXODWHQHZLGHDVDQGDSSOLFDWLRQV

&RQWLQXRXV*DOYDQL]LQJ± *HQHUDO&RPPHQWV

7KHRYHUDOOFXUUHQW:HVWHUQ:RUOGXVHRIFRQWLQXRXV]LQFFRDWHGVWHHOLVVKRZQLQ)LJXUH5HIHUHQFHWR)LJXUHVKRZVWKHGHFOLQHLQLPSRUWDQFHRIWKHEXLOGLQJVHFWRUZKHQFRPSDUHGWRWKHDXWRVHFWRU

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 23/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

)LJXUH:HVWHUQZRUOGXVHRIFRDWHGVKHHW VRXUFH,/=6*

)LJXUH7KH(8PDUNHWIRUJDOYDQL]HGVKHHW VRXUFH,/=6*

,QWKHGHVFULSWLRQRIGLHFDVWLQJLQWKH6HFWRU5HSRUWWKHUHTXLUHPHQWIRUWKHLQGXVWU\WRUHDFK4VWDWXVIRUVXSSO\LQWRWKHDXWRLQGXVWU\ZDVGHVFULEHG 7KLVTXDOLW\UHTXLUHPHQWLVDQRXWSXWRIWKH*HQHUDO$XWR3DUWQHUVKLSLQWKH86$7KHVWHHODQG

]LQFLQGXVWU\ERGLHVDUHDFWLYHLQWKLVSDUWQHUVKLSRQHRIWKHNH\RXWSXWVKDYLQJEHHQWKHUHWHQWLRQRIVWHHOIRUERG\LQZKLWHFRPSRQHQWV± JHQHUDOO\LQHLWKHUHOHFWUR RUKRWGLSJDOYDQL]HGIRUP,QIDFWWKHUHLVDWUHQGWRZDUGVFRQWLQXRXVKRWGLSJDOYDQL]HGVWHHOZLWKDFRQFRPLWDQWJUHDWHUFRQVXPSWLRQRI]LQF7KXVFOHDUO\WKHQHHGWRPHHWXVHUUHTXLUHPHQWVFDQQRWEHRYHUHPSKDVLVHG

2WKHU,=$DFWLYLW\KDVSULPDULO\EHHQLQWKHDUHDRIWKHSURGXFWLRQRILQIRUPDWLRQHLWKHUYLDWKHZHERULQSDSHUIRUP7KH*DOY,QIR&HQWUHDWHFKQLFDO]LQFFRDWHGVWHHOVKHHWLQIRUPDWLRQFHQWUHLVFRVSRQVRUHGE\,/=52DQGWKH1RUWK$PHULFDQVWHHOLQGXVWU\7KHPDLQIRFXVRIWKH,=$KDVEHHQYLDSDUWQHUVKLSVORRNLQJDWWKHXVHRIJDOYDQL]HGSURGXFWLQOLJKWVWHHOVWUXFWXUHV

FRQVWUXFWLRQ

DXWRPRWLYH

ZKLWHJRRGV

DXWRPRWLYH

EXLOGLQJ

GRPHVWLFDSSOLDQFHV

RWKHU 

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 24/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

7KHPRYHWRVWHHOIUDPLQJIURPZRRGLVJURZLQJLQPRPHQWXPLQERWKWKH86$DQG$XVWUDOLD+RZHYHULQERWKFRXQWULHVDKLVWRU\RIIUDPLQJLQEXLOGLQJFRQVWUXFWLRQKDVEHHQSUHYDOHQW6RXWK$IULFDQRWXQOLNH(XURSHKDVWUDGLWLRQDOO\XVHGEULFNDQGWLOHFRQVWUXFWLRQ1RWZLWKVWDQGLQJWKLVWKHUHKDYHEHHQUHSHDWHGPRYHVWRGHYHORSDORFDOOLJKWZHLJKWURRILQJIRUXPLQ6RXWK$IULFD7KHURRILQJV\VWHPVDUHIUDPHG

