Even in this period of economic uncertainty, growth opportunities for the direct selling industry abound, said Singapore's Minister of State for Trade and Industry Lee Yi Shyan here on Friday.
Speaking at the gala dinner of the World Federation of Direct Selling Association 13th World Congress, Lee said, "The industry could take this chance to consolidate and re-position itself to leverage on the opportunities presented by key worldwide trends such as the emergence of newly affluent markets, rising health care costs, and longer life expectancies."
He also encouraged the industry to enhance consumer education and self-regulation, because "it is sometimes difficult for consumers to differentiate between legitimate direct selling firms and fraudulent pyramid schemes."
He emphasized the importance of upholding high standards of ethical conduct in direct selling in the marketplace, "which will place the industry in a socially responsible position, while ensuring sustainable growth for the long term."
The three-day industry world congress, gathering together some 500 senior managers from about 50 countries, closed on Friday.
The World Federation of Direct Selling Association now has 59 national Direct Selling Associations members with 67 million salespersons selling an estimated 112 billion U.S. dollars worth of products and services last year.
Source: Xinhua
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