As part of our blog feature we have compiled research on the last five years in Bulgaria, identified key strategic sectors for British exporters.

 January 2007:  A Time for Optimism

On January 1^st 2007 Bulgaria, along with Romania, became the newest member of the European Union. The motivation of the general public and private organisations was very high, since the deal meant more opportunities and enormous potential for growth for Bulgaria. With a highly motivated and hard working population of 7.6 million, the country felt it had a lot to contribute to the EU.

Bulgaria joining the EU also benefited exporters from other EU countries.  The country presents excellent conditions for both large companies with strong export backgrounds, and new-to-export small and medium enterprises from all across the Union.   Bulgaria is economically attractive and also geographically.  Not only does its geographical position place it at the strategic crossroads of Europe, the Middle East, Russia and the former Soviet republics, but it is also easily accessible.  For example there are several daily flights between the UK and Bulgaria with a flight time of no more than three hours.

A sample of flight from SkyScanner.com and CheapFlights.co.uk:

Becoming an EU member immediately introduced new perspectives of modernisation and social prosperity for the people of Bulgaria.  The country has benefited from financial support from the Union, which helped boost its economic growth and prospects.

However these have not been without sacrifices.  The European Union has its own targets, priorities, regulations and standards, which had a significant impact on the country’s economic processes.   In addition to this, stringent EU regulations mean Bulgaria has had to catch up administratively.  A concerted effort has seen the country’s systems and procedures rising to comparatively remarkable levels.

2007-2010:  Reality Check

Bulgaria joined the Union at a time of prosperity, but the economic crisis of the next few years left Europe fragile and financially unbalanced.  Even though the economic growth during 2006-2007 was steady, there were a number of challenges in the following years in the face of macroeconomic imbalance, higher inflation, rises in real estate prices, and a decrease in GDP of 5.5%.

It was not until the middle of 2010 that Bulgaria started slowly recovering with a gradual 0.2% GDP growth, thanks largely to increased exports. At that time the export levels of other European countries started matching Bulgaria’s, returning to levels seen before the economic crisis. The rapidly shrinking deficit implicated how flexible the Bulgarian economy is. The potential for further economic development is good, and during the years of recession foreign investors continued to find it an attractive market, although growth continued at a slower pace.

Now:  Opportunities for Exporters

Bulgaria has already received EU funding of over EUR 12 billion for the period 2007-2013, and expects to continue to receive strong funding into the future. The funding is invested in five main sectors:

1. Transport – development of railway and road infrastructure, improvement in accessibility for passengers and freight, improvement of maritime and inland-waterway navigation. Significant investments in the Bulgarian ports on the Black Sea and the Danube River.

2. Waste management – construction of regional landfills, recycling and hazardous waste management. Upgrade and extension of water and sewage network, construction and upgrade of wastewater treatment plants. In accordance with EU requirements, over 430 agglomerations will require completion or reconstruction of the existing sewage network and extension or construction of wastewater treatment plants.

3. Support for innovation in enterprises – improvement of technology and management in enterprises, improvement of pro-innovation infrastructure, etc.  Upgrade and extension of information and communication networks.

4. Renewable energy – technologies, equipment and expertise for construction of wind farms, solar installations and biomass installations.

5. Training and development of human resources – delivery of vocational and life-long learning, business and entrepreneurship training, wider usage of ICT and e-content.

Opportunities will also open up in the area of energy, oil and gas transit. As part of its EU accession agreement, Bulgaria closed down two units of its nuclear power plants. To replace these resources the government is considering building infrastructures that are more environmentally friendly, and will need support from private firms in implementing their plans.

Furthermore, due to its geo-strategic location Bulgaria is a key transit route for two major gas pipelines currently in the planning stage – the EU-backed Nabucco connecting the Caspian region and Western Europe, and the South Stream project for transit of Russian gas to Italy and South-East Europe.

