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India: An Actual Business Opportunity?

The Indian market is undoubtedly among the most interesting emerging economies in the world, thanks to a market and a middle class in strong growth.

Among the emerging economies, India is certainly one of the most interesting opportunities to date.
The Indian economy is among the fastest growing in the world. According to the International Monetary Fund, the Indian economy responded to the deep contraction of 2020, with growth of 9.5% in 2021. Not only that, the rebound is expected to continue throughout 2022 with an expected growth of 8.5%.

Not only is India’s economic growth attractive from an investment point of view, but also its population, which is among the largest in the world. The country has a rapidly growing consumer base that, thanks to a greater purchasing power, will try to afford more and more products and services. In addition, the use of the English language facilitates the market entry of foreign companies.

To help and support the economic growth of the country there are important reforms and programs of economic development, launched by the government, which tend to modernize the market and encourage growth in foreign investment.

Another feature that must be taken into account is the strategic geographical position of India, which makes it the ideal platform for opening up to the markets of South East Asian countries, thus taking advantage of an additional business opportunity.

What are the business opportunities?

The manufacturing sector is certainly a driving force for the country. It is a key sector of the Indian economy that contributes to 16%-17% of GDP, providing employment for about 12% of the country’s workforce.

Agriculture absorbs about half of the workforce and even 25% of the country’s GDP comes from agricultural products. These data show us how crop quality is still low and we need to improve productivity.

The sectors to be considered with high strategic potential at this time are represented by mechanical and engineering. In fact, both sectors show an increase in demand, caused by an increasing consumption of oil and gas by users. In the next 5 years is previewed a ulterior increment had from the investments in infrastructures of 1.5 trillions of dollars from the government.

There are also growing IT and technology sectors. It is no coincidence that in recent years many companies have invested in India, opening centers of production and research in the field of technology.
A significant increase in India’s import has occurred for food processing machinery, water, water pumps and the chemical industry, especially between 2020 and 2021.

Cold chain in India: development potential not to be underestimated

Opportunities also arise where there are shortcomings. This is the case of the cold chain in India, which is still in deficit and therefore represents a high potential for development. Just think how about 35-40% of Indian agricultural production is wasted due to the lack of adequate cold storage facilities. The storage facilities currently operating on the territory, in a non-uniform way, are used more for the preservation of potatoes. Market changes, however, are increasing the focus on multi-purpose cold storage especially in areas where investment in cold chain infrastructure is still weak.

Search for partners in India

Considering the economic growth of recent years and the growth forecasts of the economy, one can come to the conclusion that investing in India today might be convenient. Among emerging markets, India is certainly among the most attractive. Being able to find partners within the country can bring major benefits and lower investment risks. MatcHub provides its free services to find business partners in India through the creation of “Proposals”, real offers of partnerships dedicated exclusively to profiled companies.

If your company is also interested in entering the Indian market, join MatcHub for free and use the platform to find new business partners and expand your business.

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ITALIAN EXPORT IN THE METALLURGICAL SECTOR

After the lockdown and the reopening of the industry, the Italian metallurgical sector has started to run again “the engines” at maximum power. The reopening of the main activities that consume steel and aluminum will boost again the sector, even if it is not yet defined when the Eurozone economy can definitively get back to its previous level.

 

Some of the companies working in this sector have never stop to work even if they faced a large decrease of orders due to the situation imposed by the health emergency of Covid 19. But what is the current situation of metallurgical sector in Italy?

 

Current situation of the metallurgical sector

During the Coronavirus period, companies engaged in the metallurgical sector lost from 1 million tons to 1.3 million tons of crude steel in only 4 weeks of. Currently, production has started at around 40-50% of their capacity, with most of these companies engaging in the satisfaction of orders obtained in the period prior to the coronavirus.

 

Italy is the second largest steel producer in Europe, with 23 million tons last year. Total European steel production in 2019 was 159 million tons, according to data from the World Steel Association.

 

Italy has always been a virtuous country according to export activities in this sector. Indeed, in the first half of this year, Italy positioned itself in seventh place among all the world countries engaged in the export of products deriving from metallurgy and metal in general. In particular, the so-called Bel Paese is positioned itself in seventh place between other two relevant nation in this sector such as the United Kingdom and South Korea. The world market share held by Italy alone is equal to 3.8%.

 

What are the main countries where Italy is exporting its metal products?

