Globally, there are better economies for foreign business to invest in than others, and there are many different factors that determine this. The size of the country and therefore, the size of the potential customer base or workforce is significant, as well as the wealth and GDP of a nation as well as other benefits. It’s for these reasons that some of the most advanced countries such as China, The United States and The UK are the more favoured markets; however, there are plenty of developing countries and markets around the globe that show promise in being great locations to expand your business. Here are three of the most exciting markets around the world, and how they can be of benefit to your business.
Turkey is a fantastic location for business to invest in terms of their manufacturing. The country provides great benefits that is turning it into one of the prime destinations for textile manufacturing.
When using market research Turkey shows to have a young and fast-growing population, meaning that it has the perfect demographic to staff manufacturing warehouses. The labour can also be comparatively cheap compared to that of other nations, due to an extremely favourable exchange rate which helps keeps the cost low.
But perhaps, the most significant advantage of setting up a manufacturing hub in Turkey is because of its great location and connectivity. It has easy access to the rest of mainland Europe. Also, it links to northern Africa and the Arabian Peninsula, meaning that it can deliver goods to a vast area quickly, and can also source cheaper products from these locations.
Turkey’s government also has incentives in place for foreign companies to entice them to the country as they see the capital these businesses bring being advantages to aid in their unemployment numbers. These benefits include exemptions of VAT and Customs Duty Tax as well as reductions in corporate tax too.
There are certain aspects about Mexico that doesn’t make it an immediate candidate to advance your business into, namely, it’s high crime rate. However, if a company can navigate past these problems, then Mexico emerges as one of the premier locations for businesses.
One main benefit is that the country has recently undergone an extensive business registration reform, which makes it far easier to start a business in Mexico, as it only takes eight days to have a business up and legally running in the country, making it an extremely efficient location to grow into.
It has a high volume of a willing and able potential workforce that is extremely affordable when considered with other more popular locations, which would help keep costs low and minimize risk as it would have been a very inexpensive venture.
The country also has free trade agreements with 46 different nations opening big potential markets up from that location.
Canada has made a lot of changes recently to revolutionize its economy from more rural one to that of an industrialized and urban one. It’s made huge advancements in its manufacturing, service, and mining sectors, and also has the third-biggest oil and gas sector in the world, being behind only Venezuela and Saudi Arabia.
It has a very stable political climate, making it a safe location to invest in and a substantially skilled labor force, and has a sizable population making it an attractive area to market towards too.
It also enjoys a widespread trade with the United States, giving you an avenue into that market as well.