Role of the UK

The UK is has been and still is a major importer to Bulgaria, forming a foundation for improvement. In 2008 the value of UK exports to Bulgaria was GBP 228 million and it decreased by estimated 23% in 2009. The main product groups exported are as below:

The United Kingdom was the number one investor in Bulgaria for 2006 and 2007. Though a large part of it was in the real estate sector, a number of strategic investments in manufacturing and services were also made. In the global economic downturn the UK is still holding its position among the leading investors in Bulgaria. In 2009, the UK ranked 4th largest investor after the Netherlands, France and Belgium with over EUR 93 million worth of investment. The major British investors in Bulgaria include the pharmaceutical giants AstraZeneca and GlaxoSmithKline; Melrose Resources (who holds the exploration license for the first offshore gas field in Bulgaria); ESAB (major welding and cutting equipment manufacturer); Tishman Management, Salamanca Capital and United Utilities.

2012:  What does the future hold?

The forecasts show that the GDP will increase by an average of 5% during the period of 2012-2015 and a slight increase of 3% in 2016-2020. On the other hand, the unemployment rate will remain relatively high in near future, with a gradual long term decrease.

Currently risks still remain and the insecurity of investing during such economic climate of post recession Bulgaria might put foreign companies off. Though, facts show that UK investors are still holding strong positions and business presence in Bulgaria.

Even though Bulgaria entered the European Union under different terms to the countries who joined in May 2004, the country’s integration has been positive and its potential is enormous. The top four sectors to invest in remain machinery, beverages, fertilisers and minerals.  Investment in Bulgaria’s infrastructure, its industry and crucially in its people will benefit the country in the short term and also for generations to come.

Upcoming events in key sectors 2012:

• International technical fair Plovdiv- Includes all sectors – 24 -29 September 2012

•  “Interfood & Drink”-  07- 10 November 2012

• The Agriculture and Everything For It-  28 August – 01 September 2012

If you’re thinking of investing in Bulgaria, speak to us first.  We offer a full service export translation service that will help you pitch your products the right way and increase chances of success.

Sources:

http://www.biztradeshows.com/trade-events/agriculture-everything.html – Agriculture

http://www.biztradeshows.com/venues/international-fair-plovdiv.html – International Fair Plovdiv- All Sectors

http://www.biztradeshows.com/trade-events/interfood-drink.html – Food & Drink

Wolfestone, the Swansea based translation service provider, speak to clients with these problems every day.  And when our clients have a problem, we find a solution.  Wolfestone’s head office now contains a purpose-built, state of the art voiceover studio manned by a multilingual sound engineering team.  Having made Swansea a centre of excellence for global translation services, we’re now doing the same for voiceovers.

The voiceover industry is enjoying a boom period.  Audio files of impeccable quality can be recorded, stored and exchanged swiftly, securely and economically.  National boundaries are no barrier to trade and service, and effectively voiced TV commercials, audio manuals, educational videos and audio books can reach any audience.  Wolfestone’s partnership network is global, but it includes an impressive list of clients on our doorstep in South Wales, many of whom are already taking advantage of our voiceover facilities.

Director Anna Bastek sees this as a natural progression for Wolfestone:

“Wales is home to many of the UK’s most progressive industry leaders and also some of the most exciting talent in the creative sectors.  It’s not surprising that these clients want to convey their message in the most effective way possible and it’s our pleasure to help them do it.” 

We offer fully localised voiceover services for advertisements, corporate presentations, computer-based-training modules, online training and countless other media.  Many of our clients have enquired about simple, concise messages that can be played over the phone while incoming callers are waiting to be connected.  Whatever the requirement, our voice artists are not only native speakers but have a proven ability to match the style and tone of each target language.  Our talent list includes experienced artists from five continents, and we can cover any request for regional accents.

Never happy to rest on our laurels, we’re continuing to recruit local talent.  Welsh Universities are renowned for producing confident, talented language students and many of them have gone on to become skilled voiceover artists.  Anna Bastek is always happy to hear from them, and she sees a bright future for Swansea and for the voiceover services industry.

“South Wales is bursting with talent and ambition.  I’m proud to have offered career paths to many skilled, multiingual graduates and now we can use their voiceover talent to support local clients across all industries.  We really are helping Swansea find its voice, and now it’s time for the world to hear it.”

It’s no secret that Angela Merkel and David Cameron supported Nikolas Sarkozy in the recent French Presidential election.  This ideological preference was understandable, particularly since the idea to put in place the current EU fiscal pact came from Sarkozy and Merkel.

