Source: Google

In a TV interview to CNBC on Friday, Yossi Vardi, the chairman of International Technology Ventures said there could be hundreds of more companies like Alibaba and Huawei in China that are ready to take on the world in the future. Vardi, who is one of the prominent venture capitalists, said “When you look at China today, it’s not what you saw in China three or five or 10 years ago.”

China is different to what it was a decade or five years ago: Vardi

Alibaba Corp., the China-based e-commerce giant, is one of the most popular online retailers in the world currently. The online company is a well-known and quite famous name in the e-commerce industry and it was listed in the United States in 2014. The China-based smartphone company ‘Huawei’ has also been expanding its business across the world with new phones launch and exciting new features.

However, several years ago, both the companies were just famous in their domestic market in China. No doubt, the two companies are getting more and more profits outside China these days and hence, they are getting increasing competition from international rivals like U.S.-based online retailer ‘Amazon’, California-based online retailer ‘eBay,’ Silicon Valley giant ‘Apple,’ and Korea-based smartphone maker ‘Samsung.’

Yossi Vardi told CNBC, “These people (the Chinese) are able to come with products, with innovation and creating products which are better than the West in some areas.”

Chinese companies expanding their business worldwide: Reports

Vardi, the “godfather” of Israel’s technology boom, said that the country (China) has an overall market of 1.4 billion customers and most China-based companies are catering to their domestic users even now.

Vardi told CNBC, “We know … Chinese companies outside like Alibaba and Huawei. Wait a few years and you will see hundreds of Alibaba’s and Huawei’s after they finished to exploit the local market and they turn into the international market we are going to see something which really will be amazing.”

The country, which is one of the largest smartphone markets in the world, has several tech giants like Baidu and Tencent have started to expand their market to other markets outside China. According to a KPMG report, which was released in January, the venture capital investment reached $31 billion last year – a 19% rise year-on-year – despite the fall in global market.

China-based ride-hailing app Didi Chuxing and smartphone maker Xiaomi are two of the many start-ups worldwide that are worth $33.8 billion and $46 billion respectively, according to reports. The figure of Didi Chuxing and Xiaomi is still below Uber that is valued at around $68 billion.