SAPMarkets, the exchange company of the SAP group, will provide its customers with access to more than 30,000 suppliers in the Asia Pacific region via an agreement with U.S.-headquartered Meet World Trade.
As a key partner in the SAPMarkets Partner Program, Meet World Trade will bring suppliers to SAPMarkets’ exchange customers through the Meet World Trade supplier network. Meet World Trade is an online network of Asian Internet marketplaces that uses a combination of online and offline resources to help purchasing professionals source vendors in developing economies.
The agreement with Meet World Trade marks the beginning of SAPMarkets’ supplier-enablement strategy in Asia. “SAPMarkets is experiencing a demand for its exchange technology from companies working in the Asia Pacific Region,” said Zia Yusuf, managing director of SAPMarkets Asia Pacific.
“As our customers build and plan out their exchange and procurement strategy, they will need access to high-quality and low-cost suppliers in this important region of the world. Our relationship with Meet World Trade will fulfill this need by providing our customers with access to a diverse range of suppliers.”
Meet World Trade estimates that it costs manufacturers on average US$70,000 to source and qualify a new supplier in Asia’s emerging economies. Meet World Trade will reduce those costs for SAPMarkets’ exchange customers and help them expand their supplier base.
In addition to Meet World Trade, the agreement includes MeetChina.com, EC 21, Inc., doing business as MeetKorea.com, and Meet World Trade (Thailand).
“Meet World Trade and its network affiliates are pleased to be working with SAPMarkets,” said Leonard Cordiner, chief executive officer of Meet World Trade. “We look forward to our continued close cooperation to provide Internet-based strategic sourcing content and services to help global buyers identify high-quality suppliers and source more efficiently from Asia.”