Opportunities for Australian businesses looking to get a foot in the Indian market have never been greater, according to a leading authority on India’s commercial landscape.
The message from Asialink Business CEO, Mukund Narayanamurti, comes ahead of the upcoming India Market Entry workshop, which will help local entrepreneurs plan their market strategies and build business networks.
Supported by the City of Sydney, the two hour workshop is free for inner-city businesses.
The interactive seminar and workshop will reveal how to identify business opportunities in India and how businesses can assess the competitor landscape. Australian companies that have achieved success in India will also share strategies and tips for entering the Indian market at the event to be held in Sydney on Thursday 16 February.
Lord Mayor Clover Moore said the City was keen to help Sydney businesses expand into Asia and take advantage of opportunities in new markets like India.
“This is a terrific chance to hear directly from people who’ve done all this themselves,” the Lord Mayor said.
“We get behind talks like this because they are a great way for Sydney businesses to get practical advice and meet like-minded business leaders.”
Mr Narayanamurti previously led KPMG Australia’s India Business Practice and is one of three presenters at the seminar. He now heads Asialink Business, which provides training, information products, events and networking opportunities to help organisations and individuals do business with Asia.
“Australian businesses should be encouraged by India’s recent attempts at creating a more foreign investment-friendly environment under President Modi, with the opening up of key sectors to allow direct investment,” Mr Narayanamurti said.
“India’s business and regulatory environment is very complex, and businesses often find entering the Indian market to be a lengthy, challenging process. But the rewards for persisting are high.”
The seminar will give participants an understanding of:
- India’s economic landscape, including state and regional economies;
- The Asia capabilities needed for business success in India;
- The key business opportunities in Asia;
- The Indian market entry framework;
- How to conduct a market opportunity assessment;
- Market entry mode and operations;
- Market entry plan implementation; and
- Common reasons for business success and failure in India.
Workshop presenter Patrick Un is Programs Manager at Asialink Business with 10 years’ experience running a profitable business in Asia and advising international companies on capability development.
Presenter Sue Freeman is Director of the Australian Retail College based in Hyderabad, India, where she partners with businesses and government bodies to provide retail training solutions for the workforce.
She says Australian businesses should look to India when considering overseas markets, but cautions that India is made up of many diverse markets.
“Australian businesses need to take the time to become familiar with the specific Indian market that they are operating in. They need to take a long term view and be prepared to invest. Business takes time in India,” Ms Freeman said.
“One of the biggest challenges to doing business in India is coming up with the right price point for your product – if you have something that India wants, can you meet the demand at the right price?
“India is definitely worth consideration for all businesses seeking an overseas market. Its suitability will depend entirely on your product and strategy.”
Asianlink Business workshop – India Market Entry
Date: Thursday 16 February 2017
Time: 5:45pm – 8:00pm
Venue: Cliftons, Level 13, 60 Margaret St, Sydney
Cost: Free for business within the local government area of Sydney, $35 (ex GST) for businesses outside the local government area of Sydney
Online booking and information: whatson.cityofsydney.nsw.gov.au/events/asia-business-series-india-market-entry
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