Opportunities for the Netherlands
Last blog we mentioned the opportunities in Colombia, which are automatically opportunities for Dutch companies.
However, we would like to elaborate on these opportunities a little bit more in order to give a clear idea. As mentioned, a selection of the opportunities are:
- Implementation of sustainable agricultural and manufacturing knowledge and technologies
- Sourcing of agricultural products such as fruits, vegetables, coffee etc.
- Investing in shared resources for cluster production
- Sales of (sustainable) manufacturing technologies
- Expanding business activities to Colombia regarding investments in assets
- Import and distribution of bicycles
- Implementation of knowledge and experience regarding infrastructure
- Virtual reality for educational purposes
Many opportunities in different sectors as you can see, but luckily also the sectors where Dutch companies excel.
So why coming back to this?
Well, that is because there are some challenges in terms of establishing business in Colombia. This is partly related to ‘soft’ factors such as cultural differences. During the last years we have unfortunately seen multiple projects going bad due to no interference of a local partner that understand both the Dutch and Colombian culture. Both countries are very different when it comes to doing business. These differences are not good or bad, but do need to be understood and anticipated on in order to arrange a successful deal or cooperation.
The importance of a local partner in Colombia
Also, a local partner is highly recommended in order to have personal contact and have a more hands-on approach regarding the developments. It is very important to have patience. Developing relationships can take time, especially when the product or service are new for the market.
Therefore, it is not advisable to rush into the market, but take the time to get to know the potential partners, but also clearly show and proof the idea. This will lead to more understanding between both parties and possibly a better approach for the Colombian market. A good partnership with clear visions goes a long way.
The importance of cooperations
In addition, one of the most important concepts from my perspective is cooperation. Most of the individual actors are available in Colombia, which means that the wheel does not need to be re-invented. However, there is a lot of room for innovation. This means that we want to implement these innovations together with the local actors, and therefore do not create competition but cooperation.
These factors do have influence in the budget that is necessary to establish business in Colombia. On the one hand, investment in assets and operational costs are relatively economic. But the additional implementation time does need to be taken into consideration. Colombia has an interesting set of options when it comes to finding public or private funding and is considered to be one of the easiest countries to encounter funding according to doingbusiness.org. We can provide these options together with our external finance partners.
Nvest is your local partner to succeed
And this is one of the main functions of Nvest. We provide a platform with potential local actors, finance and operational partners. Besides, we create and manage innovative strategies to enter the Colombian market. Resulting that Nvest is the local partner and makes sure that the foreseen results will be achieved.
Every project is different, and therefore we adapt our approach towards the need in order to achieve the goals and grow together.
Please get in contact with us if you have questions, comments or even better, interest in the Colombian market.