Your next move should be to visit the market with which you plan to invest and/or trade!

Below are four perspectives on how in-market visits can help with the opportunity-identification and market validation processes.

1. Witness firsthand the opportunities and potential of your target market

Visiting your target market will give you the ability to witness and validate the foreign market opportunities you plan to pursue firsthand, beyond what you are able to learn through market reports, market studies and presentations.

The Philippines has built a thriving Business Process Outsourcing (BPO) sector from the ground up. The country has overtaken India as the call-center capital of the world because of its highly educated workforce that can speak fluent English, and their strong grasp of Western culture.

In early 2011, I had the opportunity to work on a lead and investment generation project, which entailed finding North American companies that could potentially outsource their contact centre and other back-end functions to the Philippines.

The process took me to the Philippines and enabled me to see  government initiatives, private sector investments, and public-private partnerships that were designed to make the country a BPO hub in Asia and globally.

Some of these developments included the creation of industrial parks, business parks and specialized economic zones (SEZ) to anchor in investments; the building up of BPO sectors in the cities of Manila, Cebu, Davao, and Cagayan; and even the establishment of schools that teaches call center agents how to speak in various accents of the English language.

By conducting an in-market visit to the Philippines, I was able to connect with foreign companies including Expedia, Lexmark, Toshiba, Convergys and Telus, that all successfully invested and leveraged the country’s BPO sector.

I was able to learn first-hand about the business environment, market entry challenges, and what it takes to be successful in the marketplace, and it helped me to identify opportunities in the BPO sector.

2. Uncover nuances of your target market

In-market visits will help you uncover market nuances that could potentially act as market entry barriers or  delay your expansion process if left ignored.

As an example, I worked on a market assessment and sourcing project for used mobile devices in the ASEAN market. A market nuance not uncovered by the team visiting Hong Kong, the Philippines, Singapore and Vietnam through secondary research was the preference to use dual SIM phones in certain parts of Southeast Asia that have limited network coverage.

Having a dual SIM phone allows users to access multiple carrier signals.

By identifying this market nuance, we were able to adapt our business plan accordingly.

3. Connect with parties that can assist in the internationalization process

In-market visits will enable you to connect with parties that can assist in the internationalization process, including:

• Government commercial representatives and sector specialists from the Canadian Trade Commissioner Services (TCS), investment promotion agencies (IPAs), and/or trade promotion organizations (TPOs) that can support your business interests and facilitate a soft landing should you decide to move forward.
• Potential customers, potential suppliers and potential partners that can test the feasibility and fitness of the products and/or services you wish to introduce to your target markets.
• Business associations that can provide you with market insights, guidance on how to navigate the market entry process and key contacts, including potential partners, distributors and end-users
• C-level executives and business owners who can validate the market opportunities you plan to pursue and can share nuances, challenges and constraints in the marketplace.

4. Monitor your external environment, which can affect the market opportunities you plan to pursue

The task of monitoring the external environment is an ongoing process.

By conducting in-market visits, you are able to track any changes in the external environment, which may impact the trade and investment opportunities you plan to pursue.

This will enable you to take corrective action if need be and minimize risks prior to the execution of your trade activities and/or the establishment of your business operations.

In today’s globalized world, Canada’s economic well-being is tied directly to its economic linkages with other countries. Although Canada’s supply chain is deeply integrated with the North American Free Trade Agreement (NAFTA) markets, I believe Canada needs to diversify its economic relationships.

By 2030, Asia is estimated to account for 64% of the global middle-class and over 40% of global middle-class consumption.

Given the tremendous foreign market opportunities Asia offers today and in the future, Canada needs to intensify its economic engagement in the region. If we don’t, then Canada risks losing out to other nations that are actively pursuing opportunities in Asia.

The post Four ways that in-market visits enable you to maximize foreign market opportunities appeared first on Trade Ready.

More than half a century ago, Taiwan, Hong Kong and Singapore were poor fishing villages, while South Korea was devastated by two horrific wars.

Through trade and foreign direct investment, these jurisdictions transformed themselves into global economic powerhouses and improved their standards of living.

Today, trade and foreign direct investment still continue to play a key role in Asia’s development and are highly supported by many Asian governments.