This plan has been central to the fight to relieve the Eurozone crisis. Sarkozy’s defeat represents a major blow to Chancellor Merkel.  Put simply, she has lost her biggest European ally. From the British perspective we can’t describe Sarkozy and David Cameron as great friends, certainly not after the Prime Minister’s refusal to sign the fiscal pact, but Anglo-French relations appear to be based on a series of mutually recognised stand-offs which persist regardless of who holds office.  The two countries continue to disagree over economic issues and the election of Francois Hollande has done nothing to change this.

According to “Der Spiegel”, the influential German magazine, a verbal agreement has been reached between Chancellor Merkel, and her counterparts in Britain, Italy and Spain to stand firm against François Hollande. Merkel denies this but is clearly infuriated by Hollande’s intention to renegotiate the fiscal pact.  This crucial regulatory tool has become a battleground, with Hollande intent on adding a “growth pact”. France’s new President campaigned and won on the principle that austerity is not the way forward.  If both sides refuse to compromise, the future of the Eurozone must be called into question.

Which of these countries is on the right track economically, and how important are their relationships with Britain?

Germany has enjoyed two years of steady growth. For example, economic minister Rainer Brüderle reported 3.4% growth in 2010 while France’s GDP (or PIB) grew by a far more modest 1.5%.  Unemployment is currently 7% in Germany. In France it’s 9.2%

Regarding overseas trade, France and Germany are direct competitors in 90% of their export products and markets. Trends indicate that France is more likely to lose these contests.  The reasons are not hard to find; according to economist Michel Didier, French companies price their export products an average of 8% higher than comparable German goods. The French SEO attributes these higher product costs to higher labour costs, and the national 35 hours per week working limit. According to the INSEE (National Institute of Statistics and Economic Studies), salaries in France are 2.80 euros per hour higher than those in Germany.

In another contrast, Germany further boosted its comfortable trade surplus in 2011, from 153 billion Euros to 158 billion. Meanwhile France suffers from a structural trade deficit which can only be addressed by raising taxes or cutting spending, and now has a President who is reluctant to do either.

Germany’s trade surplus actually compares favourably with China’s, and the German automotive industry is driving exporting trade with 4.5 million cars sold abroad per annum.  Although Germany may pay a penalty for supporting its struggling EU partners, its economy remains the powerhouse of the Eurozone.

Successes and failures in France and Germany have important consequences for the British economy. As much as Britain is reaching out to the emerging BRICS economies, the fact is that Germany and France rank second and third among this country’s export partners, behind only the United States.  Britain has been trading with Germany for over 700 years and the relationship with France, strengthened by the 1904 entente cordiale, helped to define the course of the 20^th century for both countries. The course of the 21^st century has not yet been defined, but the austerity debate and the different approaches of France and Germany will help to define the years ahead for the Eurozone.

HAWA TOURE

SOURCES

http://www.lalsace.fr/actualite/2012/02/09/un-excedent-record-pour-l-import-export-allemand

http://www.20minutes.fr/economie/646384-economie-l-economie-allemande-entame-annee-2011-optimisme-

http://www.lepoint.fr/economie/mais-comment-font-donc-les-allemands-02-12-2011-1403031_28.php

http://economy.swo.org.uk/economic-data/balance-of-trade/

http://www.lemonde.fr/politique/article/2012/03/03/merkel-et-des-dirigeants-europeens-sont-ils-ligues-contre-hollande_1651598_823448.html

http://www.leparisien.hxwin.info/election-presidentielle-2012/merkel-et-cameron-ont-pris-contact-avec-hollande-06-05-2012-1987208.php

http://www.melty.fr/angela-merkel-met-en-garde-francois-hollande-actu106421.html

http://www.slate.fr/story/50937/hollande-merkel-complot-europe

http://www.euractiv.fr/editorial-bienvenue-europe-monsieur-hollande-tribune-0

http://www.alterinfo.net/Francois-Hollande-et-l-avenir-de-l-Europe_a75603.html

http://www.telegraph.co.uk/news/worldnews/francois-hollande/9250306/David-Cameron-the-man-in-the-middle-in-Europe.html

Of course, if you’re operations extend overseas, you might need to take advantage of a translation company to help you achieve your goals. Thankfully, whether you’re after French translations, Spanish translations or anything else, you shouldn’t struggle.

