In May 2010, Canada’s Technology Triangle (CTT) took a delegation of 15 business and academic leaders (for between 7 and 14 days) from the Waterloo Region to China. The exploratory visit included business development, academic meetings and investment attraction meetings in Shanghai, Chongqing, Chengdu and Beijing.
One of the key lessons for the delegation was that ignoring China is no longer an option! We need to start developing our own “China Strategy” in an effort to connect to this enormous marketplace. It is a new reality is that China is one of the greatest opportunities and we need to get involved sooner rather than later.
Doing business in China is about much more than having a good product. One must recognize the value of respecting and understanding the business culture and value of relationship building. A long process, for sure, so for those that elect to take an exploratory visit to China to determine if this is the ideal place for them to focus, they should be open to adjusting their strategies to meet China’s high sense of competition, the unique marketplace and the unique government priorities.
Whether the business is small or large, entrepreneurs in China are also quite eager to go international. For instance, Huawei in Shanghai evolved rapidly to become a significant global competitor in ICT and is having a major impact on the global telecom industry. Chinese firms are also surfacing as global leaders in the solar and photovoltaic cell areas. Not to mention, strong participants in the food production, automotive parts, ICT and in the aerospace among others.
With the exploratory mission behind them, CTT and its business and academic partners are looking at focusing their attention in the region of SW China (Chongqing /Chengdu). They are developing a strategy that will help them to become more knowledgeable at the local level and to be more visible, day to day in the region.
To view photos from this Business Mission please visit our online photo gallery.
To find out more about CTT’s Business Missions, please contact me directly at email@example.com