Using market expansion specialists to develop foreign trade and business interests in Asia

In 2010, I had the opportunity to work on an investment promotion (IP) campaign for the Canadian forestry sector. Although Canada is a global player in the forestry, pulp and paper industries, much of what the sector produces goes to the U.S. market.

During the 2008 economic crisis, the Canadian forestry sector was badly affected due to the slowdown of the U.S. construction and housing markets. The demand for forestry products in the U.S. was declining, however the demand in Asia—particularly in China—was soaring.

As a consultant for an investment promotion agency (IPA), I was tasked with developing a campaign to promote market opportunities in Asia to Canadian forestry companies. The ultimate goal was for these companies to set up structures in Asia, which they would then use to pursue sales and other business opportunities in the region.

Overall, the campaign was deemed a success by the project sponsor. My biggest take-away from the campaign—and other similar projects—was that although C-level executives recognized the opportunities in Asia, the challenge had always been reaching the opportunities effectively, efficiently and with marginal risk.

The services offered by IPAs helped to overcome the challenges associated with expanding into foreign markets.

Leverage investment promotion agencies (IPAs), trade promotion organizations (TPOs) and business associations

Whether you choose to trade with Asia; conduct vertical or horizontal foreign direct investment into your target markets, or pursue joint ventures and strategic alliances with Asian business entities, there are many resources that can support your internationalization activities, both in Canada and Asia.

Investment Promotion Agencies (IPAs)
These agencies have a mandate to attract foreign investment and support the market entry and establishment of business operations in their geographic areas of responsibility.

If you’re planning to further your business interests in Asia  by setting up business operations, including marketing and sales offices (SMO), regional headquarters (RHQ), research and development (R&D) center, regional warehousing and distribution centers, or manufacturing facilities, then investment promotion agencies could be a good resource for you.

Trade Promotion Organizations (TPOs)
The role of these agencies is to support and enhance bilateral trade between their geographic areas of responsibility and their target markets.

If your business interest and mode of expansion into Asia is through trade, then Trade Promotion Organizations (TPOs) can be a resource for you.

A number of TPOs can provide business matching services, buyer/supplier matching services, trade mission support and facilitation, and the organization of trade shows to support your marketing and business development activities.

Business Associations
Usually non-profit entities, business associations can provide assistance to companies that are either exploring, in the process of expanding, or have successfully entered their target market.

In 2010 I attended an event in Hong Kong organized by the British Chamber of Commerce in Hong Kong (BritCham). Through the association and the event, I learned firsthand of Virgin Atlantic Airway’s pilot program to use biofuel in their commercial aircraft. I also learned about clean-tech developments in East Asia, how to successfully develop technology partnerships, and how to network with business professionals in Hong Kong and Virgin’s Country Manager for East Asia who led the biofuel pilot program.

Take advantage of resources to help you grow into Asia successfully

The process of internationalizing to Asia can be a daunting task, especially for small and medium enterprises (SMEs) and those who do not have experience dealing with Asian markets.

However, the good news is you don’t have to be alone in this process!

The post Resources for exploring Asian trade and foreign direct investment opportunities appeared first on Trade Ready.

Below are a few new media technologies that I found helpful in my past projects. As a caveat, you cannot rely on new media technologies alone. You still need to conduct primary research, talk to potential customers and suppliers, conduct in-market visits to your target markets, and potentially hire a local market research firm or consultant to further validate the identified market opportunities.

Connect with subject matter experts and other key contacts

LinkedIn is a business-oriented social networking service with around 250+ million members globally (and still growing). The membership includes C-level executives, business owners, and subject-matter experts across various sectors.

This networking site enables you to search and connect with professionals who can provide key insights, share on-the-ground market developments and nuances, and offer validation of market opportunities that you are assessing.  

In 2012, I had to examine emerging markets in Southeast Asia. On top of the traditional market research tools, I found LinkedIn very helpful in this process.

Another feature of LinkedIn that I find very useful is the community groups. You can search and join groups that are relevant to the trade and investment opportunities you are validating.

By interacting with community group members, you can exchange ideas, learn meaningful perspectives, share market insights, and identify and validate market opportunities.

Also, the community groups can be a great source of market information.