Boosting your marketing efforts

Meanwhile, like many firms, you might be looking to ramp up your advertising over coming months. According to the latest IPA Bellwether survey, among the enterprises it polled, a considerable number were looking to revise their marketing budgets up. The firms suggested this was in response to new product launches and expectations of better economic conditions. Also, higher rates of return on investment were cited as a factor.

IPA Bellwether noted that 22 per cent of the firms it surveyed reported an upward revision in the first quarter of this year, which resulted in a net balance of one per cent. This was higher than the 0.6 per cent increase recorded during the final three months of last year.

Encouraging signs

Responding to the findings, IPA president, executive chairman and partner Nicola Mendelsohn remarked: “It’s encouraging to see that marketing budgets are up again for the third quarter running, leading to the first rise in annual spend in four years.

“Business confidence is returning which is also welcome news. Companies have also set their budgets higher for 2012, albeit with a much greater degree of caution than in recent years due to the continuing uncertain economic climate.”

Making sure your marketing pays off

However, simply increasing your spending on advertising may not pay off unless you ensure you go about this in the right way. After all, marketing is a tricky business in any language and if you’re trying to promote your goods or services to people in foreign tongues, it can be even harder.

This is why it may be a good idea for you to use a translation company like us here at Wolfestone. We’re experts when it comes to French translations, Spanish translations and so on and our professional translation services can help you ensure your adverts, brochures, press releases and so on convey the information you want to get across accurately and effectively.

Excellent rates

Meanwhile, despite the quality of our professional translation services, they are also great value for money. This means you won’t have to break the bank in order to make the most of them.

To find out more about how we may be able to help you get your message across to foreign language speakers in the best way possible, just take a look around our website or get in touch.

Even the biggest brands have made translation errors in the past, so it’s crucial you don’t ignore the importance of this issue. It could harm your brand if you do.

One of the principles that underlies all of our work is that a text can’t be adequately translated unless it’s adequately understood.  We apply that to all projects, regardless of size or sector, but if there’s one Wolfestone client group that values this attention to detail above all others, it’s our pharmaceutical industry clients. Clients who use our services in this sector typically need a pinpoint-accurate representation of clinical language.  Mistakes could have measureless consequences, and as the market continues to expand the stakes grow progressively higher. 

Industry forecasters predict that the global drug market will advance from its current size of $900 billion to approach $1 trillion by the end of 2012, and this growth is being powered by emerging economies.  IMS Health, an industry data specialist, has identified 17 emerging markets in which pharmaceutical sales are growing at a rate of between 15 and 25 per cent year on year. This makes a striking contrast with English speaking bastions Canada and the USA, which are currently experiencing annual growth of a more modest 1-2 per cent. 

The BRICS nations – Brazil, Russia, India, China and South Africa – are, not surprisingly, leading the surge in demand.  Markets in Mexico, Pakistan, Vietnam and Indonesia are also growing dramatically.  The requirement for accurate translations often begins with patent documents needed to secure intellectual property rights for new products and procedures.  Wolfestone clients typically require translations of detailed product specifications, and  subsequent promotional work will include localization of websites, brochures, and a wide range of marketing materials.  As well as focusing on the cultural aspects of localisation, our pharmaceutical clients need first and foremost to satisfy stringent regulatory requirements.  It’s a challenge that we’re delighted to help them meet.

One client that’s met these challenges and many more is Biotec Services International. Over the past fifteen years the Bridgend based company has built a reputation as a specialist provider of support for clinical trials.  From a purpose built head office facility, Biotec supports multinational trials which pave the way for clients across the globe to take new products to market. 

Their credibility in the industry is impeccable, thanks to a comprehensive understanding of the regulatory processes for all their target markets and their proven ability to deliver what clients need, when they need it, no matter what their specialism or location.  Biotec can store, assemble, label and dispatch products at temperatures ranging from controlled ambient to minus 196°C, and their ongoing investment in staff training and development ensures that customer service standards and technical standards remain uniformly high.  Biotec is a genuine Welsh and British success story, and it’s not surprising that they apply the same high standards to their localisation strategy as they do to all other aspects of their business.