JHQHUDOO\LQZRRGLQ6RXWK$IULFDDQGFRXOGSURYLGHDGHSDUWXUHSRLQWIRUWKHPRYHWRVWHHO7KH6$,6&KDVVKRZQ VRPHLQWHUHVWLQEHLQJKRPHWRLQIRUPDWLRQLQWKLVDUHD

 EXWWRGDWHWKHUHFHSWLRQKDVEHHQOXNHZDUP$VLJQLILFDQWDPRXQWRILQIRUPDWLRQLVDYDLODEOHRYHUVHDV$FWLYHXVHRIWKLVZRXOGEHUHTXLUHGWRKDYHPDUNHWLPSDFW

6RPHVL[PDLQSURGXFWDUHDVDUHGULYLQJGHPDQGLQFRQVWUXFWLRQYL]JDOYDQL]HGVWUXFWXUDOVWHHOURRIVIDFDGHVIODVKLQJVJXWWHUVDQGUDLQZDWHUV\VWHPV$OWKRXJKLQWKHGHYHORSHGZRUOGFRQVWUXFWLRQHVSHFLDOO\KRXVLQJVWDUWVLVWLHGWR*'3JURZWKLQWKHGHYHORSLQJZRUOGWKLVOLQNLV ORRVHUGXHWRKRXVLQJEDFNORJV/HYHOVRIKRPHRZQHUVKLSDUHJURZLQJDQGWKLVLVSURYLGLQJRSSRUWXQLWLHVIRU]LQF,QWKH86$ZKHUHIUDPLQJLVWKHQRUPDVKLIWWRSUHJDOYDQL]HGSURGXFWVZRXOGUHSUHVHQWDQLQFUHDVHLQ

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

)LJXUH7RQQHVRIVWHHOSHU$XVWUDOLDQKRXVH VRXUFH,/=6*

,QWKH)DU(DVWDOWKRXJKWKHXVHRIWUDGLWLRQDOPDWHULDOVLQFOXGLQJSDOPSHUVLVWVWKHUHLVDJURZLQJUHFRJQLWLRQRIWKHVXSHULRULW\RIVWHHOSDUWLFXODUO\LQUHJLRQVWKDWDUHVXEMHFWWRWURSLFDOVWRUPV

  U  R  R  I   L  Q

  J 

  Z  D   O   O    U  R

  R  I  I  U  D  P

   L  Q  J 

  U  D   L  Q  Z

  D  W  H  U

  S  U  R

  G  X  F  W

  V

  I  H  Q  F

   L  Q  J 

  W  U  X  V  V

   O  H  V  V

  U  R  R  I   L  Q  J 

  V  W  U  X  F

  W  X  U  D   O   E  H

  D  P  V

  I   O  R  R  U   L  Q  J 

  V  \  V  W

  H  P  V

  I   O  R  R  U  V

   O  D   E  U  H   L  Q

  I  R  U  F

  H  P  H  Q

  W

     W    R    Q    Q    H    V    S    H    U     K    R    X    V    H

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 25/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

*HQHUDO*DOYDQL]LQJ± *HQHUDO&RPPHQWV

6WXGLHVVKRZWKDWRI]LQFLVFRQVXPHGLQFRQVWUXFWLRQZLWKDQRWKHUSHUFHQWLQ SXEOLFLQIUDVWUXFWXUH7KHVHVHFWRUVUHSUHVHQWPLOOLRQWRQQHVSHU\HDURI]LQFFRQVXPSWLRQDQGDUHWKHPRVWLPSRUWDQWPDUNHWVIRUJHQHUDOJDOYDQL]LQJ,QWKH86$

JHQHUDOJDOYDQL]LQJKDVJURZQE\RYHUWKHODVWGHFDGH7KHUHIRUHDVPHQWLRQHGDERYHDOWKRXJKJHQHUDOJDOYDQL]LQJLQ6RXWK$IULFDKDVEHHQRQHRIWKHIHZJURZWKDUHDVLQUHFHQW\HDUVWKHJURZWKUDWHKDVODJJHGEHKLQGWKDWRIHYHQWKHGHYHORSHGZRUOG,WLVWKHUHIRUHZRUWKORRNLQJDWWKHFXUUHQWVWDWXVLQWKHGHYHORSHGZRUOG

