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Unlocking Opportunities: Doing Business in Russia & Eastern Europe

Discover the dynamic landscape of Eastern Europe with 103 million people and thriving economies. From political stability to market reforms, explore the top reasons and tips on entering these markets successfully. Learn about the culture, labor advantages, and strategies for navigating business practices in Russia, Hungary, Czech Republic, and more.

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Unlocking Opportunities: Doing Business in Russia & 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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