Emerging Economies and Small and Medium Industries: Challenges in the process of Globalization

Abstract

Focus of this paper is to investigate export and import sector contribution as means of the SMIs market internationalization in emerging economies with the process of globalization. And explain how small businesses are important in current business world. Thetermemerging economies has explored since 1990s in the world economy.Around hundred and fifty six emerging economies in various stages of development is contributing to the international business in the world today.Some of these economies are rapidly emerging on the global stage. Among them, Argentina, Brazil,Indonesia, Turkey,Thailand,South Korea, Russia, Poland are very important in the internationalization phenomena.Globalization and business opportunities are take place among developing economies as well as emerging economies.The current era of globalization originated in the aftermath of world war second when major nations committed to global trade and investment.Most of the countries in the world today realized that joining the world economy is a must.As the countries started to emerge as new actors in the world economy 20% of its output contribute to the global GDP at present while western economies contribute approximately 80% to world GDP. Over the years emerging economies has involved considerable amount of transactions in the international trade and more prominently service sector has expanded within the globalization situation.