Bulgarian Attitudes Towards Foreign Partners

An interesting survey conducted in February 2019 by the Bulgarian Chamber of Commerce and Industry (BCCI) has studied the attitudes of Bulgarian companies in cooperating with foreign partners. The survey has shown that over 76% of Bulgarian businesses have interested in developing partnership with foreign companies. In particular, the research has underlined that 36% of companies are looking for a good partner for imports; 28% need a partner for joint investment in Bulgaria, and 12% are looking for partners to invest in a new foreign country.
China is the most favourite business destination, quoted by 54% of interviewed. Germany remains second most desired destination among the included countries, and the most preferred within the EU.
Other selected business destinations are Italy, Serbia, Romania, North Macedonia and Russia. In comparison to 2018’s survey, a growing interest towards North Macedonia is analysed, explained by the recently ratified friendship agreement: the Neighbourhood Treaty between Bulgaria and North Macedonia.
Among all the interviewed, approximately 40% of those interested in business trip abroad have an interest in meeting companies from the following industrial sectors/priorities: machine-building, food and beverages, textile, and electronics.
The Market Answer of Matchub.net
Following the new results of the recent survey conducted by the BCCI, Matchub.net is supporting SMEs in increasing their network and developing new potential partners in an open, simple and cost effective manner. Thus, registering in Matchub portal and posting new interesting business proposals a company can get new contacts through which it can start working on new business horizons.
According to what we have read here above, Matchub.net is covering several of the main countries of interest of Bulgarian businesses: Italy, North Macedonia and Romania.
Matchub is supporting SMEs business development using a double approach, including an online and offline strategy. Both approaches aim to spread around the business proposals of a company which is willing to find a new partner abroad. The online strategy is focused on various online actions (social media, blog, advertisement, specific emailing, etc.) while the offline strategy is focused on networking personal contacts that the International Business Matching Unit is following and developing for each new user of the portal.
In addition to this double approach which aims to boost the international business network of each registered user of the portal, Matchub is offering several other services which can support and facilitate the access of a SME in a new country: Country Market Analysis, Country Sectorial Analysis, Legal & Policy Analysis; Public Tender Reporting; Country Leads Creation; Cold-Calling activities; Commercial actions; B2B meetings; etc.
Contact us for any further detail…

Trends of the Bulgarian Foreign Trade Balance

In the first trimester of this year (January – March 2019), Bulgaria’s exports to EU countries increased by 7% compared to the same period in 2018. The amount of exported goods increased to a total of 4.9 billion euro. Bulgaria’s main trading partners are Germany, Romania, Italy, Greece, France and Belgium, which hold 67.3% of exports to EU countries. The sector of mineral fuels, mineral oils and all the products related to their distillation marks the greatest growth – 75.4% – while the one of oils, fats and waxes of animal or vegetable origin is declining of 8.4%. In this first trimester, imports from the EU also increased by 0.3% on an annual basis and reached to 5.01 billion euro. During this period, Bulgaria mainly imports from Germany, Italy, Romania, Greece and Hungary. The greatest growth in sales was recorded in the Beverage (alcoholic and non-alcoholic) and Tobacco sector (+50%) and the largest drop was seen in the Raw materials sector (excluding fuels) which has decreased by 29.4%.

In the period January-April 2019, exports to non-EU countries grew by 14.7% compared to the same period in 2018 and amounted to 3.02 billion euro. Among the non-EU countries, Bulgaria has mainly exported to Turkey, China, Serbia, United States, Russian Federation and North Macedonia, which hold 51.9% of the total exports to non-EU countries. In non-EU countries, the largest growth is seen in the sectors of mineral fuels, mineral oils and all the products related to their distillation (54.8%) and of oils, fats and waxes of animal or vegetable origin (40.2%). In the period from January to April 2019, imports from non-EU countries grew by 9.1% and reached to 161.7 million euro. Bulgaria imports mainly from the Russian Federation, Turkey, China and Egypt. The largest growth was recorded again by the sectors of alcoholic and non-alcoholic beverages and tobacco (32.3%), food and live animals (23.1%) and mineral fuels, mineral oils all the products related to their distillation (21.2%). The greatest drop is observed in the sector of oils, fats and waxes of animal or vegetable origin (-9.6%). In the January-April period total Bulgarian exports amounted to 9.54 billion euro and grew by 9.5% compared to the same period of 2018. In the same period the total Bulgarian imports amounted to 10.54 billion euro, or 4.6% growth on an annual basis. The total balance of foreign trade of the Country is negative, minus 994 million euro, while at FOB / FOB prices the balance is minus 277 million euro.