Below is an example of a message I’ve gotten on LinkedIn from a senior executive whose organization was interested in expanding into Asia.
“I am looking to establish an Asian office in either Singapore or Hong Kong to offer our FX and International payments services for companies importing and exporting from Asia to North America. We will also look at JV’s with existing financial services companies in Singapore.”
By interacting with this decision-maker, I was able to learn firsthand the factors that motivated this company to look at the Asian market.

About.me is a social networking and directory site. This site can be used to connect with subject-matter experts who can provide insight and validation of the trade and investment opportunities you are interested in.

Worky is a global online professional network with members in 136 countries.  Similar to LinkedIn, Worky enables you to connect with experts who can help with the market opportunities you are trying to validate.

Live Ninja provides you with a convenient way to find and book chat sessions with experts, gurus, intellects, and specialists on anything you want to learn.

Keep up-to-date with on-the-ground market developments

In today’s global economy, change is constant.

You need to continually monitor your target market’s external environment and track changes, which may affect the attractiveness and viability of the trade and investment opportunities you are examining or pursuing.

Below are new media tools you can use to help track information in real-time.

Online Media Tracking

These tools will enable you to find the most timely, relevant and actionable news and information available on the Internet. All you need to do is program the tool to track issues that are pertinent to your internationalization activities, such as changes in legislation, market demand, market conditions and competitor developments. Once the tracking system picks up any new information online, the system will send you an alert.

Canada just concluded the Canada-Korea Free Trade Agreement (CKFTA) with South Korea in March 2014.  As an international trade professional with a focus on the Asian markets, it is prudent to keep abreast of the CKFTA and monitor key market developments, trade and investment opportunities, and trends between the Canadian and South Korean markets.

Having a media tracking alert for the CKFTA has enabled me to track key developments including the Canadian Meat Council’s perspectives on how the Canada’s pork producers can benefit from the CKFTA and sectors in British Columbia that will benefit from the CKFTA, which include the forestry, natural gas, seafood, and agri-foods.

Free Media Tracking Tools

• Google Alerts

Comprehensive and For-Fee Media Tracking Tools

• Ciscion — Media Monitoring
• Infomart — Media Monitoring
• Meltwater Group — Meltwater News Monitoring Service
• Vocus

Blogs, publication hubs, and fnformation portals

Through blogs, publication hubs, and information portals, I am able to receive key market insights and analysis on various Asian markets.

China is now the world’s second largest economy and Canada’s second export market. As an example, the World Economic Forum’s blog provides great links and articles regarding China’s urban development initiatives and economic activity. The posts help me to identify geographic areas and sectors, which can provide trade and investment opportunities for Canadian companies.

Here are a few blogs, publication hubs and information portals I’d recommend:

• Asian Development Bank (ADB) – Blog
• Deliotte – Global Portal
• Ernst and Young (EY) – Industry Insights
• HSBC – Global Connections
• International Trade Center – International Trade Forum
• McKinsey & Company – Insights and Publications 
• World Bank – Publications and Blog Section
• The World Economic Forum – Blog Section
• Trade Ready Blog – Blog
• Scribd is a digital library featuring the world’s largest collection of e-books, written works, and user-uploaded content. An example of content you can access through Scribd includes the ASEAN ICT Master Plan 2015, which provides readers with an overview of the regions ICT developments and opportunities.
• Slideshare enables users to easily upload, share, and search presentations, infographics, documents, videos, PDFs and webinars.

New media technologies have been extremely helpful in my past projects, especially in the assessment of foreign markets, identification and validation of trade and investment opportunities, international business development, and strategy development. I hope new media technologies can benefit you and your internationalization activities the way it did for me.

Share your experience! How do you use new media technologies to help you identify trade opportunities?

The post How to use new media technologies to identify trade opportunities in Asia appeared first on Trade Ready.

From what I have learned in my travels and dealings in the region, the growth strategy is three fold from a sectoral development standpoint:

1. Grow existing sectors
2. Build new sectors, new sub-sectors, and new functions and hubs
3. Move key sectors up the value chain

Apply your business’ expertise to foreign development plans

As Asia continues to develop, various jurisdictions may have gaps and deficiencies along the value chain that can be filled by a foreign solution.

Some of these jurisdictions may lack the knowledge, capabilities and advanced processes in order to move their economies forward. I believe Canadian companies can stand to benefit from these gaps and deficiencies by being part of the development process.