Although compared to 2018 there was a slight inflection in the volume of exports worldwide, the European and non-European countries that import from Italy are: Germany with 5,770 million euros, Switzerland with 3,913 million euros, France with 3,036 million euro, Spain with 1,765 million euros, Poland with 1,399 million euros, United States with 1,228 million, United Kingdom with 1,212 million euros, Austria with 1,088 million euros, Czech Republic with 779 million euros and Romania with 734 million euros EUR. It is indicative how, in this list of countries, there is the United Kingdom which appears to be one step above Italy in terms of export volume achieved.

 

Sebbene rispetto al 2018 sia stata registrata una leggera inflessione nel volume delle esportazioni in tutto il mondo, i Paesi europei e non che importano dall’Italia sono: Germani con 5.770 milioni di euro, Svizzera con 3.913 milioni di euro, Francia con 3.036 milioni di euro, Spagna con 1.765 milioni di euro, Polonia con 1.399 milioni di euro, Stati Uniti con 1.228, Regno Unito con 1.212 milioni di euro, Austria con 1.088 milioni di euro, Repubblica Ceca con 779 milioni di euro  e la Romania con 734 milioni di euro.

 

 

MatcHub.net elaboration according to the data of “Osservatorio Economico MISE”

 

Which are the Italian regions with the largest export volume within this sector?

In addition to a general overview about Italian export volume, it is important to evaluate the main productive regions within Italy to understand better where this sector is mostly developed. Thus, according to the data, Italian Northern area alone exceed 70% of national exports. Although from 2016 to 2019 central Italy has increased its export share by +4%.

MatcHub.net elaboration according to the data of “Osservatorio Economico MISE”

 

Among the specific regions, in order of relevance, we find Lombardy, Tuscany, Veneto, Emilia-Romagna, Friuli Venezia Giulia, Piedmonte and Lazio. Looking at these data, it is evident that Northern regions contribute most to the metallurgical sector in Italy.

MatcHub.net elaboration according to the data of “Osservatorio Economico MISE”

 

The Fashion Industry In Italy

The entire fashion sector has around 82,000 active businesses. In the first few months of 2019 the sector recorded a trend of + 3.5%. With about 500,000 employees (+ 0.3% compared to 2016), the fashion industry is the second manufacturing sector in Italy after metallurgical activities.

The turnover is around 22 billion euros or 1.3% of Italian GDP. This turnover derives mainly from the clothing sector which amounts to 40.5%, followed by leather goods for 20.9% and eyewear for 16.2%. The turnover of the fashion industry in Italy is worth about 22 billion euros, or 1.3% of GDP in 2017. This turnover derives mainly from the clothing sector which amounts to 40.5%, followed by leather goods for the 20.9% % and eyewear for 16.2%.

EXPORT

Export is the greatest wealth of the fashion industry. Italian products are very popular especially in France, Germany and Asia. The change in exports from 2013-2019 is + 29.6%, according to data reported by Mediobanca's February 13, 2019 survey, for every € 10 of turnover, € 6 comes from abroad.

OCCUPATION

Employment in the sector is also growing, having about 60 thousand more jobs than in 2013. In 2018, each company produced average daily profits of around 63 thousand euros compared to 38 thousand in 2013

SMALLER COMPANIES GROW

Mediobanca's R&D report on the main fashion groups has examined the dynamics of the 163 Italian Fashion Companies with a turnover exceeding 100 million in 2018, in addition to the main European groups in the sector. The gap between the top 15 and the "pursuers" has been observed to be narrowing in a context that is generally more homogeneous.

Overall, the Italian fashion companies have seen their annual sales grow by an average of 6.6% in 2013-2018. Overall, the companies have seen their annual sales grow by an average of 6.6% in 2013-2018.

SUSTAINABILITY

One of the strengths of the Made in Italy Fashion sector is increasingly focused on sustainability. A decisive theme for the future of fashion in general, which is the second most polluting industry in the world. The Italian supply chain has had the merit of the last few years to demonstrate a commitment to reducing the environmental impact and introducing new, less polluting processing methods even upstream of the supply chain.

 

Economy Of North Macedonia

The Economy Of North Macedonia in past years has suffered heavily from the conflicts that have upset the Yugoslav area. However, for the three-year period 2019-2021 a recovery of the Macedonian economy is expected, mainly supported by the positive trend of investments and exports. According to statistics, the Macedonian GDP should increase by 3.8% in 2020 and 4% in 2021. The country's economy is mainly concentrated in services (63% of GDP), mainly on industry (28.5%) and agriculture (11 , 4%). Among the services, we highlight the sectors: banking, technology, insurance, transport, tourism, wholesale and retail trade, logistics and communications. The main productive sectors are: car components, iron and steel, food, footwear, textiles, tobacco, construction, oil refining, chemical, mining. The industrial fabric is dominated by small and medium enterprises (about 75,000) present in all economic sectors. About 90% of the economy is privately owned.