Food And Export of Trentino

Trentino Altro Adige, located in the northern Italy, is a very popular destination for tourists, who are not only attracted by the views, mountains and lake, but also by the local food. The culinary habits in these zones represent an excellent mix between the austrian and italian tradictions, whit the prevalence of cold meats, cheese and wine.

The beginnings of 2019 set a record for the export of food from Trentino. The exports were composed mainly by the manufacturing sector products and in particular the food sector has gained the 16% of the total of the exported products.

The exporting companies are 1200, the first 100 achive the 80% of the total export. These results, are also due to the presence of big names in the trentino food sector, which over the years have created an excellent image abroad of themselves and of the territory.


Through the most emblematic products, we can surely mention two of the most renowned wines, The “Teroldego Trentino Doc” and the “Marzemino Trentino Doc” which are also in great demand throughout Italy, so are the sparkling wines that are present in large quantities and varieties. The export of wine over the years has gradually increased thanks to events and fairs that attract thousands of potential customers. An example is Vinitaly, fair held in Venezia every year, which has about 4000 exhibitors and 150,000 visitors per edition. Taking part are two of the largest companies in Trentino in the production of wine and sparkling wine: Cavit and Ferrari. Both, like many others companies, have bet a lot on exports, achieving steady growth year after year.


The highlight of Trentino is surely the apple. More precisely in “Val di Non”, “the home of apples”, almost 300.000 tons a year are produced, qual to the 16% of the national production and the 5% of the european production. Such a massive cultivation is guaranteed by the favorable environmental conditions and the production techniques of companies such as Melinda and La Trentina, which are commited in biological cultivation, that preserve the natural qualities of the fruit and in the biodinamic cultivation, that guarantees environmental protection and product optimization. 


Another typical product are cold meats, which are very tied to the history and territory of Trentino, guarantee authenticity and quality. Trentino Alto Adige has a long tradition in the processed meat sector, as in the case of Speck Igp. local production is characterized not only by the use of typically mountain meats (roe deer, chamois, deer, moose, etc.), but also by the aging and maturing techniques, which have their strong point in smoking. Among the salamis recognizable throughout Italy and Europe, we have the Carne Salada, Ciuìga, Luganega, smoked mortadella from Val di Non and the famous Speck from Trentino, while in the most recognized companies can not miss Segata S.p.a.


In Trentino Alto Adige, between June and September, is practiced the  “alpeggio of the dairy animals”. Cattle, sheep and goats are transferred to the mountain pastures at high altitude, (Val Rendena e Val di Fiemme some examples), where they are fed with the characteristic mountain vegetation. This type of breeding has a very positive impact on the milk production, of its derivatives and on the environment. Leaders in the sector are Mila and Latte Trento, producers of milk, yogurt, cheese, butter, etc.

Franchising and Licensing: Features, Commonalities and Differences of two Modes of Internationalization

There are four main modes to approach the internationalization process and to work on international trade and development activities: Import, Export, Licensing and Franchising.

If we focus our attention on the less common modes of internationalization, Franchising and Licensing, we can notice a lot of features which are common to both modes and that can be analyses for a better understanding of the internationalization process.

Normally we refer to Franchising considering all those Brands that expand their presence in a territory through a network of stores. If you have more than one shop... you are a franchise. This statement is wrong because it is not always the case. In fact, some Brands prefer to retain ownership of every single point, regardless of their location, thus centralizing the internationalisation processes and closing the doors to potential affiliates. This is the case, for example, of brands such as Kiko or GameSpot. Even Starbucks has grown internationally by opening its own branches (by contrast, McDonald’s is considered as one of the best examples of a business that has grown through a franchising model).

When a company, on the other hand, decides to expand its business and open its doors to other entrepreneurs decentralizing the management (and capital) of the various points, there are two methods that can be used: Franchising or Licensing.

