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;

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Presentation transcript:

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 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, two more January 1, 2007.

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

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

Top Ten Reasons Why People do Business in Eastern Europe #3. Well educated work force.

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

Top Ten Reasons Why People do Business in Eastern Europe #5. Low cost of labor.

Top Ten Reasons Why People do Business in Eastern Europe #6. Fine people

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

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

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

Top Ten Reasons Why People do Business in Eastern Europe

#10. Everybody else is doing it. Stock of inward FDI : $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

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.

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.