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Doing Business in Russia and Eastern Europe

Doing Business in Russia and Eastern Europe. Backgroud. • 103 million people in 10 countries• Low-middle to middle income: from $6,400 to 16,300 GDP/cap; average $9,326 • Broke away from communism and Russian influence in 1989-1991 • Politically stable democracies.

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Doing Business in Russia and Eastern Europe

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  1. Doing Business in Russia and Eastern Europe

  2. Backgroud • 103 million people in 10 countries• Low-middle to middle income: from $6,400 to 16,300 GDP/cap; average $9,326 • Broke away from communism and Russian influence in 1989-1991 • Politically stable democracies. • Market reforms: 70-85% of the economy in private hands • Economic growth—3.9 to 11.9% in 2006; weighted average 6.4% (EBRD) • Accession of eight countries to EU May 1, 2004 + two more January 1, 2007.

  3. Top Ten ReasonsWhy People do Business in Eastern Europe #1. Easy access to EU markets! 483 million people in 27 countries

  4. Top Ten ReasonsWhy People do Business in Eastern Europe #2. To sell to consumers in CEE and x-USSR

  5. Top Ten ReasonsWhy People do Business in Eastern Europe #3. Well educated work force.

  6. Top Ten ReasonsWhy People do Business in Eastern Europe #4. These people know how to party.

  7. Top Ten ReasonsWhy People do Business in Eastern Europe #5. Low cost of labor.

  8. Top Ten ReasonsWhy People do Business in Eastern Europe #6. Fine people

  9. Top Ten ReasonsWhy People do Business in Eastern Europe #7. Cultural proximity to The West.

  10. Top Ten ReasonsWhy People do Business in Eastern Europe #8. Political stability and economic growth

  11. Top Ten ReasonsWhy People do Business in Eastern Europe #9. Cities and countryside are beautiful

  12. Top Ten ReasonsWhy People do Business in Eastern Europe

  13. Top Ten ReasonsWhy People do Business in Eastern Europe • #10. Everybody else is doing • it. • Stock of inward FDI 1989-2006: • $273 billion • General Electric → Hungary • Coca Cola →everywhere • Accenture →Czech R. • McDonalds →everywhere • Volkswagen →Czech R. • Renault/Peugeut →Slovakia • American Standard →Bulgaria • Nokia →Poland • Kia →Slovakia

  14. Doing Business in Russia • 1. Bulid personal relationships with partners. • 2. Use local consultants. • 3. Consider business ethics. • 4. Be patient. • 5. Stress exclusivity. • 6. Remember that personal relations are important.

  15. Doing Business in Russia • 7. Keep financial information personal. • 8. Research the company. • 9. Stress mutual gain. • 10. Clarify terminology. • 11. Be careful about compromising or setting things too quickly. • 12. Written contracts are not as blinding to Russians as they are to Westerners.

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