We have a franchising agreement when a mother company tries to transfer to its affiliates a specific know-how. This know-how is also linked to the concept of licensing, indeed, it can include confidential information, trademarks, logos and designs, copyright materials and potentially patents. The essence of franchising is therefore the passage of a real "know-how" that must be collected in a special operating manual becomes vitally important as well as legally indispensable. In this case the freedom of the franchisee is really minimal to the advantage of standardizing processes and product quality.

The essence of licensing is the owner retaining ownership of its Intellectual Property while offering others the right to use it. Thus, a company is allowing third parties to use a technology or a new process idea to develop their businesses. This license is usually given in return for royalties. There is also a so-called brand-licensing which represents an agreement of a mother company providing to its licensees its brand, directives and a basic set of business together with constraints and indications related to the use of the brand. The emphasis in brand-licensing is shifted to communication and to the brand itself, leaving to licensees more possibilities for movement in the management of the activity. Luxury brands are highly sought after for licenses, as their brand brings a touch of prestige to the product to which they lend their name. But luxury brands should be careful not to stray too far from their market or offer too generous licenses. This due to a risk of devaluating its brand and lost much of its cachet (i.e. Pierre Cardin).

Types of international trade and development activities

The international trade and development activities have various approaches on how to conduct the process. Among these approaches we can underline the four most significant ones:


They are represented by companies which based their international trade and development activities with operators that buy the product and resell it in their own market, both to final customers and to other local companies. These operators are for instance importers (who also take care of border and customs management) or distributors (which instead often require the customs management and practices by an importer company).

Indirect channels involve less investment and less commercial risk in the short term, and also represent the ideal solution for a first export phase. However, these channels also have significant disadvantages, largely due to the limited presence of the companies in the foreign market, which makes their exports dependent on the commercial relationship with the foreign importer / distributor.


The international trade and development activities can be focused on international partnership. Thus, in this case companies are selling their products and services abroad thanks to the commercial activities of local partners, intermediary companies, or agents. The trade is usually direct with the final customer, while the local agent gains a fee for the support it gives to the foreign company to enter in the new market and for developing the local network. The international partnership can have various forms, in particular they can have the exclusivity or not. When a local agent has exclusivity means that it is the only company who has the right to sell those products for a certain limited period. In counterpart, the foreign manufacturing company is usually asking to the local agent to reach a minimum number of sales within its exclusive territory.


These are the companies that establish their business in a foreign country. Thus, their international trade and development activities are direct and independent. Some of these companies are for instance retail or e-commerce chains which allows the company to manage business relationships directly.

The direct channels, and therefore the decision to directly manage its own customers or even to address the final consumers, has the strategic advantage of consolidating its commercial position receiving direct feedback able to constantly improve its action on the new market and to obtain higher margins. However, even this path is not without its weak points: greater investments, greater rigidity of the structure (disinvesting from a market is more complex and generally much more expensive), post-sales management by the same company.


It is a barter form, used in modern international trade and development activities, whereby the buyer pays for the goods by selling other goods.

It represents a set of specific contractual formulas, modern form of barter, used in international trade, united by the presence of binding agreements between sovereign states (more or less explicit legal framework), which link export transactions to other import transactions. The counter trade consists of a single contract through which supplies of goods, products or raw materials are compensated by the acquisition of other goods. This specific international trade approach is widespread especially in countries that are poor in currency resources and rich in raw materials. In the past it was used in particular in the interchange with Eastern and Third World countries, in order to improve nominal trade deficits and alleviate transfer and convertibility problems related to the different monetary and credit systems.

Overview of the Agricultural Sector in Romania

Potential of the agricultural sector in Romania

The agricultural sector in Romania has a very high potential. The country total production value increased by 12.5% in 2017 compared to the previous year – equal to 78.5 billion RON, or 17.2 billion EUR, according to data analyses by the INS (National Statistics Institute). The country has the sixth surface level dedicated to agriculture in the EU - 13.9 million hectare - after France, Spain, UK, Germany and Poland (PwC Romania). The Agricultural sector in Romania engages around 30% of the workforce of the country and it contributes to 7.9% of the total GDP of the country, a very high level considering that the European average covers only 1.9%. The majority of the land is dedicated to cereal cropping (23.6%) and it covers 2/3 of the total agricultural land. Grain production represented over a third (34.8%) of the whole crop production. Sunflower seed has also an extensive exploitation, Romania indeed is positioned as one of the top producer in the EU. Vegetables, with a particular large production of cabbages, onions, potatoes, green peppers and tomatoes are also cultivated around the cities of Timișoara, Arad, Craiova, Galați, Brăila and Bucharest. The agricultural sector in Romania offers a relevant wine industry too. Thanks to its large export, Romania, indeed, can be considered one of the most important wine-producing country of Europe. The most famous vineyards are located in the area of Odobesti, Panciu, and Nicoresti.

