Local Traders Asking for More Preferential Policies to Help Explore New Markets
Domestic traders that targets European and US buyers are now calling for preferential policies from the Central Government asking for help in exploring newer export markets in Latin America and Africa.
Domestic traders are turning to these emerging markets because of the opportunities but they have limited resources that will develop potential customers. Changhong Electronics, a known television manufacturer said that local appliance manufacturers wants preferential policies to be implemented by the Central Government like what their South Korean counterparts are getting from Seoul. The company invests around 50 million yuan in research and development each year that is funded by the company alone. This amount is not even near when competing with Korean companies that gets research and development support for their government.
This situation is the same with small and medium enterprises which also say that they have limited resources when it comes to expanding and making new businesses. An electronics company that produces professional DJ mixers said that orders from European markets have decreased by 30 percent in 2011. Now they say that now getting orders from South American markets but are optimistic but they find it hard to break in new markets.