Doing Business with India – Excerpts from Peter Walker presentation

 

On March 19th, the Indo Canada Chamber of Commerce (ICCC) Halifax Business Council hosted Mr. Peter Walker for a dinner presentation at the Taj Mahal Restaurant in Halifax. Mr. Walker, a former high-commissioner to India, presented his thoughts on what it takes for  Canadian businesses to export to and invest in India. Here are some of the highlights of his presentation.

1. Do your homework

It is very important that you do your homework and learn as much as possible about the target market. This is true for any foreign venture, not just for India and in the case of India it is just essential to learn the lay of the land, to understand the major players for your industry, and to understand what is working successfully for already existing firms and why it is working. Peter stressed the availability of information and help through the Government of Canada (Trade commissioners, EDC etc) and urged new businesses to use them.

2. Deep pockets

To do business with India you must be prepared to be in there for the long haul. And it is not cheap to fly to India and to stay there. So make sure you have good financial backing before entering into the Indian scene.

3. Joint Ventures

Identifying a strong business partner in India is a good way to ensure success in that market. It is a country that values relationships and having a strong partner on the ground who understands the business culture will sure make it easy for new Canadian businesses entering the scene.

4. Have Patience

In conjunction with the Deep pockets, it is also good to have lots of patience. The World Bank rates India poorly on its ‘Ease of Doing Business’ rating, which identifies a number of areas where India needs to improve its business practices.  For example, it generally takes longer time to get through the bureacracy in India. Even simple things like registering property could take a lot more time that what Canadian firms are used to. Having patience will help you endure the wait and meet success.

Mr. Walker urged the ICCC Halifax Business Council to use its strong presence in Toronto and other regions to bring delegations to the Maritimes and increase the visibility of this region with Indian governments at all levels, business people and others. He also expressed his hope that both the governments will engage at the highest possible level to improve trade and relations.