For example:

• China is building their aerospace, life sciences and clean-tech capabilities.
• India is moving up the value chain and transforming its Business Process Outsourcing (BPO) sector into Business Process Management (BPM).
• The Philippines is building a bustling Business Process Outsourcing (BPO) hub in Asia and has overtaken India as the call center capital of the world, due to its highly educated workforce that can speak fluent English.
• Singapore and Hong Kong aim to be Renminbi, international education, medical tourism, and cultural hubs of the world.
• Thailand and Malaysia continue to build infrastructures and eco-systems that are conducive for manufacturing.
• Vietnam is vying for low cost manufacturing as China begins shifting to high value manufacturing.
• And finally, Indonesia is focused on natural resource development and building its financial services, ICT, and aerospace capabilities.

I have found that the following three high-growth sectors in Asia possess a number of gaps and deficiencies, and thus opportunities for trade and investment.

Foreign companies can fill gaps in Asia’s finance and technology areas

I had the opportunity to work on a market assessment and lead generation project in early 2011 with a Southeast Asian financial center that was planning to enhance its regional standing.

When examining the jurisdiction’s Financial Services, clusters/sub-segments and its capabilities together with complementary and supplementary sectors, many gaps in the eco-system were found.

This jurisdiction had very limited venture capital and start-up financing to support its growing tech start-ups. Being a developing economy, this Southeast Asian financial capital lacked risk management and IT workflow capabilities.

Local companies could not provide the solutions, thus foreign companies with the right technologies and processes were needed to address the gaps.

This assessment project had many dimensions. But, for the purpose of this opinion piece, I will only focus on the gaps and deficiencies in functions and sectoral capabilities.

Figure 1 below shows a graphic representation of the process used in this project, which can also be used for other sectors.

Figure 1: Financial Services Sector and Sub-Sector Assessment

Energy and clean-technology

The development of Asia’s clean-tech sector and the limited depth and breadth of Asia’s energy mix are areas in which Canadians can play a strategic role.

The International Energy Agency’s 2013 World Energy Outlook report expects the energy demand in Southeast Asia to increase by more than 80 percent in 2035. The report also states that Southeast Asia will be the fourth largest oil importer after China, India and the European Union.

Based on my interactions with subject-matter-experts, key stakeholders that work in the energy sector, and the Asian Development Bank, there is a strong push to reduce the region’s dependence on imported oil, develop and grow its clean-tech sector, and diversify its energy mix.

The Canadian clean-tech sector is highly innovative and internationally oriented. Canadian clean-tech companies can stand to benefit by offering their products and services to jurisdictions that are developing clean-tech sectors as well as for those that have yet to start development.

Also, as the region’s appetite for energy grows, Canadian energy companies can benefit from this opportunity by building supply chains to Asia, and supplying energy products to the region.

Asian travel boom and Aerospace sector opportunities

Aerospace is another area where Canada can lend its expertise.

Personal and business travel is booming in the Asian region due to the lack of VISA restrictions, increasing disposable income and yearn to travel among the middle class, growth in regional trade, and the region’s geographic makeup of archipelagos and vast terrains.

During my last trip to Southeast Asia in 2013, I learned that Brunei, Malaysia, the Philippines (Manila Bay, Clark and Cebu) and Singapore are adding airport capacity and vying to become aerospace centers.

At present, I believe Singapore is ahead of the game due to the presence of the Seletar Aerospace Park—its two airports which act as airport hubs in the ASEAN bloc—and support from Singaporean government.

The travel boom in Asia coupled with the move by these Asian jurisdictions to become aerospace centers will potentially add new functions including maintenance, repair, and overhaul (MRO), re-fueling, flight training and simulation, parts manufacturing, and research and development (R&D).

Canada being a global key player in aerospace can stand to benefit from these developments by lending its capabilities and investment, and by supplying aerospace components and aircraft.

Tracing gaps and deficiencies along the value chain is a technique that has allowed me to find trade and investment opportunities in Asia.

As various Asian countries continue to develop their economies, I believe Canada can stand to benefit by taking part in the development process.

I hope this technique will add value to your market research, assessment, and expansion activities.

How is your company using similar techniques to seek opportunities for trade and investment? Share your comments below!

The post Tracing gaps and deficiencies along the value chain to uncover business opportunities in Asia appeared first on Trade Ready.

