BUSINESS: Exporters Given Opportunities to Address New Markets
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Credit insurer Coface South Africa has launched a service giving exporters financial and credit information on more than 50-million companies globally.
“South African exporters currently face massive challenges in the global market. The international economic slowdown has resulted in many financially stable companies becoming unstable almost overnight,” says Coface Operations Director, Jacqui Jooste.
“Countries that a year ago would were classified as ‘safe’ to trade with have been turned upside down. Whilst the current global economy is a minefield, exporters should be exploiting the opportunities available to them using the right information as a guideline to successfully export,” she says.
“While some doors have closed for exporters in previously well-developed markets, many windows of opportunity are opening in unexpected and unexplored markets, but companies need accurate information about them.”
“The information Coface provides is based on data that is most necessary for doing export business,” says Jooste.
“In difficult economic times knowledge is power. Whilst we supposedly live in the knowledge era, researching business opportunities can be difficult because the quality and reliability of information often comes into question,” says Jooste.
Coface is able to provide exporters with up to date reports on overseas companies through its international network of information providers in over 94 countries. “The information is always up to date because it is used internally for our credit insurance business worldwide on a daily basis,” says Jooste.
“Without good quality information on specific companies and markets many SA exporters are nervous to invest time and money.”
As an example says Jooste, in Middle Eastern countries financial information is less important to the validity of the business than the quality of the sponsor or business partner.
“This is because of the business culture in which political and social influence guarantee success over financial prowess,” she says.
“In Eastern Europe however it is important to look at the financial information of a company. This is a key indicator of the success of the company,” says Jooste.
Business News Sector Tags: Business|