Financial Daily from THE HINDU group of publications
Tuesday, Feb 15, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 15, 2005 |
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Industry & Economy
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Foreign Trade `Trade fairs boost bilateral trade with partner nations' Our Bureau
New Delhi , Feb. 14 BILATERAL trade with partner countries increases after participating in trade fairs. While the impact of partnering with South Africa in the ongoing 16th International Engineering and Technology Fair at Pragati Maidan is yet to be seen, partnering with Korea, Spain and China in the past years has shown that international trade fairs translate into concrete business growth. Partnering with Korea in 1999 resulted in a growth in trade by 30 per cent annually, the tie-up with Spain in 2001 translated into an annual 16 per cent growth, while the 20-month-old trade fair partnership with China (in 2003) has resulted in a whopping 60 per cent growth in trade till now. Apart from growth in trade, Mr Subodh Bhargava, Trade Fairs Committee Chairman of the Confederation of Indian Industries and advisor to Eicher group, observes how the objective of trade fairs has changed and is still evolving as globalisation gets entrenched. "In the early years, trade fairs were seen as brand-building and image-building exercises for corporates but today they have become much more oriented for B2B activity," he said. Though it is difficult to collate data on how B2B activity at trade fairs leads to investments into the country, joint ventures being signed and the fact that companies and countries repeat participation is indication enough of its use, he added. Networking is also seen to be a key trade fair activity, hence the architectural changes taking place in trade fairs include a focus on trade enquiries and an emphasis on exhibitor feedback. From showcasing capabilities of the industry as a whole, trade fairs today have a sector-specific focus addressing companies and consumers in that niche. Though B2C fairs obviously translate into much higher footfalls, B2B are seen as those that generate business and contribute to the economic churn.
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