For Wolfestone clients in the pharmaceutical sector, the need for accurate professional translation isn’t a cultural choice, it’s a regulatory requirement. We recently spoke with a client who referred with wry amusement to a movie whose main plot twist involved a patient being given incorrect test results. The patient was led to be believe that they were terminally ill, and discovered a new lease of life.  The movie had a happy ending, but for Wolfestone’s clients and for the people who depend on them, real life happy endings depend on accurate, timely  information, translated expertly by industry specialists.

By putting your projects in our hands, you gain access to an unrivalled network of linguists who’ll apply their skill and commitment to give you the service you deserve. We’ll give you a real life happy ending.

An increasing number of businesses are looking into website translation and website localisation.  Website localisation basically describes the process whereby a skilled translator will not only translate the content, but adapt it to the target market and its culture.

Website translation can be an excellent way of growing a company’s customer base and very cost effective growth strategy, with the right translation partner.  In this article we will look to uncover some of the statistics around Internet use, the current research surrounding website translation, and investigate a case study from a Canadian manufacturer who underwent the process.

Changing Internet – demographic shift

In 2011 32.7% of the World population was online and only 14% of global internet users were based in the UK and US (Internet World Stats 2011).  It is interesting to note that most internet users are now located in Asia (45%).  As many as 32.7% of the World population are now online (Internet World Stats 2011) – a massive business opportunity.  At the time of writing, China’s middle class, an affluent, aspirational group, numbered almost 200 million. This group is soon projected to outnumber the entire population of the United States.

Top Export Opportunities

The top five export markets for the UK are hardly surprising, as you can see below, and they are easy to export to, with excellent transport links and similar cultures.

Export Top 5

For the more adventurous exporter, new markets have opened up in the EU and are growing year on year.  Coupled with economic growth in the BRICS (Brazil, Russia, India, China and South Africa), there are a wealth of new global opportunities that companies can seize, with the right approach.

Why translate a website?  The stats.

•    40% of companies do not target overseas markets because their website is in their native language.  Translating a website helps businesses gain competitive advantage – competitors have often not yet translated their website.
•    When a product or service is promoted in a target language, the number of purchases and revenue increases, according to the French website expert-tourism.
•    A survey under taken by Eurobarometre regarding the linguistic preference of internet users, showed that most European Internet users visit foreign websites, but only 18% are willing to make purchases in a languages other than their own.
•    According to a Common Sense Advisory study made in 2006, 50% of the customers buy only from websites sites translated into their mother tongue.

Case Study

A Canadian company Group Anderson situated in Chesterville in Quebec, benefited tangibly from investing in website translation.  The company, which employs over 100 people, is well known in North America for its agricultural and forestry products.

The company invested $5,000 to translate its website into Polish, Russian and German. In the year following the website translation, the company experienced major growth in exports to Eastern Europe.  This led to a huge turnover increase of $3 million in just one year, which represented an excellent return on investment of just $5,000.

Conclusion

Considering the global  reach of the Internet, it’s crucial for any forward thinking business to consider a multilingual website. Not only will this open doors to potential clients, it will also  be a magnet  for international partners and distributors. All this can be achieved without excessive investment as we saw from the Anderson Group example.

A multilingual website can only add value for your organisation. When the language barrier is broken, the access to international markets broadens, bringing more customers and therefore higher revenue.  The advent of broadband has accelerated global communication beyond what previously seemed possible.  In a similar way, the adoption of a multilingual approach can take your business to the next level. Why limit your target market when you could be taking your message to the world?

From a business perspective, with the right translation partner, your website localisation project can be an excellent investment and route to growth.

Wolfestone has proven track of record of continuous success and has experienced translators in almost every sector.  Contact us for a quote!

Sources:

http://www.guardian.co.uk/news/datablog/2010/feb/24/uk-trade-exports-imports

http://www.experts-tourisme.fr/avantages-traduction-b1036185.htm

http://www.fep.umontreal.ca/traduction/Affaires110521.pdf

Having the freedom to operate in this way can be liberating and ultimately it could boost your success considerably. After all, it can expand your target audience and you might be able to make the most of advantageous trade agreements.

However, if you’re to make a success of your ventures overseas, it’s crucial you’re able to communicate effectively with those you deal with. This is where professional translation services come into their own. Whether you’re after English to Chinese translation, English to Arabic translation or anything else, bringing in the experts can really pay off.

