Last week at the FITT National Conference 2011 in Ottawa, I presented the concept of how Canada-India-Middle East combined, presents an Opportunity Triangle for Canadian businesses.
One of the key barriers to Canada’s stellar performance in the global markets is our mindset of relying heavily on trade with the US market. Hence, the lack of diversity in our country portfolio when it comes to international trade.The Top 10 markets and the level of exports done with those Top 10 for US vs. Canada says a telling story. The Top 10 US markets combined contribute to 67% of US’ total exports while US alone accounts for 76% of Canada’s exports. And therein lies the key barrier- we just need to take our wares and sell them around the globe. More countries need to know what Canada can supply or what businesses can produce in their countries.
And this point of need for diversity in our trade and global business portfolio is endorsed by EDC’s Spring Outlook for 2011, where clearly the country’s premier Export Developmental organization says that the road to global eminence is by reaching out to the high-growth emerging markets. [More on this in my presentation]
And it is in this context that India and the Middle East hold great promise. Data and analysis on a variety of sectors show that for practically every business, irrespective of which sector you are in, the opportunity to export & tap or expand & tap exists when you look at a market like India. Take a look at the analysis and then question yourself on whether it makes sense for your business or not. In fact your outlook would be so positive that you would start seeing India as a potential second “home market”. I guarantee you that. And the concept of the Opportunity Triangle flows directly from that thought. There exists a third option after you set up in India as your second “home market”- of tapping the GCC countries of the Middle East from India.
India could be your gateway to a slew of markets, the low hanging fruit being the UAE, Saudi Arabia and Qatar. And the rationale for this strategy is very clear and simple. Take a look at the presentation Canada- India-Middle East.The Opportunity Triangle. If you are a business in Canada or the US, you cannot say ‘no’ to this quantum growth strategy for your business that will shape its destiny for the next couple of decades!