,QWKH(8DVDGHYHORSHGPDUNHWWKHFRQVXPSWLRQRIJHQHUDOJDOYDQL]LQJSHUHQGXVHVHFWRULVVKRZQLQ)LJXUH&RQVWUXFWLRQLVWKHODUJHVWVHFWRUEXWFROOHFWLYHO\VWUHHWIXUQLWXUHDQGSRZHUWUDQVPLVVLRQDFFRXQWIRURIJHQHUDOJDOYDQL]LQJDFWLYLW\,IDJULFXOWXUDOLQIUDVWUXFWXUHIDUPJDWHVIHQFLQJJODVVKRXVHVHWFLVDGGHGWRWKLVWKHWRWDOULVHVWR&RQVWUXFWLRQDSSOLFDWLRQVLQFOXGH

N *DOYDQL]HGVWHHOOLQWHOVRIWKH(8PDUNHWIRUOLQWHOV

N )LUHHVFDSHV

N 9HQWDQGVHUYLFHGXFWV

N %UDFNHWVDQGIL[LQJV

N 6XSSRUWVWHHOZRUN 

N :LQGRZDQGGRRUIUDPHV

6DIHW\FRQFHUQVDUHGULYLQJJURZWKLQWKHVHFXULW\IHQFLQJVWUHHWOLJKWLQJDQGURDGFUDVKEDUULHUPDUNHWV

$QXPEHURIKLJKSURILOHDSSOLFDWLRQVLQWKHGHYHORSHGZRUOGKDYHDVVLVWHGLQWKH

RYHUDOOPDUNHWSHQHWUDWLRQ RIJHQHUDOJDOYDQL]LQJ7KHVHLQFOXGHWKHWHQQLVFRXUWIRUWKH6LGQH\2O\PSLF*DPHVWKH(GHQSURMHFWLQWKH8.DQGWKH&KDQQHO7XQQHO

)LJXUH7KH(8PDUNHWIRU*HQHUDO*DOYDQL]LQJ VRXUFH,/=6*

,QGHYHORSLQJFRXQWULHVVXFKDVWKRVHZLWKGLDPRQGVVLPLODUWR6RXWK$IULFDLVVXHV

RWKHUWKDQSXUHPDUNHWLQJDULVH6XUYH\VLQGLFDWHWKDWZKHUHWKHUHLVDQDZDUHQHVVRIJHQHUDOJDOYDQL]LQJUHVWUDLQWVWRJURZWKDUHTXDOLW\VWDQGDUGVVHUYLFHDQGSULFH$OVR

FRQVWUXFWLRQ

VWUHHWIXUQLWXUH

SRZHUWUDQVPLVVLRQ

DJULFXOWXUH

WUDQVSRUW

IDVWHQHUV

RWKHUV

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 26/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

  SHUKDSVDODFNRIDZDUHQHVVLV PRUH³DODFNRIFRQILGHQFH´7KH,=$KDVGHYHORSHGD³PDUNHWGHYHORSPHQWNLW´IRUJDOYDQL]HUV,QWHUHVWLQJO\VRPHWLPHDJRWKHQHHGIRUWKLVORFDOO\ZDVLGHQWLILHG,QWHUQDWLRQDOO\DQXPEHURI³)DFW)LOHV´DQGRWKHUGRFXPHQWDWLRQKDYHEHHQSURGXFHG7KHVHVKRXOGEHPDGHDYDLODEOHORFDOO\+RZHYHUWKH+'*$6$KDVSURGXFHGQXPHURXVWHFKQLFDOSURGXFWLRQVVRPHRI

ZKLFKDUHGXSOLFDWLRQVRIZKDWLVDYDLODEOHLQWHUQDWLRQDOO\6LPLODUO\ZKHUHNQRZOHGJHRIJDOYDQL]LQJLVSRRUDQHHGIRUWKHGHYHORSPHQWRIDNQRZOHGJHEDVHIRUJDOYDQL]HUVKDVEHHQLGHQWLILHGLQWHUQDWLRQDOO\7KLVKDVDOVREHHQLGHQWLILHGDVDQHHGORFDOO\

