Dubai is possibly the world’s re-export hub, making it a highly attractive destination for exporters. It is also a very attractive market for all kinds of goods, and the country is heavily reliant on imports. Thus, whether you are exporting to the UAE for consumption within the Emirates or for re-export to other countries in the Middle East or around the world, Dubai should be on your radar. In this article we will look at some important information you should know when trying to export to Dubai.
While Europe is home to some of the world’s largest economies, many countries within the European Economic Area are actually emerging markets. In this article, we will examine the present economic state of Emerging Europe and its risk outlook.
Q3 Saw Significant Rebounds
Overall, Emerging Europe witnessed significant economic rebounds. Slovakia and Hungary showed the strongest gains with 11.7% and 11.3%, after witnessing contractions of 8.3% and 14.6% in Q2, respectively. Easing of lockdowns had a lot to do with this, but looming secondary lockdowns could send the region back into negative territory.
The smartphone manufacturing industry has been growing steadily in India for many years. Originally, the focus was on producing units for the local market, but in the recent past, India has become a significant exporter of smartphones as well. This position is only set to become stronger, supported by the government’s “Make in India” drive, which seeks to encourage local production across various sectors.
In fact, according to research by techARC, 2020 could see Indian mobile phone exports cross the USD 1.5 billion threshold for first time, with 98% being smartphones. Currently, India exports smartphones to 24 countries, with some of these receiving countries going on to re-export the devices to other markets. The government has also introduced an effective PLI (production-linked incentive) scheme, which provides manufacturers with a 4 to 6 percent incentive on incremental sales in certain categories, one of which is smartphones.
Yapily, a London-based fintech startup, has announced plans to set up in Vilnius, the company’s third European office. Yapily joins a growing number of UK fintechs including Revolut, Curve that chose Lithuania as the location for its European hub.
Yapily was established in 2017, shortly after the EU’s second Payment Services Directive (PSD2) granted third-party access to customer data of financial institutions. The legislation, which aims to stimulate competition in the financial services market, compelled providers of such services to innovate their API and open banking practices. Stefano Vaccino, Founder and CEO of Yapily, used his extensive experience in fintech and commercial banking to create Yapily, a platform that enables companies to take advantage of open banking.
How UK Companies Have Prepared for Cross-Border Payments Post-Brexit
The transitional period that has kept the United Kingdom attached to the European Union expired on the 31st of December. Although both sides managed to negotiate the new trade deal, there is still a lot of uncertainty surrounding the agreement. Marius Galdikas, CEO at ConnectPay, has shared insights on a pre-exit strategy some of the UK’s market players’ executed beforehand seeking to remain in the EU regulatory framework.
ConnectPay, an online banking service provider, has been working closely with a few UK-based firms. Marius Galdikas, CEO at ConnectPay, has shared that even before the new trade deal was announced, their UK partners had started establishing out-of-country entities in order to remain inside the European Union’s regulatory framework. This, along with the following of new rules for the Single Euro Payments Area (SEPA) payments shows UK’s companies’ aim to retain a strong connection to the EU market.
Increased co-operation between manufacturers across international borders improves trade and promotes a connected global economy. Moving manufacturing operations to regions that offer cost-effective prices and talented employees provides international firms with more flexibility, more authority and more profitability, and the opportunities in Mexico are capturing the attention of top companies.
Home to the second biggest population and the second largest economy in Latin America with a GDP of approximately US$1.15 trillion, multinational companies from almost every country are considering a manufacturing footprint in Mexico. Since Andrés Manuel López Obrador’s victory and the United States–Mexico–Canada Agreement, a renewed sense of confidence, both politically and economically, has been felt throughout the country. Political tensions have abated and global interest in Mexico has soared. The encouraging steps from the government to create a supportive and secure environment, including the Bilateral Investment treaties and measures to eliminate corruption have provided further buoyancy to the Mexican economic climate.
The country is very open to productive FDI, and is the world’s fifteenth largest FDI recipient. FDI increased by $5029.80m in the fourth quarter of 2018 thanks to Mexico’s macroeconomic and political stability, low inflation, ability to produce cutting-edge manufacturing products and authorise valuable trade agreements. The North America Free Trade Agreement, the Free Trade Agreement with the European Union and the Latin American Integration Agreement open the country up to over one billion consumers and 60% of the world´s GDP. However, it’s not just political pacts that are shifting the way Mexicans do business. Independent groups are also unlocking potential, placing the country firmly on the investment map. The Australia, New Zealand and Mexico Business Council, a scheme introduced to build Australasian-Mexican business relations, further highlights the country’s continued commitment to growth. In addition to being very open to outsourcing and FDI, the country is well integrated into the world economic order, currently a member of NAFTA, OECD, G20 and the Pacific Alliance.
With more than 550 businesses from China, 100 from Japan and 50 from Taiwan, Hamburg is also Germany’s major location for Asia-related expertise 2017 is proving to be a year of superlatives for Hamburg. In January, the Elbphilharmonie, one of the world’s most spectacular concert halls, was inaugurated atop a former port warehouse. For more than 100 years, the Kaispeicher A warehouse was a symbol of Hamburg’s mercantile trade.
Transformed into a temple of culture, it has been reborn as a new icon. Fusing the old brick walls of the port warehouse with the modern glass structure of the concert hall, the Elbphilharmonie is the architectural symbol of Hamburg’s future and a new landmark for the city. And as if the Elbphilharmonie wasn’t enough of a superlative, the European XFEL is now launching a science project that is unrivalled anywhere in the world. With investment twice as high as that of the Elbphilharmonie, this project, in which 11 countries are participating, will create the basis for new discoveries e.g. in the areas of disease processes and energy research. Further research institutes, especially from the Fraunhofer-Gesellschaft are currently being founded or expanded.
This year markets may well be volatile due to the changing of the guard in Washington, but where are the safer bets being hedged?
Despite persistent economic uncertainty, the Cruise Lines International Association (CLIA), the world’s largest cruise industry trade association is forecasting continued growth in Europe’s cruise market. The sector has grown by approximately 50% since 2008 and continues to develop year on year. And, as more cruise ships get distributed to European operators, the cruise market will continue to expand, and the CLIA expects an estimated 25.3 million passengers to take to the high seas this year alone.