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Passport to Explore New and Emerging Export Markets
John Whelan, Chief Executive , IEA and Rachel Kileen, Kileen Communications, Background: David Thomas Managing Director, Corporate Markets, Ulster Bank and David Cooney, Secretary General, Department of Foreign Affairs and Trade at the official launch of the publication "Passport to New Markets"
Exporters association appeals to indigenous businesses to push into new overseas markets, advising the need has never been greater and that now is undoubtedly the time to maximise on the growth opportunities in emerging markets. This is the main message to be garnered from the Irish Exporters Association’s publication Passport to New Markets – a Guide to Growing your Business Internationally which was launched today (Friday, 21 October 2011) in Dublin.
According to Mr John Whelan, Chief Executive at the Irish Exports Association, this publication will be of significant help to the smaller company which has started to accept the fact that the Irish market is too small to sustain the large number of businesses operating here and has now begun to consider exporting as a way to grow and develop its business. “The growth in Irish exporting is and will continue to be vitally important to Ireland’s economic recovery, but,” Mr Whelan warned, “that to be successful in exporting Irish companies must learn to take it one step at a time.” He added that companies must research the market thoroughly and establish firm and
trusted connections abroad before they attempt to engage in trade.
“Exporting, particularly at entry stage, is definitely risky and costly and companies are urged to get advice – particularly in the areas of legal partnerships, international payment and trade finance mechanisms and logistics,” said Mr Whelan.
Mr Whelan noted that the type of businesses profiled in Passport to New Markets– a Guide to Growing your Business Internationally agree that once a firm is established internationally that there can be massive and lucrative opportunities. This publication, produced by the Irish Exporters Association with the support of Ulster Bank, is designed to help Irish companies take full advantage of overseas opportunities and develop a strategy which will set them on the path to international trading success. “We believe that the information, guidelines, checklists and case studies contained in the guide will provide the practical advice companies need and will help inspire them to seek out new markets beyond Ireland,” added Mr Whelan.
Following on the success of the Asia Pacific Ireland Business Forum, the inauguration of the Export Trade Council and the Global Irish Economic Forum this booklet will, it is hoped, build on the momentum created by these activities to grow Irish exports in key international markets. Mr Whelan noted that over the last twenty years, economic and political power has started to shift away from
our traditional markets and towards a number of emerging economies.
Some of these developing countries have now become centres of strong growth and are raising their share of global income significantly.
These emerging economies are now major players in regional and global affairs. Flows of trade, aid and investment between emerging and developing countries have also intensified, especially in the ‘BRIC’ countries – Brazil, Russia, India and China – which are among the fastest growing economies in the world. Mr Whelan added that there were opportunities in these markets if Irish companies take the correct approach which means that all the preparatory work needed to be complete precisely. “The booklet launched today outlines a step- by-step approach for both existing and new exporters into breaking into the growing BRIC markets.”
Statistically the BRIC markets accounted for 24% of global purchasing power in 2009 and there is every indication that this proportion is continuing to grow. To cite the example of China, there is no doubt that China’s appetite for high-end goods is continuing to grow rapidly. There are now approximately 160 million middle-class earners in China making it the world’s second largest middle class market, just slightly behind the United States. At the current rate of growth in China it seems that it is only a matter of time before China moves into the number one position. The other BRIC countries are also growing rapidly and, for Irish exporters targeting these rapid growing emerging markets, it is essential that they think strategically from the outset and prepare extensively. Mr Whelan noted that the best long term sales results are achieved by engaging an in-market advisor after the company has carried out an initial research study on the market and the potential for its product or service.
The booklet Passport to New Markets – a Guide to Growing your Business Internationally provides practical information on how to go about breaking into export markets. It features a checklist of things to be done to export successfully and profitably, especially into the BRIC countries and other emerging markets. “At the Irish Exporters Association we believe that this publication will serve as a handy guide to all companies – experienced exporters or those trying to break into exporting for the first time,” said Mr Whelan.
Mr David Thomas, Managing Director Corporate Markets, Ulster Bank, noted that his organisation was delighted to be associated with the publication of Passport to New Markets – a Guide to Growing your Business Internationally. “The publication is timely given the economic challenges we are confronting on the home market and the increasing need to grow business through international trade. At Ulster Bank we are leveraging our international capabilities and focusing on our competitive advantage to benefit our corporate customers as they look to other markets. By engaging our RBS colleagues from across the 37 countries where we have a presence on the ground, we intend to remove the barriers to internationalisation by offering local guidance, mentoring and information on “traditional trade finance products”, supply-chain finance, cash management and currency solutions. In doing this we are also contributing to local economic recovery."
Mr Whelan concluded by saying that companies that are currently exporting or were contemplating moving into exporting should contact the Irish Exporters Association at 01 6612182 or by e-mail at gillianryan@irishexporters.ie to obtain a copy of the booklet Passport to New Markets – a Guide to Growing your Business Internationally.
Click here to read the full publication.
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