I believe now is the time to expand Canada’s trade and investment interests beyond the North American Free Trade Agreement (NAFTA) and focus on Asia, which will be one of the sources of growth in the 21^st century.

Techniques To Identify Trade And Investment Opportunities

Expanding into foreign markets, especially Asia is a complex and resource-intensive activity.

You need to conduct sufficient market research, which will enable you to make better decision making, identity potential issues and threats, and minimize the risks involved in the internationalization process.

When examining the characteristics of your target market, including economic indicators, trends, qualitative and quantitative data, and other key market information, you need to break down the information by regions, sectors, and segments.

The granularity of the information will help you accomplish the following:

1. Identify where the right market opportunities are and the right geographic areas to target
2. Assess and comprehend growth drivers,  including consumer spending, fiscal spending by the government, interest rates, demographics, psychographics, regulations, and technology
3. Determine if your organization has the capabilities to pursue the identified opportunities

Food safety is a growing concern in the Chinese market.

The lack of trust among Chinese consumers for locally made food products has stimulated a strong demand for Western-made foods.

This pain point can be an opportunity for Canadian food and agricultural companies.

Given the country’s geographic size and multifaceted consumer population, you cannot treat China as a single market.

If you breakdown the food sector into sub-sectors, one of the most lucrative segments are infant nutrition and baby food products.

Approximately, 18 million babies are born every year in China, which is more than half the size of the Canadian population.

Given the lack of quality assurance among Chinese baby food producers, parents in China are willing to pay a premium to secure Western labelled baby food products that are deemed safe.

To put things into context, a 6 pack, 8 ounce baby cereal that has a retail price of $16 USD to $20 USD in North America would sell in China for $32 to $40 USD.

Breaking down the economic indicators such as gross domestic product (GDP) into geographic regions will present a different picture.

Guangdong province, which is located in the Southern part of China and home to prominent companies such Huawei and ZTE, has a GDP growth of 8.5 percent in 2013 and surpassed the national GDP growth rate of 7.7 percent.

If you look at the central part of China, the region is experiencing double-digit growth.

Now, if we look at China’s disposable income at the national level, it has grown significantly in the last 10 years from $1,510.72 USD in 2004 to $4,322.13 USD in 2014.

Categorizing this indicator by administrative regions, you will find the top five administrative areas in China with the highest disposable income are, in order, the City of Shanghai, City of Beijing, Province of Zhejiang, City of Tianjin and Province of Guangdong.

By using the granulating technique, we have identified infant nutrition and baby food products as lucrative markets.  We have also identified geographic areas in China which have strong economic activity and high disposable income.

Granulizing key market information has helped us identify market opportunities and short-list areas in which to potentially trade and invest.

For the purpose of this article, I only used a handful of market characteristics to demonstrate the value and importance of granulizing information.  In order to conduct a comprehensive opportunity identification and market assessment, you need to examine more market characteristics.

Assessment of driving forces behind opportunities

Finally, it is important to fully comprehend the driving forces behind the growth and opportunities you are examining.  This will help you assess and define your market size, market potential, sustainability of the opportunities, risks/rewards, derailers and other critical success factors.

I worked on a market assessment and sourcing project in 2011 regarding ASEAN’s secondhand market for mobile devices.  ASEAN or the Association of Southeast Asian Nations is a 10-member trade bloc of Southeast Asian countries that promotes economic growth, social progress and cultural development in the region.

In 2013, several ASEAN countries posted strong GDP growth with Cambodia at 7.2 percent, Indonesia at 5.78 percent, Malaysia at 4.7 percent, Philippines 7.2 percent and Vietnam at 5.42 percent.  The bloc will push for further economic integration by 2015.

The economies of ASEAN countries are consumer-driven. The region is also seeing an increase in its middle-class coupled with a population of 600 million that uses technology and mobile devices in its everyday lives.

This provides the right market conditions and opportunities for Canadian technology companies to pursue. Major growth can be found in the secondhand market for electronic devices, especially branded feature-phones and smartphones such as Nokia, Apple, Alcatel, Sony, Samsung and Blackberry.

Many Asian consumers see their mobile devices as an extension of their personal identity and social status. Owning a branded phone puts owners in better standing among their social circles.

However, despite a rise in disposable income, many consumers still cannot afford a new name-brand phone, thus fueling the demand for secondhand branded phones.