THE ITALIAN PRESENCE

Italian products enjoy an excellent image in the Republic of Northern Macedonia; especially for personal consumer goods (food, clothing, furniture, appliances, etc.).

As regards capital goods, the Italian presence is concentrated almost in the food industry and in processing, and in particular: wine, sweets, vegetable products and preserves and frozen products and ice creams. In this comparison of huge spaces to improve the presence of Italian products in particular in the woodworking and furniture manufacturing industry, construction industry, plastic, metal-mechanics, automotive, etc. Historically, the most attractive sectors for Italian companies in the Republic of Northern Macedonia are the traditional ones: engineering, chemical, construction, automotive, footwear and textiles.

SKOPJE

In 2015, the US daily Forbes considered the current capital of Northern Macedonia one of the best performing economies in Europe. For a country of such modest dimensions (around 2 million inhabitants), Skopje boasts excellent values ​​in terms of investment potential and development prospects. It also offers great potential for further growth for the future thanks to public debt, equal to 33.8%, the lowest quarter in Europe, annual inflation of 1.5% and a deficit of just 3.9%.

Main Accounting Requirements And Records In Italy

What is the purpose of keeping a precise and organized accounting in your company?

Accounting plays a key role in managing your business as it allows you to constantly control your economic and financial situation.

To make a general picture that respects itself has the right and obligation keep a proper accounting. The reasons are relatively simple:

  • it is a right because through accounting records a company is always in control of revenue and expenditure trends and it has a final report at the end of each year;
  • it is an obligation because it is imposed by the law. Every company indeed should show its activities and performance to third parties.

HOW DOES ACCOUNTING WORK IN ITALY?

The mandatory accounting records which every entrepreneur should keep in Italy are:

- The general journal – collection of all the operations carried out during the course of the business organized according to the chronological record of transactions;

- The inventory book – collection of all the assets and liabilities of the company with also the profits and losses;

- VAT registers;

- The register of depreciable assets – it contains information on the company's assets including immovable properties (land, sheds, equipment, etc. ) or (trademarks, patents, etc.) and the movable proprieties defined in the public registers of the same company;

- The general ledger – of all the operations carried out during the course of the business organized according to the double-entry criterion: recorded per account using a  chronological order.

 

The entrepreneur should also keep all the other required records respecting the specific economic-sector and the business-size, such as for example:

- the cashbook – it is not a mandatory register but is a tool used by companies to facilitate their accounting;

- the warehouse book – collection of all the in-coming and out-coming goods – it is required only for large enterprises;

-  the register of receipts – it is required only for professional activities.

 

In addition to the above listed accounting requirements, the limited companies should also keep the following registers:

- the company books, the shareholders' book, the book of meetings and resolutions of the managing board. Moreover, on the basis of their organization, it can be required the book of obligations, of the board of directors and of the board of statutory auditors.

These accounting requirements and records, defined by the Italian Civil Code art.2220, should be kept for at least 10 years from the date of the last recording, even if meanwhile the company has ceased to work and exist. Once this period has passed, nobody can dispute the absence of these accounting documents to the entrepreneur.

Companies that work in Italy are obliged to comply with the accounting requirements contained in the Italian Civil Code (https://www.brocardi.it/codice-civile/) and the accounting standards issued by OIC (Italian Organism of Accounting),(https://www.fondazioneoic.eu/?lang=en) which integrate those contained in the Civil Code.

OIC is an Organization founded in 2001 and composed by various bodies. It has the role of issuing the national accounting standards for the preparation of financial statements of all the Italian companies. OIC cooperates with many international bodies such as AISB (https://www.iasplus.com/en/resources/ifrsf/iasb-ifrs-ic/iasb) or IFRS (https://www.ifrs.org/), providing in this way support to Italian companies to comply also to international standards too.

Now we will shortly describe the 2 main types of accounting-standards actually in force within the Italian fiscal legislation. Here below the specific subjects included in the Ordinary or Simplified accounting type.

 

ORDINARY ACCOUNTING (art. 13 of D.P.R. 600/73):

It is required by the law for all the companies with revenues above €400,000 for service-activities and €700,000 for products/goods.

What are the companies included within this type of Ordinary accounting standard?

- Corporation (srl, spa, sapa) ;

- Cooperative societies

- Mutual insurance societies;

- Consortiums / insurance companies or unrecognized organizations;

- Public and private bodies operating for commercial purposes with residency in Italy.

