Nigeria Economic and Investment Forum To Asia and Europe 2021: Positive Effect of Trade Mission on business Growth and Development

The Nigeria Economic Forum to Asia and Europe 2021 is a Trade mission and business delegation to Korea, Poland,Taiwan and Japan precisely, will be organized by Trade Nigeria, in partnership with Globe Chamber of Commerce and Industry, the federal and state Governments of Nigeria and Governments of other countries involved.

A Trade Mission is an international trip where business executives travel together as a delegation to foreign destinations and occasionally, are accompanied by government officials. 

It is also an activity that allows participants to gain knowledge of a foreign country’s culture through direct contact with local business people and government representatives.

Trade Missions provide businesses with significant advantages if they are exploring the opportunity to expand their operations overseas, or wishing to trade (exporting or importing) with countries they haven’t done so previously. Trade missions open doors and fast track companies to engage in dialogue with the right companies and just as importantly the right individuals on one trip.

Trade mission is a function that provides learning experience which allows firms to acquire information and expand their knowledge of the exporting process.  Trade missions allow potential exporters to learn:

(1) How business is conducted overseas,

(2)  what services and products are available,

(3)  the receptivity of potential buyers,

(4)  the extent of the commitment and resources necessary to sell in overseas markets, and

(5) The answers to questions about foreign markets and the process of exporting

The Purpose of Trade Mission

The current view of trade mission is that it encourage traders (exporters and importers) to explore and assess market opportunities, and provide access to decision makers in the public and private sectors that are otherwise difficult to reach. It can thus be seen as a tool to lay foundations for future business in new markets.

Trade missions can have certain positive effects:

• Facilitating market research

• Participants collectively devoting more effort to market investigation

• Greater promotional impact on market

• Carrying a certain news value and serving trade publicity

• Gaining access to high level business and government officials

• Providing wider and deeper contact coverage

• Raising general consciousness in the home country about foreign markets

• Providing important educational experience for inexperienced exporters

• Providing beneficial intra-group exchanges and contact for experienced traders

Trade missions have a broad set of objectives that are related to both companies and governments. The focus is clearly on what companies want to achieve during a trade missions and commercial diplomats are eager to facilitate this, while at the same time trying to address secondary governmental objectives. Companies look to find partners for cooperation, explore market opportunities, engage in fact-finding, and leverage government presence. Governments aim to promote the home country in general and attract investment. Trade missions differ in their focus, how focused a mission should ideally be in terms of sectors or industries often depends on the objectives that define the mission. Trade missions are usually are effective when the sole objective is to do business and find partners. Usually, all organizations that are in a relevant sector are welcome to join a trade mission. However, some countries have a more demanding procedure for selecting participants, where a company’s preparedness is taken into consideration.