Breaking down language barriers

The importance of document translation services and so on was highlighted in a recent Guardian article. It focussed on the activities of non-governmental organisations (NGOs) operating in Africa.

Expert Lori Thicke told the publication that when she visited Aids orphans in Thange, eastern Kenya, she realised that charities were displaying information in English, which was a language local people weren’t familiar with. She remarked: “The posters carried excellent advice, but they were in English, a language that people didn’t understand.”

She wondered what the point of this NGO-supplied information was if it was inaccessible. Ms Thicke went on to state: “People are delivering aid every day in Africa in English, French and Portuguese. That is fine for the educated elite, but they don’t need aid. It is the parents among the poor who need the information on symptoms of malaria.”

Getting your message across

Whatever kind of organisation you run, it’s crucial that you manage to get your message across to your target audience effectively. Assuming they will understand English can be a costly mistake. For example, your marketing material may be inaccessible and therefore useless.

Thankfully, it’s now easier than ever to make the most of professional translation services. Here Wolfestone we’re experts in this field and should be able to provide you with the services you require. Regardless of whether you need English to Chinese translation, English to Arabic translation or anything else, our expert team is on hand to help.

You can rely on us

Meanwhile, you can have total peace of mind when you utilise our professional translation services. All our translators are native speakers and are culturally and professionally up-to-date.

We have access to more than 5,000 translators worldwide and they only translate into their mother tongue. This means they can localise information effectively and ensure any mistakes are avoided.

Your own project manager

For each assignment you send us, you’ll be assigned a project manager who will keep you informed and ensure your deadlines are met. These skilled individuals will also make sure your document is allocated to an appropriately qualified and experienced translator.

To find out more about our document translation services and so on, just take a look around our website or get in touch.

With its incredible Roman history, Mediterranean climate, beautiful architecture, luxury fashion, exquisite cuisine and fine wine (the list goes on!), Italy is the idyllic middle class holiday, relocation or retirement destination, as proven by the 26,000 British people currently residing there. However, it is not only the country’s quality of life that is indisputably high; its business reputation is too, which is why in this article we want to demonstrate why Italy can be a great investment for British companies wishing to expand their business abroad.

In 2008, Italy boasted a GDP of over €1.7 trillion (giving it a GDP size of 4th biggest in Europe). It has a potential market similar to that of the UK with 60 million people and one of the six largest economies in the world. There is an already established UK-Italy partnership in terms of commerce, politics and defence and British exports to Italy in 2010 alone amounted to over £9bn. Moreover, Italy occupies an impressive seventh place on the destination ranking of British exports while Britain is Italy’s third largest supplier.

R&D and innovation is particularly strong in Italy thanks to the country’s large budgets and high level of productivity, output and internationalisation. Other lucrative areas include education, machinery manufacture, textiles, fashion, tourism, chemicals, wine and motor vehicles. A large slice of the manufacturing industry, like the bulk of Italian business, is located in the industrial North, especially in the areas of Lombardy, Liguria and Piedmont. Italy is especially strong in the scientific and technological fields, namely in the aerospace, biomedical technology, ICT, medicine, micro-electronics, nanotechnology and precision engineering industries and the quality of its engineering and design is internationally renowned.

In terms of current gaps in the market there are numerous opportunities across a range of sectors, including some listed above (aerospace, ICT, fashion, medicine), as well as others like communication, design, media, security, food and drink, oil and gas, telecommunications, defence and security, environment, finance, healthcare, construction and creative industries. Education can also be thought of as a prosperous business venture given the global popularity of the English language and therefore the demand for native language teachers. 

It is important to note that a significant majority of the Italian population studies in further education (there is an average of 300,000 graduates each year), resulting in the presence of highly-qualified and specialised human resources.  This factor, added to the fact that Italian business people possess the utmost professionalism, knowledge and discernment, translates into a very appealing local workforce for British businesses wishing to set up shop in Italy. The country’s location is also highly advantageous, being geographically at the heart of the European Union and therefore opening the door to a potential market of a further 436 million people.