Challenges of the agricultural sector in Romania

The agricultural sector in Romania has past various historical period and the last relevant changed was defined in 2014 when a new law has completely liberalized the acquisition of agricultural lands to foreign investors (law n. 17/2014). This new law has accelerated the innovation and mechanisation process of the agricultural sector in Romania, but the general productivity remains still too low. A side-effect of this new law is the so-called “land grabbing” which has created a high concentration of power and a monopoly in the sector. According to a research developed by the Institute TNI (www.tni.org/en) the 0.4% of the Romanian agricultural companies own more than 48% of the lands. In addition to this, there are other main problems to solve: in Romania there is a spread tax evasion, there is lack of training among farmers and the low level of capitalisation of the sector.

Main Agricultural Sectorial Fairs in Romania

INDAGRA in Bucharest - 30 October - 03 November 2019 - (https://www.indagra.ro/en/ )

AGROMALIM in Iasi - to be defined - (http://www.agri-events.ro/ - http://www.ccia-arad.ro/agromalim/ )

Impact of Cultures in Business

Why is Culture Important in Understanding Strategic Management and Business Development?

Any of us who is travelling is constantly living different situations that can be considered strange, anomalous or weird to us. Culture impacts in our daily life as in our business. Indeed, every culture has its own values, habits, attitudes, believes. We usually simplified(y) and link a culture to one single nation, but we should always consider that this is not really correct because in any nation there are also differences such as various territorial origins with different histories and socio-economic situations (i.e. Western and Eastern Germany; Northern and Southern Italy, etc.), different ethnicities, religions, minorities, languages, etc.

Culture is relevant in Management and Business Development because it embraces a large number of spheres which can influence our perceptions and decision-making approach. In particular there is a variety of business-areas where culture can strongly influence and impact on the strategic approach and the expected results of a company:

- Marketing

- Management of international teams

- Business negotiations

- Leadership

- Language and communication skills

- Establish business trust and long term relations.

Analysing the Marketing and looking at these two videos, for instance,  (https://www.youtube.com/watch?v=smusX8AirYY & https://www.youtube.com/watch?v=PIojNGI9KGE) we can easily understand how two companies, both working in the bakery and pasticcerie sector, are focusing their television-advertisement on different cultural-values. Indeed, the Finish Company Oululainen (https://www.oululainen.fi/) which has developed the first video focuses its attention on the tenacity and independence of the child from his father concluding the video with the written sentence “Kova kuin elämä” - Hard as life. The video of the Italian Company Mulino Bianco (https://www.mulinobianco.it/home) is instead focused on the value of the family and its unity. Mulino Bianco video, indeed, at the end of the images says “Flauti, fatti per stare insieme” – Flauti, made to be together. This example notices the relevance of culture in any marketing strategy.

What is culture?

Culture is a complex concept which defines the individual and collective, intellectual and social, material and spiritual evolution of people. The concept of Culture had a relevant historical progression, in particular from the second half of XVIII Century, thank to various scholars such as J.G. Von Herder, E.B. Tylor and later on to F. Boas.

According to Richard D. Lewis, one of the main scholars who has studied the role and impact of Culture in Business, the concept of Culture is composed by different levels and each level correspond to specific individual and collective characteristics. Lewis Model defines as most relevant characteristic of our Culture the National level, while the personal level as the least influencing one (see the picture below).

Levels of Culture (Lewis Model view)

Lewis explains also that Culture is linked to a single nation due to the specific collective way we perceive and create it. Thus, analysing the pictures below, we can compare the perception of culture of Germans and Japanese. In the first case - considering the German cultural perspective - each individual entering in the society undergoes a “process of acculturation” which later is transferred to other younger individuals. In the second case - considering the Japanese cultural perspective – Culture is evaluated as collective and united concept which all people are carrying on day by day, year by year. In Japan, the culture itself includes different collective concepts such as art, language, science, law, philosophy, etc. Thus, comparing the two perspectives we can underline that German culture is founded on the concept of individuals, while Japanese culture is based on the community and its harmony.