 

SIMPLIFIED ACCOUNTING (art. 18 of DPR n.600/73):

It is required by the law for all the companies with revenues above €400,000 for services-activities and €700,000 for products/goods.

What are the companies included within this type of Simplified accounting standard?

- Individual companies;

- Partnership (ss, sas, snc).

Romania, the production of dried fruit has increased

The change in consumer behavior has led to an increase in the consumption of nuts in the world. In 2018 Romania became the leading producer of nuts in Europe. In a constantly evolving market, Romania has succeeded in securing its leadership in the sector thanks to more than 500 land for cultivation and a production of 45 million units, increased by 40% compared to 2015.

PRODUCTION OF WALNUTS FROM 2010 TO 2018

Walnuts represent the 95% of global dried fruit exports and 50% of Romanian ones. After the nuts, dried fruit exports concern hazelnuts and almonds. The main suppliers are Ukraine, Hungary and Italy.

DRIED FRUIT TRADE

In the last 7 years the dried fruit market has become increasingly important. Imports have increased significantly. In 2011 they were 5.2 tons, while in 2018 they reached 10,000 tons.

Almond plants are grown on large areas, with a Mediterranean climate in the southern and western regions of the country. Consumer demand is offset by imports. 

WORLDWIDE PRODUCTION

The world production of nuts in shell, according to the International Nut and Dried Fruit Council Foundation, amounted to about 4.8 million tons in 2018, growing by 11% compared to the 2016/2017 period. The products that record the greatest increases are almonds (1.18 million tons, 28%), followed by walnuts (854 thousand tons, equal to about 20%), pistachios (762 thousand tons, about 18%), cashew nuts (almost 755 thousand tons, about 18%) and hazelnuts (397 thousand tons, about 9% of the total). 

ITALIAN IMPORT

The first three products concerning dried and dried fruit, imported in Italy, according to data Inc, are hazelnuts, almonds and raisins. Hazelnuts had a negative trend in imports from 2005 to 2010, going from 68 thousand to around 40 thousand, while from 2010 to 2015 they started growing again, reaching around 57 thousand tons. Situation similar to that of almonds with a rise since 2015. Instead, the supply of raisins is stable.

PRODUCTS THAT CONSUMERS WOULD BUY ONLINE

The Agroter fruit and vegetable monitor asked a thousand Italian consumers which fruit and vegetable product they would buy on the web in the future. At the top of the ranking, with over 50% of the votes, we find dried and dried fruit, and specifically walnuts (56%). The products that still raise doubts are melons (26%), tomatoes (26%) and strawberries (only 20% of respondents would buy them online).

Last trends in the Economy of India

The Indian economy is growing in the recent years. According to data from the International Monetary Fund, today it’s the fastest growing economy and the seventh largest economy in the world. Among the most developed sectors we find in addition to mining (in India 80% of the extraction concerns the production of coal) is also the food processing sector, which is enjoying success, thanks also to economic incentives provided by the Indian Government.

Import

In 2018, Indian imports reached 421 billion euro, realizing a significant growth, as shown in the chart below. Raw materials, including energy raw materials, ores, raw wood, etc. excel with 37% of the total import. Follow then, with 21%, from industrial raw materials (steel, copper, aluminum etc.).

Export

As for exports, in 2018, 280.5 billion euro were reached, with a growth that should exceed 350 billion by 2021. Goods exported in India represent 3% of national production and in comparison of 2014, with 4.4% a slight decrease is reported. The main sectors, as shown in the graph, are those of fuels (14.9%), precious metals (12.4%), machinery (6.3%) etc.

THE FOOD PROCESSING SECTOR

The growth and liberalization of the food processing sector has made the Indian market even more attractive for foreign entrepreneurs. India is the second largest food producer in the world after China, but the waste along the chain that leads to the consumer is around 40% (about 10 million dollars). The causes are mainly due to the inadequacy of the infrastructures.

In the last 15 years, the sector obtained investments of around 6.2 billion euros and is estimated to reach 30 billion over the next 10 years, while in the last 5, the sector has grown by 9%. The agricultural sector is one of the largest in the world, just think that its production constitutes 8% of the world one.

These factors combine to create great demand for machinery for food processing. In this context, Italian and European companies certainly have the opportunity to satisfy this demand and acquire a decisive role. In recent years there has been an increase of 17% in the export of Indian food production machinery to India, placing the “beautiful country” in second place, behind China. Furthermore, the Central Bank classifies the sector as a “priority sector lending”, encouraging the provision of loans to companies (including foreign ones) operating in the sector.

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.

WINES AND SPARKLING WINES

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.

APPLES

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. 

COLD MEATS

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.

MILK AND CHEESE

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.

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