/RRNLQJDW,=$LQLWLDWLYHVLQWKHGHYHORSLQJZRUOGZKHUHLQFLGHQWDOO\LWLVIHOWWKDWRSSRUWXQLWLHVIRUVLJQLILFDQWJURZWKH[LVWWKHPDMRUIRFXVKDVEHHQRQWUDQVIHURIWHFKQRORJ\RIJDOYDQL]LQJ$OVRLWLVIHOWWKDWVRPHRIWKHSODQWVLQWKHVHFRXQWULHVZRXOGQRWEHDEOHWRRSHUDWHZHUHWKHPRUHVWULQJHQWHQYLURQPHQWDOUHTXLUHPHQWVRIWKHGHYHORSHGZRUOGDSSOLHG7KLVVLWXDWLRQPLUURUVWKDWRIVRPHRIWKHJDOYDQL]LQJFRPSDQLHVLQ6RXWK$IULFD7KLVLVEHLQJDGGUHVVHGSDUWO\WKURXJKWKH'$1&('

LQLWLDWLYHE\WKH+'*$6$$QRWKHUREVHUYDWLRQIURPWKH,=$ZRUNLVWKDWLQLWLDOPDUNHWVRFFXULQLQIUDVWUXFWXUDOGHYHORSPHQWVXFKDVHOHFWULFLW\WUDQVPLVVLRQ7KLVVLWXDWLRQKDVDOUHDG\EHHQSDVVHGLQ6RXWK$IULFDDOWKRXJKVRXWKHUQ$IULFDRIIHUVRSSRUWXQLWLHV

,QWKH86DWDUJHWHGPDUNHWGHYHORSPHQWSURJUDPPHLVXQGHUZD\ORRNLQJDWVSHFLILFPDUNHWVVXFKDVWKHXVHRIJDOYDQL]HGUHEDULQEULGJHGHFNV:KLOVWWKHGHVLJQRI

 EULGJHGHFNVGLIIHUVIURPFRQWLQHQWWRFRQWLQHQWWKHUHFRXOGZHOOEHVRPHSRWHQWLDOWUDQVIHURIPHWKRGRORJ\,QGHHGVHPLQDUVIRFXVLQJXSRQGHVLJQVSHFLILFVKDYH

 SURYHGXVHIXO$SURMHFWFXUUHQWO\LQDEH\DQFHLVD/LIH&\FOH&RVWLQJPRGHOIRUJHQHUDOJDOYDQL]LQJ,QWKHDXWKRU¶VH[SHULHQFHWKLVVRUWRILQIRUPDWLRQZKLOVWXVHIXOWHQGVWRKDYHLPSDFWRQO\LIILUVWFRVWFRPSDULVRQVDUHFORVH7KHPDUNHWGHYHORSPHQW

 SURFHVVLQ6RXWK$IULFDLVVXFKWKDWGXSOLFDWLRQRIWKHHIIRUWLQWKH86$(XURSHDQG$XVWUDOLDLHWKDWRIIRFXVLQJXSRQVSHFLILFPDUNHWVLVOLNHO\WREULQJEHQHILWWRWKH6RXWK$IULFDQLQLWLDWLYH7KH86$LVFXUUHQWO\H[SHULHQFLQJJURZWKUDWHVLQJHQHUDOJDOYDQL]LQJRI± SHUDQQXP3DUWLFXODUPDUNHWGHYHORSPHQW SURMHFWVZKLFKFRXOGEHDSSOLFDEOHLQ6RXWK$IULFDDUHDLPHGDWWKHUHEDUDQGXWLOLW\SROHPDUNHWV

,QVXPPDU\WKHJHQHUDOJDOYDQL]LQJLQGXVWU\LQ6RXWK$IULFDLVDVWUDQJHFRPELQDWLRQ(QYLURQPHQWDOFRQWUROVUHVXOWLQVPDOORSHUDWLRQVEHLQJHVWDEOLVKHGZKLFKGRQRWPHHWHLWKHUWKHJHQHUDOO\DFFHSWHGWHFKQLFDOQRUPVRUHQYLURQPHQWDO