Evolution of Culture – German perspective (Lewis Model view)

Evolution of Culture – Japanese perspective (Lewis Model view)

According to the Lewis Model, there are four specific main spheres where people can easily have a cross-culture misunderstanding: 1) VALUES - Core beliefs; Attitudes and world view; 2) COMMUNICATION PATTERNS - Speech styles; Listening habits; 3) Concept of TIME; 4) Concept of SPACE. Looking at the pictures below, indeed, we can see how people perceive differently the meaning of space.

Meaning of Space – People waiting a bus in Finland

Meaning of Space – People waiting to enter in a Temple in India

Meaning of Space – People waiting to enter in a Bank in Bulgaria

The Lewis Model of Cross-Cultural Communication

Richard D. Lewis has distinguished the different cultures in three main groups: Linear-Active; Multi-Active; Reactive. Focusing mainly on the national level, Lewis Model defines the Anglo-Saxon cultures as Linear-active (i.e. Germans, English, American, etc.), so people who are frank, direct, job-oriented and capable to follow their activities in a well-organized and linear way. Multi-Active are all the people belonging to Latin cultures (i.e. Spanish, Italians, Brazilians, etc.) who are mainly people-oriented, very communicative, creative and capable to follow various activities at ones. The third category is called Reactive and includes mainly Asian cultures (i.e. Japanese, Chinese, etc.) which are polite, indirect, patient and react to partner’s actions. The three categories represent a model which simplified the reality, but each individual - despite his/her nationality - according to a detailed test which Lewis has created can belong more or less to one of these categories. Here below there is the picture of the triangle of Lewis Model and the list of the main features which define the classification of the three categories of Lewis.

Lewis Model – Linear-Active; Multi-Active; Reactive.

Main features of the three categories of Lewis Model




Who are the key-partners in international business development?

Partners in international business development can be distinguished in three main type of profiles: Importers; Distributors; Resellers.

Each of these profiles has a different relevance in the potential strategy we could implement to establish our business in a new country. Thus, it would be important to understand properly their different roles and activities in order to understand how their profile could match our business.

It is also relevant to underline that not always all these three profiles can be useful to our commercial strategy; potentially we could work with one, two or all of these three profiles.

The specific chain of any sector does not depends only on the will of a company or a producer, but it is influenced by various factors such as the geographic position, the transport costs, the knowledge we have about a specific country, the new legal framework, etc. All these factors influence the strategy of a producer or a company willing to develop its business abroad which cannot always control independently its internationalisation process.


Importers are all the companies characterized by these factors:

  1. They buy large quantity of products to import them;
  2. They work constantly with customs and therefore they are expert on legal practices and customs procedures;
  3. They transport, import and stock large quantity of products with low prices;
  4. They resell the products to local distributors.

This kind of company profile is very well known in particular in country with customs and border and which are not belonging to large economic community. In these countries the customs clearance and the need to reduce logistic costs are two key factors for containing costs and for the arrival of the goods at destination without problems.


Distributors are all the companies characterized by these factors:

  1. They buy products from importers or directly from producers;
  2. They sell their stock to resellers or to specific category of the commercial chain (i.e. in industrial sector to installers);
  3. They have large stock to guarantee a fast delivery around all their territory of competence;
  4. They have a well-structured and widespread sale-network;
  5. They have various promotional and marketing activities such as sectorial fairs or events;
  6. They can have post-selling activities – i.e. technical assistance for industrial machineries;
  7. They are able to support financially (i.e. leasing, payment extension, etc.) their partners and resellers;
  8. They are usually located in industrial/commercial zones out of large cities.

Distributors often represent key partners to a successful export-strategy or any internationalisation business process.

In some cases distributors can work also as importers, but generally speaking the two profiles are distinguished.


Retailers are all the companies characterized by these factors:

  1. They buy from distributors medium or small quantity of products;
  2. They sell to final customers;
  3. They usually commercial structures in residential areas or peripheral area easily reachable by consumers.

Retailers are for instance supermarkets, department stores, and various kind of shops.

This brief overview of these professional figures gives us a clearer understanding of different types of partners, of what they do and which of them are useful in our internationalization process. Identifying the necessary partner is a primary step for developing a correct and successful strategy to do business in a new country.

