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Doing Business In Colombia And China

1767 words - 7 pages

Executive SummaryChina and Colombia are two different countries with different culture, language and traditions. China has been the fastest growing economy for 20 years and worldwide companies have been highly attracted to that huge market for its revenue potential. On the other hand, Colombia represents a stable economy which is growing at a good pace attracting investors from around the world.To start doing business in any of the two countries, investors should follow up to 14 procedures and until 40 days to enter to that country, very different to the average period that takes in developed countries. According to the World Bank, Colombia ranks 53 and China 83 out of 181 on their ease of doing; very high compared to the US which ranks 3rd. For that reason investors should be aware of all the type of costs not only tariffs, duties and fees but also non-tariff barriers that can affect the way of doing business.If a Chinese company decides to export to Colombia, it will have an advantage since China ranks as the second country from which Colombia imports. Potential industries are consumable goods, food industry and apparel. Conversely, if a Colombian company decides to export to China, this company has to estimate if it is feasible to supply the demand on time and if the products are sufficiently adapted to that market.In addition, it is important to emphasize that Colombia has attractive trade agreements and tariff preferences with other countries and also, strong ties with the US economy. On the other hand, China has recently joined the WTO and now it has access to preferential tariffs around the world.The language and cultural differences are important factors that do not have to be overlooked. For example, in China, establish good relationships or "Guanxi" is the key to get better deals. In addition, the respect for the elderly and its traditions are very important aspects as well.With regard to the economic, China's currency devaluation is improving the balance of trade. Therefore, China is a good opportunity for investors who are planning to establish an export platform.Colombia, on the other hand, is considered "the gateway of South America". Therefore, investors have to take advantage of its geographic location.In summary, both countries represent important opportunities that have to be studied in detail. "Protecting investors" and "trading across borders" indicators will be important to measure the future potential.CHINA COUNTRY ASSESSMENTChina is a very attractive country to do business due to its current size, largest population and its estimated potential growth rate. In fact, China represents 20% of the world population and almost 5% of the world GNI. According to the World Bank, China is considered a lower middle income country.Since its opening to the world economy, in 1978, the population has been enjoying of better economic living standards. Poverty has declined in 10% during the period from 1981 to 2004. Additionally; the lower...

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