Opportunities in high growth markets
By Christine Losecaat of UK Trade & Investment
The UK’s corporate and public sector communications industry is foremost in its field for producing some of the finest examples of Live and Experiential Communications for multi-billion pound events. However, we are witnessing an age of unprecedented change and transformation which presents opportunities and challenges of unparalleled scale for the UK and other countries around the world.
In this period of ever increasing global interconnection and worldwide economic uncertainty, successful companies and brands will have to use globalisation to their advantage if they are to maintain their edge and ensure future prosperity.
One of the best ways of doing this is through market diversification. Businesses can no longer afford to concentrate on traditional, developed markets alone. Fast expanding markets such as China, Japan, South Korea and India with growth rates and commercial opportunities far outstripping their established counterparts, hold the key to sustained success in the changing world economy. China in particular has undergone massive change domestically, and opened up its doors to the rest of the world.
Breaking into new markets is not plain sailing. High growth markets pose significant challenges for UK companies to manage. Local bureaucracy is often complex, there may also be specific licensing requirements, insurance regulations and government restrictions on money withdrawals which British companies should prepare for from the outset.
This is where UK government involvement can add real value to the efforts of UK business by, offering a range of services that can help companies to acclimatise including, market research, contacts, exposure and even financial support.
“Actively looking for new business prospects, in previously untapped markets will be the key to maintaining your leadership position in the market. As will adopting new strategies, securing a good translator and understanding the power of relationships with your Chinese partners,” says Christine Losecaat at UK Trade & Investment.
“The IVCA UK/China Project seminars, which we are sponsoring next month, will address some of these urgent issues in an open forum and point you towards a myriad of upcoming opportunities such as Shanghai Expo 2010.”
Christine Losecaat
Sector Champion - Design & Creative Industries
Chair - Television Export Group
UK Trade & Investment
