Here are some our advice to Norwegian companies looking to do business in China:
- Relations and contacts: Chinese usually prefer to do business with people they know and trust. It is therefore important to build strong long-term relationships to prospective buyers and partners in China. Visit them in China, have dinner together, and create good relations. Be prepared to travel regularly to China.
- Know the market: China is not a market but a collection of smaller markets, cities and provinces, which on their own may be larger than large European countries. Do thorough due-diligence, know the market potential and preferences in the specific areas you are looking to export to.
- Bureaucracy: It is important to be aware of bureaucratic obstacles. Ensure that all registrations and approvals are in place. It is also important to have a good strategy for how to transfer money out of China, as you could face currency restrictions.
- Patience: Ting takes time in China. Do not give up!
GIEK are open to both long-term and short-term guarantees in China, and may cover both political and commercial risk. Read more about GIEK’s guarantees on giek.no/guarantees.
Meet GIEK and Export Credit Norway in China
17-25 November, GIEK and Export Credit Norway will be visiting Shenzhen, Beijing and Shanghai, and will be part of the Norway China Innovation and Investment Week, organised by the Innovation Norway China office.