Happy Birthday EURO – Thanks to you Italian People Lost 74.000 euro

The German Research Center CEP - Center for European Policy of Freiburg (www.cep.eu) - has recently published an interesting analysis on the 20 years of euro history entitled “20 Years of the Euro: Winners and Losers”.

Since we have adopted the new European currency, Italians has lost 73,605 euro, while Germans has won 23,116 euro. Thus, Germany gain the gold medal, while Italy got the last place of the race. This are the results of CEP study which has compared eight Eurozone-countries (Germany, Netherland, Greece, Spain, Belgium, Portugal, France, and Italy) to evaluate the real impact of Euro in the national European economies. Thus, the study, focusing on the per-capita GDP of each country, has analyzed the trend of this index without the euro, under the assumption that the countries could have kept the control on their economic policy.

In 2017, for instance, German GDP rose by 280 billion euros and GDP per capita by 3.390. Italy has lost more than everyone. Without the euro, the CEP scholars calculate, the GDP of Rome would have been higher than 530 billion euros, which corresponds to 8,756 euros per capita. In France too, the euro led to significant economic losses of € 374 billion, corresponding to € 5,570 per capita.

Greece and Italy, in particular, are going through a hard difficulty because of the fact that they are not able to devalue their currency anymore. This has led that their products are not so competitive in the international market. As the study states, “in the decades prior to introduction of the euro, Italy regularly devalued its currency for this purpose. After the introduction of the euro, that was no longer possible. Instead, structu creasing losses in prosperity”. The figures below are showing the opposite negative and positive trend of Italian and Spanish per-capita GDP due to their more or less ability to renovate and change their economic policy.


Looking at the CEP study from a political perspective we can say also that this incapacity of Italy to find a way to become competitive within the Eurozone has produced and raised the skepticism on the European Union among Italians which will risk to impact irrevocably the next European Election results on May 2019.



Five main steps to analyse the opportunities of our business in a new target country

1. Demographic Analysis and Dimensioning of our Market in the new Target Country

This preliminary analysis gives us a general overview about the numbers of our potential clients in the country and shows how we could reach them.

This first analysis can be distinguished between B2C and B2B approach depending on the business core that we follow. Thus, if we focus on a B2C business, a demographic analysis allows us to evaluate the numbers of inhabitants of a specific territory, its density, the workforce, and the incomes groups. If we focus on a B2B business, a demographic analysis shows us our potential clients their location and density according to our corresponding sector of interest.

After the demographic analysis, the dimensioning of our market is represented by the evaluation of the niche of our clients which we would like to reach. Thus, the dimensioning represents a second filter to identify our commercial strategy in the selected target country.

2. Analysis of the Needs of our Market

As soon as we identify the particular segments of our potential clients, we would need to discover and evaluate all their needs. This study will allow us then to understand the motivations behind the choices of our clients. The awareness of these needs and motivations will help us to diversify our proposal and to define new drivers for the demand of our clients.

3. Analysis of the Competitors present in our Target Country

The object is to assess all the competitors which are already working in the target country to define our added values. Thus, we would need to gather a lot of information to compare their activities analysing advantages and disadvantages they have in the market where we would like to develop a new business. This comparison should include all the main and relevant factors which are driving our sector - i.e. prices, quality, ancillary services, selling approaches, purchase/financing arrangements, etc.

4. Analysis of the barriers to start developing a new business in our Target Country

Before to start a new business abroad we should carefully evaluate all the barriers and obstacles we could face working there. This will allow us to avoid unpleasant surprises and problems unplanned being more effective towards our goals. So we should try to answer to these following questions: Why should we think that we will have success starting a new business in this target country? What would be the main obstacles we would face in this target country? Among the various potential obstacles we should consider: the value of our brand in the target country, the legal frame and any specific regulation related to our sector, taxes, custom duties, inflation, the culture and the mindset of the local people, access to the distribution channels, structural costs, transport, access to funds or loans and the banking system, etc.

5. Legal Frame of the Target Country

It would be relevant to know the legal frame of our target country because it can represent opportunities or difficulties for our new business. Indeed, in case the local regulations constitute an obstacle to our sector we should carefully evaluate the real chance we have to develop a new business in this country. Contrary, in case the local regulations constitute an opportunity for us we would be able to exploit them.

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