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Top 3 Emerging European Economies

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Top 3 Emerging European Economies

Businesses are always looking for new and exciting markets to sell their products and services. The reason for this is that a country’s economy changes over time and consumers’ appetite for your products in one country may begin to diminish for a multitude of different reasons, meaning that it’s good to always have alternative options at least considered.

There are plenty of countries within Europe that are usually overlooked, and considered unfashionable markets but many experts believe they are on the cusp of a significant boom and could be attractive prospects for any sized business to expand and grow. Here are three of the top European markets that your company should be taking great interest in, and perhaps investing in.

Turkey

Turkey is growing more and more into a prime location due to its young and fast-growing population, which suggests there is a large consumer base there. Its economy is also growing rapidly, meaning that there’s plenty of trading opportunities, with turkey also being a great place to import goods from.

Plus, the government offers aid to foreign investors, as they see the value of the job creation and industry this brings. Benefits such as exemption from Customs Duty and VAT, as well as reduced cooperate tax which makes Turkey an attractive location to expand your business.

It’s an exceptional sourcing destination too, making it an excellent place to set up your company’s manufacturing hub as the costs are relevantly low due to a favorable exchange rate. It’s close proximity to not just Europe, but Africa, the Arabian Peninsula and Asia means it has an excellent transportation reach so that you can serve a more global audience.

As well as these factors, there’s also plenty of other reasons to invest in Turkey, such as labor costs and their increasing modernization.

Norway

This Scandinavian country is a surprising suggestion, but one that makes complete sense. It has an amazing GDP growth rate, meaning that its economy is still growing and still getting more prominent. The average GDP per capita is a whopping $75,000, that’s almost double that of the United Kingdom. This means that despite a somewhat low population, the consumers there have money to spend, making Norway a great market for high-end products.

Another excellent benefit for expanding your business to Norway is that it’s super easy to register, as you can communicate with the government reliably online to set up things such as tax and administration.

It’s a great location to expand a more technological brand or department of your business, as it’s a highly advanced nation. This means that it would be a lot easier to find highly skilled labor than other countries as a lot of potential staff there are proficient in many fields of IT, design, finance, and music technology.

Switzerland

Switzerland is an extremely positive nation to expand your business in, due to an extremely high GDP and an unemployment rate of 3.3%. It also has a notoriously stable political climate, making it a safe place to move your business.

Much like Norway, there’s an incredibly high skilled workforce for you to tap into, however, unlike Turkey, you would be paying a premium for them, as they won’t be as affordable as other nations. That’s the only drawback of Switzerland, it’s an expensive place to branch out into, but there are plenty of awards for those that can, as it has a very transparent legal system, consistent economy and fantastic infrastructure.

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