QRUPVRIWKHGHYHORSHGZRUOG+RZHYHUEHFDXVHWKHVHFRPSDQLHVRSHUDWHVLGHE\VLGHZLWKWKHPRUHGHYHORSHGFRPSDQLHVSULFHVDUHDOZD\VXQGHUWKUHDWGXHWR³XQIDLU´FRPSHWLWLRQ7KLVLVEHLQJDGGUHVVHGDOEHLWVORZO\7KHPDUNHWIRUJHQHUDOJDOYDQL]LQJLVIDLUO\VRSKLVWLFDWHGDOWKRXJKWKHQHLJKERXULQJPDUNHWVVXUURXQGLQJWKHFRXQWU\RIIHULQIUDVWUXFWXUDORSSRUWXQLWLHV7KLVGXDOLVPQHHGVWREHUHFRJQLVHGDQGD

  SURJUDPPHWR DGGUHVVWKHGHYHORSHGDQGGHYHORSLQJPDUNHWVQHHGVWREHGHWHUPLQHG

,QDVVHVVLQJWKHRYHUDOOFRPSHWLWLYHQHVVRIWKLVLQGXVWU\WZRLVVXHVUHTXLUHFRQVLGHUDWLRQYL]WKHFRPSDUDWLYHFRVWVDJDLQVWRWKHUFRDWLQJV\VWHPVDQGWKHUHODWLYHFRVWVWRWKHJDOYDQL]HU7KHIRUPHUDUHDGGUHVVHGUHJXODUO\YLDYDULRXVERGLHV7KHODWHVWDYDLODEOHFRPSDULVRQVDUHVKRZQLQ 7DEOH IRU$XVWUDOLD86$

DQG6RXWK$IULFD$OWKRXJKQRWGLUHFWO\FRPSDUDEOHLWLVFOHDUWKDWORFDOO\WKHUDWLRRIJHQHUDOJDOYDQL]LQJWRDFRPSDUDEOHRUJDQLFFRDWLQJV\VWHP

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 27/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

LQRUJDQLF]LQFHSR[\SRO\XUHWKDQHLV7KLVLVEDVHGXSRQDV\VWHPWRWDOO\ SDLQWHGDWWKHSRLQWRIIDEULFDWLRQ7KHFRVWDGYDQWDJHVRIXVLQJJHQHUDOJDOYDQL]LQJDUHFOHDU+RZHYHUWKHUHDSSHDUVWREHDKLJKGLVFUHSDQF\EHWZHHQWKHUHODWLYHUDWLRV7RVRPHGHJUHHWKHWLPHIUDPHLPSDFWVXSRQWKHVHYDOXHVDQGKLJKOLJKWVWKHQHHGIRUUHJXODUEHQFKPDUNLQJWROHYHUFRVWDGYDQWDJHV)RUH[DPSOHLQ6RXWK$IULFDKHDY\

GXW\FRDWLQJSULFHVKDYHULVHQRYHUWKHODVWPRQWKV

7DEOH&RVWFRPSDULVRQEHWZHHQJHQHUDOJDOYDQL]LQJDQGKHDY\ GXW\FRDWLQJLQ

$XVWUDOLDDQG6RXWK$IULFD

+'* *HQHUDO

*DOYDQL]LQJ

+HDY\'XW\&RDWLQJ 5DWLR

$XVWUDOLD P P

86$

6RXWK$IULFD 5P 5P

EDVHGXSRQPWRQQHPDWHULDOVL]HVQRWDYDLODEOHEDVHGXSRQPWRQQH

7KHFRVWSURILOHVIRUDIHZVHOHFWHGDUHDVDUHVKRZQLQ7DEOH,WLVFOHDUWKDWDVH[SHFWHGWKHPDWHULDODQGODERXUFRPSRQHQWVIRU6RXWK$IULFDLQGLFDWHWKDWJDOYDQL]LQJFDQEHGRQHPRUHFRPSHWLWLYHO\WKDQWKHGHYHORSHGQDWLRQV

7DEOH&RVWSURILOHVIRUJHQHUDOJDOYDQL]LQJIRUYDULRXVFRXQWULHV

&RXQWU\ 0DWHULDO /DERXU 2YHUKHDGV

ILQDQFHSURILW

&KLQD

6RXWK$IULFD 8.