Although my market assessment and sourcing project focused on the Southeast Asian market, the results made me realize the significant opportunities in Asia’s Information and Communications Technology (ICT) sector.

The growth of Asia’s mobile market will spur demand along the value chain, including telecommunications equipment, wireless, wireline, software, and other back-end and front-end functions.

According to ROA Holding, an independent Tokyo-based market research and consulting company specializing in wireless and mobile markets in Asia, it is estimated that the total number of global mobile subscribers will reach approximately 7 billion by 2015.

Asia’s share is expected to be 65% of that number or 4.34 billion. Canada, being a global player in the telecommunications, wireless, software, and mobile technologies, is well positioned to pursue market opportunities in the Asian region.

Other secondhand goods that I have seen being sold in Asia include cars, cameras, laptop, MP3 players, tablets, e-readers, appliances, clothing, and furniture.

Canadian trade companies and Canadian entrepreneurs who are in a position to source used Western made goods and sell to Asia will stand to make profits.

To conclude, granulating market characteristics and economic indicators can help you find the right opportunities and the right geographic areas to target.

Furthermore, this enables you to assess growth drivers and determine your organizational capabilities to pursue the opportunities.

Do you have any other tips and examples on using such segmentation of market characteristics? Please use the comment section below to share how such techniques helped you identify and pursue trade opportunities.

The post How to break down market characteristics of your target Asian country to identify trade opportunities appeared first on Trade Ready.

Market research enables for better decision making, the identification of potential issues and threats, and the minimization of risks involved in the internationalization process.

When conducting market research, a technique you can use to identify investment and trade opportunities is to examine pain points in the Asian market. Pain points are problems or unmet needs in the market place that a company (hopefully yours) can solve.

Identify the pain points in your target Asian market

Let’s use the Chinese market as an example and a pain point that I have had the opportunity to work on since 2008. Food safety is a growing concern among Chinese consumers.

A New York Times article in 2012 discussed the problems plaguing the Chinese food sector, including milk products tainted with melamine—an industrial chemical used to make fertilizer and plastic pipes.

The lack of trust among Chinese consumers for locally made food products, coupled with a growing middle class with more disposable income, has resulted in a strong demand for highly priced Western-made foods. In turn, Western food companies are pushing to get their products into the Chinese market, which has 1.3 billion consumers.

Just to put things into context, a 900 gram tin can of foreign-made milk powder that has a retail price of $16 USD to $20 USD in North America would sell for $60 USD in China.

Examine all angles of a pain point to find opportunities for trade and investment

On the other end of the spectrum, Chinese companies are looking for ways to take advantage of Western-made labels, such as “Made in Canada” or “Made in USA”. Chinese companies are investing in overseas markets by setting up or acquiring food processing plants, producing food-products in Western countries which have very stringent food safety standards, and then shipping the finished products back to the Chinese market.

As a major food producer in the world with strict safety standards, Canadian food companies can stand to benefit from the pain points in the Chinese food sector by exporting “Made in Canada” food products and by being a recipient of Chinese investments into the Canadian food sector.

Finally, Canadian food producers should not limit their scope to China. The Food and Agriculture Organization (FAO) for the United Nations warns that some developing countries in Asia and the Pacific will need to increase their food production by up to 77 percent to feed their population by 2050.

With rapid urbanization resulting in the destruction of farmlands, limited investments in agriculture infrastructure and capabilities (which I have seen firsthand), water shortages and climate change, the region will experience food security issues in the near future.

Some governments in the region recognize the issue and are finding ways to tackle the problem. Solutions include urban farming, increasing agriculture yields by introducing efficient processes, and encouraging youths to go into farming.

However, their efforts will not be sufficient. As a net producer, the Canadian agri-food sector is in a strong position to alleviate this regional pain point.

Use your company’s strengths to start fulfilling unmet needs

Tracking market pain points in Asia have allowed me to find trade and investment opportunities on behalf of my clients. I hope this technique will add value to your internationalization process and enable you to find your own opportunities in the Asian region.

I encourage you to examine your organizational capabilities, your products lines and your service offerings.

The results of the exercise and the opportunities you may uncover might surprise you.

Has your business been able to identify such potential opportunities? What pain points have you noticed in the Asian market that could present trade and investment opportunities for companies around the world?

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