As many small business owners still cannot wrap their heads around BRICS (Brazil, Russia, India, China and South Africa), here comes another frontier for business and investors – M.I.N.T.
BBC News has been paying attention to the M.I.N.T. Economies. These M.I.N.T. nations include:
Mexico, Indonesia, Nigeria and Turkey
The term MINT was coined by Economist Jim O’Neill of Goldman Sachs. Click here to view his comments.
These nations represent higher than normal risk however also demonstrate tremendous opportunity. For Canadian and American businesses, it only makes sense to look at Mexico seriously. There is some concern about Canada’s relationship with Mexico. The need for Mexican’s to have Visa’s to enter Canada is one reason for this concern. Canada has focused most of its activity within NAFTA on the USA. However, we now see that Mexico is surpassing Canada in Auto Production. And despite many internal issues the economy is showing signs of improvement. Canada has no excuse not to increase it trade relationship with Mexico.
The biggest surprise here would be Nigeria. While known for the various email scams, Nigeria is on the verge of becoming Africa’s largest economy. Canada’s current trade with Nigeria. Export Development Canada states:
Canada has a well established and growing trade relationship with Nigeria. The country represents an important trade partner for Canada in Sub-Saharan Africa. Trade is of high importance to the Nigerian economy which relies heavily upon the oil sector. A strong emphasis also exists on the infrastructure sector, which requires modernization.
This information may come as a shock to the average person, however an array of organizations in Oil Gas, Information Technology, Finance and Mining are paying more attention to Nigeria.
Indonesia has a population in the range of 250 Million with a fast growing middle class. Turkey continues to be of high interest to many investors and businesses worldwide.
The focus on MINT nations in early 2014 should shift any small business owners Sales & Marketing strategy. Or at a minimum, many small businesses should consider conducting some exploratory research in these markets.
Who within your organization is looking at the next emerging markets to tackle? Are your suppliers able to adapt and move into new markets quickly?
Are policy makers in Canada providing enough support to help small businesses explore new markets? Just a couple of questions we need to ask ourselves.
Opportunity is Everywhere, and it is time to look at M.I.N.T as potential new destinations.
Blog by Radcliffe Dockery