$XVWUDOLD

,=$7RRONLW

)URPWKHDERYHDQDO\VLVWKH,=$LQWHUYHQWLRQVDSSHDUWRIDOOLQWRILYHEURDGDUHDV

3URGXFWLRQDQGGLVVHPLQDWLRQRIWHFKQLFDODQGSURPRWLRQDOOLWHUDWXUH

3URGXFWLRQDQGGLVVHPLQDWLRQRIWUDLQLQJPDWHULDOV

)RVWHULQJLQGXVWU\SDUWQHUVKLSVWRLQFUHDVHFDSDFLW\DQGFRPSHWHQF\RIFHUWDLQ]LQFFRQYHUVLRQLQGXVWULHV

)RUPLQJSDUWQHUVKLSVZLWKLQGXVWU\JURXSVWKDWKDYHVLPLODULQWHUHVWVDQGJRDOVIRUPDUNHWGHYHORSPHQW

,GHQWLILFDWLRQDQGVSRQVRULQJRIUHVHDUFKDQG GHYHORSPHQWWRSURPRWHQHZDSSOLFDWLRQVIRU]LQF

)URPWKHVHDFWLYLWLHVDQXPEHURISURGXFWVRUPRGHOVFDQEHXVHGLQWKHORFDOPDUNHWWKHWRRONLW3URGXFWVUDQJHIURPVHPLQDUSUHVHQWDWLRQNLWVWRWUDLQLQJWRROVDQGVKRXOGEHPDGHDYDLODEOHWRORFDO LQGXVWU\WRDYRLGORFDOGXSOLFDWLRQRIHIIRUW7KHSURGXFWLRQRIHGXFDWLRQDQGWUDLQLQJPDWHULDOIRUWKHGLHFDVWLQJLQGXVWU\LVRI

 SDUWLFXODUUHOHYDQFHLQWKH6RXWK$IULFDQPDUNHWSODFH

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 28/29

6RXWK$IULFDQ=LQF,QLWLDWLYH± $QDO\VLVRI6XFFHVV)DFWRUVIRU2YHUVHDV0DUNHWVIRU=LQF0D\SDJHV S

)URPDGHYHORSPHQWRIEXVLQHVVSHUVSHFWLYHWKHSDUWQHULQJSURJUDPPHVKDYHZRUNHGZHOO7KHVHUDQJHIURPZRUNLQJZLWKWKH$PHULFDQ,URQDQG6WHHO,QVWLWXWHRQWKH

 SURPRWLRQRIVWHHOXWLOLW\SROHVWRFRPPRQLQGXVWU\IRUXPVRQGLHFDVWLQJDQG  EXVLQHVVSDUWQHUVKLSVEHWZHHQWKH]LQFSURGXFHUVDQGGHYHORSLQJLQGXVWULHVVXFKDV LVRFFXUULQJLQ5XVVLD

8/4/2019 Analysis of Success Factors for Overseas Markets (for Zinc)

http://slidepdf.com/reader/full/analysis-of-success-factors-for-overseas-markets-for-zinc 29/29

&21&/86,216$1'5(&200(1'$7,216

&OHDUO\WKLVLQWHUQDWLRQDOFRPSDULVRQKDVFRQFHQWUDWHGXSRQJHQHUDOJDOYDQL]LQJFRQWLQXRXVJDOYDQL]LQJDQGGLHFDVWLQJ7KLVKDVODUJHO\EHHQGXHWRWKHIDFWWKDWWKH,=$KDV:RUOG&RPPLWWHHVDGGUHVVLQJHDFKLQGXVWU\LQGLYLGXDOO\+RZHYHUZLWKWKH

PRYHWRZDUGV6XVWDLQDEOH'HYHORSPHQWSURJUDPPHVRWKHUPDUNHWVVXFKDVWKH&KHPLFDOVPDUNHWQHHGWREHEURXJKWLQWRWKHV\VWHP7KLVPDUNHWZKLFKDOVRGULYHVWKH3KDUPDFHXWLFDOVEXVLQHVVSURYLGHVDQRSSRUWXQLW\WRUDLVHYLVLELOLW\RQWKHHVVHQWLDOLW\RI]LQFDQGVKRXOGEHOHYHUDJHGLQ6RXWK$IULFDDVSDUWRIWKH3URPRWLRQ3URJUDPPH

