Did you know that the BRIC countries, that’s Brazil, Russia, India and China make up less than 4% of Irish exports!?! Pretty surprising stuff… and for the country that’s about to hold the 2014 World Cup and the 2016 Olympic Games (Brazil) that works out at just about 1%!
OK, doing business in Brazil can seem daunting for those new to the market. Straight away you can see practical challenges such as language, travel, product delivery and after sales services. However, Brazil really is one of the most promising and exciting major developing markets.
Facts and figures
Now for the facts and figures: Brazil is the world’s eighth largest economy, with a population of 190 million and a Gross Domestic Product (GDP) of $1.9 trillion. The country’s economy is expected to grow by 7.5% this year alone. Not only this but the cost of living is low and the national currency, the Real, has appreciated against the US dollar and the Euro. Inflation is under control, minimum wage is still low and the legal framework is transparent and stable. So there are plenty of good reasons to set up a partnership with a Brazilian company and explore the fast growing market of the giant of South America.
For Irish companies it is worth noting that a $520 billion four year Government infrastructure and modernisation programme is under way in the country – so lots of opportunities for engineering, construction and related services. In addition, the rapidly expanding oil and gas industries hold huge business opportunities for Irish firms. There are about 100 Irish firms doing business in Brazil at the moment ranging from telecoms to financial services, education to engineering.
Strengthen new deals and landing new deals
Hats off also to Enterprise Ireland, who have been helping Irish firms to strengthen their business links with Brazil and land new deals there.
With this in mind, World Trade Centre Dublin in partnership with Small Business Can now bring you a complementary way to prospect and win business in Brazil. World Trade Centre Dublin – Live (WTCD Live) is an interactive platform designed to facilitate global business interactions and trade, where people, knowledge and opportunities come together.
Post by Ron Immink, co-founder of Small Business Can