India is rapidly transforming into a global economic powerhouse and has moved into a central position, not just as one of the key engines of growth in Asia, but as a key player in global trade. India’s economic growth continues to defy expectations. Gross Domestic Product is predicted to grow by 8.5 per cent this year, while exports will power ahead by 15.9 per cent. With this in mind, India is starting to feature more and more on the radar for Irish companies.
Embrace opportunities For a variety of reasons, some Irish SMEs have been reluctant to embrace opportunities in this vast country, with its population of almost 1.2 billion. While Irish trade with India was worth about €1.1 billion in 2011, up 7 per cent on the previous year, business with China is at least four times that! It can be argued that India should be a bigger Irish trading partner Ireland than China; given that that both countries lived under colonial rule for some time and share common cultural traits beyond just the English language.
Irish companies currently trading with India, some of whom have a physical presence there, come from disparate sectors ranging from construction services to software and IT. In addition, Enterprise Ireland is working with approximately 100 companies in their early stages of selling in to this vast market. Also, Irish business opportunities in India are not limited to product companies. In fact, 75 percent of the current Irish business activity with India is service related. Specialised services in areas such as pharmaceuticals, construction, quantity surveying, architecture, online security, gaming, and even back office operations are performing well. One area of particular opportunity is in the education sector. Our universities and institutes of technology have a big focus on attracting students from the subcontinent. If you are a service provider in this sector, there may be big opportunities in the Indian market.
Be as focused as possible In general, the best advice for entering the Indian market is to be as focused as possible. Don’t think you will be able to take on India in one go. Patience is a virtue, so start small, start specific, take on a local market, and find a good local partner to work with.
To promote Irish SME access to the Indian and other global markets, for a limited time, Small Business Can and WTCD are sponsoring new users’ access to WebPort Global; an interactive platform designed to facilitate global business interactions and trade, where people, knowledge and opportunities come together.
India is full of credible business people and entrepreneurs seeking to do business internationally. Start to find those partners right now with WebPort Global. To take advantage of this opportunity and explore WebPort Global, please follow this link; http://wtca.webportglobal.com/
Post by a Small Business Can Contributor