(IIRUWVKRXOGEHIRFXVHGLQWRVSHFLILFSURMHFWVDQGDOOUROHSOD\HUVPXVWEHFRRUGLQDWHG+'*6$,6&HWFZLWKPHDVXUHVRISHUIRUPDQFH

,WLVFOHDUIURPWKHLQWHUQDWLRQDOFRPSDULVRQVWKDWWKH6RXWK$IULFDQ]LQFPDUNHWLVDWDVWDJHRIGHYHORSPHQWVLPLODUWRWKDWLQ/DWLQ$PHULFD+RZHYHUWKLVLVRYHUODLGE\

DVLPLODULW\WR5XVVLDLHODFNRILQYHVWPHQWLQQHZWHFKQRORJ\7KH6RXWK$IULFDQVLWXDWLRQKDVEHHQWKHUHVXOWRIDQH[WHQGHGSHULRGRIHFRQRPLFLVRODWLRQZKHUHDFFHVVWRH[SRUWPDUNHWVZDVOLPLWHG&OHDUO\IURPWKHVHFRPSDULVRQVSDUWQHUVKLSGHYHORSPHQWSURJUDPPHVQHHGWREHGHYHORSHGIRUVSHFLILFILUVWXVHUPDUNHWVHPXODWLQJWKH5XVVLDQPRGHORIVWDWHDQGLQGXVWU\SDUWQHUVKLS

7KHJDOYDQL]LQJPDUNHWLQ6RXWK$IULFDZKLOVWKLJKO\GHYHORSHGKDVEHHQXQDEOHWRIXOO\SDUWLFLSDWHLQUHJLRQDORSSRUWXQLWLHV2QDSURMHFWE\SURMHFWEDVLVNH\DSSOLFDWLRQDUHDVUHTXLUHFRRUGLQDWLRQDQGIRFXV/LJKWZHLJKWVWHHOIUDPLQJLV

 SDUWLFXODUO\UHOHYDQWLQWKH6RXWKHUQ$IULFDFRQWH[W6LJQLILFDQW]LQFWRQQDJHFRXOGEHXVHGLQWKLVDUHD+RZHYHURYHUWKH\HDUVLGHQWLILFDWLRQRIDQLQGXVWU\FKDPSLRQKDV

 SURYHGGLIILFXOW,QDGGLWLRQWKHUHLVVWLOODODFNRIFRQILGHQFHLQWKHLQGXVWU\7KLVFRXOGEHDGGUHVVHGXVLQJ,=$LQSXWDQGRWKHULQLWLDWLYHVFXUUHQWO\EHLQJGHYHORSHGE\WKH+'*$6$

3XEOLFDZDUHQHVVRI]LQFLWVXELTXLW\DQGHVVHQWLDOLW\LVORZLQ6RXWK$IULFD7KH,=$KDVGHYHORSHGDQLQGXVWU\DZDUHQHVVFDPSDLJQWKDWKDVH[WHQGHGLQWRHGXFDWLRQDOIDFLOLWLHV7KLVFDQEHFRSLHGDQGORFDOLVHGIRUUHOHYDQFH

)LQDOO\WKHGLHFDVWLQJLQGXVWU\LQ6RXWK$IULFDUHTXLUHVPDMRULQWHUYHQWLRQLILWLVWRVXUYLYHDQGEHFRPHZRUOGFRPSHWLWLYH7KLVZRXOGUHTXLUHDSDUWQHUVKLSZLWKRWKHU

LQGXVWU\ERGLHVPDWHULDOVVXSSOLHUVDQGSRVVLEO\JRYHUQPHQW:KLOVWQRWGLUHFWO\WUDQVIHUDEOHDQGFRQILGHQWLDOLQVRPHFDVHVWKHLQWHUYHQWLRQSURJUDPPHLQ5XVVLDFRXOGEHXVHGDVDSRLQWHUWRUHYLWDOLVHWKLVLQGXVWU\