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Most of the business and economic news coming out of Europe these days is quite dour. Today, I am pleased to introduce Mark James. As someone who works with professionals in many parts of Europe, Mark is giving us his assessment of business opportunities in Europe. There’s plenty… if you know where to look.
Mark, my readers around the world may not know you yet. Can you give us a little background on you and your current professional role?
I’m a Business Writer currently working in-house at Crunch Accounting and Freelance Advisor. I’m trained as a journalist and I’ve spent the last few years writing for various companies, alongside some freelance work in print and online media.
We hear so much negative economic news coming out of Europe. Why are you optimistic about European markets now?
Spend some time sifting through the stats and you’ll find plenty of positives. Greece, Italy, Spain – these countries may not be in the best health but elsewhere there’s an array of nations climbing out of recession.
Germany is in good shape as are swathes of the Eastern Bloc. I was recently in Warsaw and economic growth was visible everywhere, new offices, shopping malls and housing springing up all over the city. Whilst the established powers are going through difficulties, former soviet countries are getting stronger, and they’re a reason to be optimistic about the future of the continent.
There’s also a case to be made that the current crisis has made the EU stronger, as European states have recently committed to building better balanced economies. There’s going to be more government investment in research and development and increased emphasis on creating sustainable growth.
Elsewhere, a new fiscal treaty has also been introduced, designed to avoid the current problems in the coming decades. I genuinely think lessons have been learnt and there’s cause to be positive.
What industry sectors do you see having the most potential for non-European companies looking to expand?
Here in the UK government is investing heavily in the digital industry, politicians’ eager to create a tech hub that’ll rival Silicon Valley. You’ll see this digital desire mirrored around the continent, and for the tech start-up or established business I’d say there’s plenty of room for expansion.
From to London to Tallinn there’s an abundance of excellent developers, capable of building start-ups to rival those in America. A tech aficionado I see a lot of potential in Europe and I think with the right investment a digital company could see good returns.
In which European markets are you seeing the most increase of market potential and activity?
Latvia, Lithuania and Estonia are expected to lead the way in growth terms, all boasting GDP rises of more than 2%. The percentage of public debt is tiny in Latvia and Estonia too, especially when compared to that of the bigger states. If you’re seeking potential, you’ll find it there.
That said, collectively these countries boast less than 10 million inhabitants – a figure that’s less than a fifth of the population of the UK. As such, considering their size it’s still worth exploring the bigger markets, even with their troubles.
In terms of economic activity I can see this increasing throughout the entire continent. It feels like we’re turning the corner and optimism is coming back.
Do you have any advice for companies looking at European markets for the first time?
Although establishing the EU has helped homogenise many things, there remain nuances from border to border that businesses ought to bear in mind.
There’s varying laws you’ll need to confront and an assortment of corporate tax rates too, ranging from 33.99% (Belgium) to 9% (Macedonia). These will impact upon any profits you make so ensure you know these rates and expand accordingly.
Culturally there are also huge differences that as a business you’ll need to appreciate. These aren’t just manifested from border to border but also within countries, Spain one nation that’s particularly big on regional identity. Bear this in mind when marketing your product so you avoid any faux pas.
There’s no doubt European expansion is complicated but with the right precautions it can be successful. Ultimately, expert advice is priceless so bring in the best you can – it’ll spare you legal troubles and save you money in the long run.
About Mark James
Born and raised in Brighton, UK, Mark comes from a media background. An English graduate from the University of Brighton he cut his teeth in freelance journalism, before switching to writing in-house for an online accountancy company. He’s soon to take up a new role as a Business Writer in London.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| NUKRT150X/3AS NTN | 52 | 150 | 63 |
| NUKRT140X/3AS NTN | 48 | 140 | 60 |