World Trade Centre Hull & Humber looks to the Far East

 

Japan and South Korea are the target markets and the centre is seeking companies to participate in the EU Gateway Programme, funded and managed by the European Commission.

 

One-week targeted business missions, which include the opportunity to present products and services to potential Japanese and Korean business partners, will start in February, with the aim of supporting a broader European Union strategy to develop trade and investment.

 

Andrew Lee, a London-based strategy consultant, said that the sector-specific missions were particularly valuable in that extensive preparation and coaching would be offered to participants before, during and after the events to address frequent difficulties experienced in entering the Japanese and Korean markets.

 

“It's no surprise that whilst Japan and South Korea offer lucrative growth opportunities for EU firms, they are amongst the most challenging markets for foreign companies to address. Historically this has resulted in EU companies pursuing quick-wins by targeting less complex markets that unfortunately cannot provide the same market-potential, stability and long-term prospects,” said Mr Lee.

 

The initiative, open to companies in the sectors of environmental and energy related technology, information and communication technology, healthcare and medical technology, construction and building technology and fashion and interior design, is being supported by the world trade centre which is facilitating its introduction to companies in the north.

 

Mr Lee said that the EU Gateway programme was an opportunity for European firms to commence cooperative business relationships inside a week, which might otherwise take several years to build up.

 

"Relationships are at the core of doing business in these vast economies, and by facilitating meetings with the most relevant potential partners, we are enabling participants to take the first steps toward long-term market development, without incurring the sizeable cost and time commitment that would usually be necessary.”

 

It is the latest phase of a business cooperation programme that builds on the success of the Gateway to Japan campaign that has helped around 2,500 European companies to find business partners there over the last 14 years.

 

Tony Howard, chair of World Trade Centre Hull & Humber, said: “The specific sectors have been chosen because they have a high market potential in one or both of the countries.

 

"It is well-known that integrity and respect are central components of the Japanese business culture, and as part of this, reliable payment practices are the norm.

 

“This is of course attractive to European firms that trade with Japanese counterparts, but also represents a need for Western firms to educate themselves on the wider implications of doing business in this complex but rewarding market.”

 

The first mission, in construction and building technology, will take place in February. Each mission will accommodate up to 40 EU companies.

 

Companies’ eligibility will be checked, assistance will be offered on submitting applications and coaching services will be available.

 

Depending on capacity and strategic objectives, EU companies can choose to engage with either Japan or Korea, or with both countries.

 

Interested companies should contact Leahann Mollon, operations manager, World Trade Centre Hull & Humber on 01482 485211, leahann.mollon@wtchumber.com