On top of this, the country can be seen as a launch pad for further expansion into Northern Africa (which promises a further 240 million possible customers) and into the Middle East thanks to its extensive road and rail networks and sea and air transport links. With regard to the latter, the presence of low cost Easyjet and Ryanair flights between a range of Italian and UK locations is surely yet another big incentive to invest, as thanks to this, export and travelling costs can be hugely reduced.

It appears that British investors wishing to expand into the Italian market (very) conveniently have a distinct advantage over other nationalities, firstly because Italy has recently taken to embracing the British approach of public/private partnerships and secondly because within the country British products are greatly esteemed and sought after. Professional services in particular are required by Italian SMEs for international growth and Italians regard British technology, equipment and components very highly. In general, quality always triumphs over price in Italy, with consumers being prepared to pay more for top quality. This is reiterated by the fact that Italy has one of Europe’s highest per capita income rates and a high level of consumer spending to match. This trend really differentiates Italy from other Western European countries such as Britain and Spain, where as suggested in one of our previous articles (Go Global with Wolfestone Translation: Destination Spain, 13/04/2012), businesses at the lower end of the market which compromise on quality for the sake of price have done well.

With regard to market entry, Italy hosts a large number of trade fairs and with the advent of the 2015 Milan Expo, for eco-friendly UK businesses in particular there could not be a better time to invest given the fact that the Expo theme is “Feeding the Planet, Energy for Life”. Of course, Italy will need global help with its preparations for this exhibition and Britain’s expertise in construction as manifested in the infrastructure of the London Olympics and Glasgow Commonwealth Games should put us in good stead to be able to collaborate on such projects. Within the banking industry, the new trend of business strategy fortunately seems to be international mergers. In fact, as is the case with other Western European countries, partnerships are often the preferred method of entry into Italy for all sectors. However, that is not to say that “going it alone” is impossible, as the Essential Italy example below positively demonstrates.

As if all of the above was not enough of a temptation, Italy has an economic climate which actively promotes the creation of business, thanks to all the governmental schemes that are in place with the aim of attracting and providing business advice for foreign investors. Indeed, there is general help available from the British Embassy, Consulate and Ambassadors while the British Chamber of Commerce for Italy can offer commercial and legal aid as well as suggest Italian properties where British investors can base themselves in the early stages of expansion. The principle goals of the UK Trade & Investment body (UKTI) are twofold: to encourage British-based businesses to identify overseas growth opportunities as well as promote Britain as a business partner to foreign companies. Moreover, R&D Partnerships is an initiative sponsored by the British government to create alliances between the world’s most innovative technology-led organisations and their UK counterparts in order to encourage mutual growth and development. Only this year the Partners in Growth pact between the UK and Italy was established between the countries’ two Prime Ministers, with the aim of promoting collaboration between and the economic growth of both parties, as well as celebrate the historic bond they share with one another. From an Italian perspective, there is an equal amount of assistance on offer, for example from the Invest in Milan programme, responsible for attracting foreign investment to Milan and Lombardy and the governmental organisation Invitalia which assists foreign businesses in all phases of the investment process. Another organisation is Sviluppo Italia and its subsidiary, Invest in Italy, whose goal is to help obtain information on Italian subsidies and grants that are available for foreign investors (these are conveniently also available in English) and on a local level, Italy has a number of legal, business management, financial and taxation advice services. 

There are currently more than 1000 British companies operating in the Italian market in both the manufacturing and service sectors (particularly in the fields of retail, wholesale, ICT, R&D and advertising). According to last year’s figures, machinery & transport equipment was Britain’s biggest export to Italy (£4,024bn), followed by chemicals & related products (£2,014bn) and thirdly miscellaneous manufactured articles such as clothing and scientific instruments and appliances (£1,214bn). Manufactured materials (£1,123bn) also sold well along with mineral fuels (£610,761bn), food and livestock (£418,051bn), crude materials (£352,983bn) and drinks and tobacco (£99,783bn).

Many Italian banks have trading arrangements with British counterparts and exported British rock and pop music has always proved to be extremely popular.
Within the retail industry, a decade ago Accessorize, the London-based accessory and jewellery shop, opened branches in Rome and British cosmetic companies Lush (known for its handmade products) and Body Shop (famous for its firm stance against animal testing) also have outlets in the country. The fact that these middle of the range products (in terms of quality and price) have done well in Italy echoes the above argument that within the country quality carries far more importance than cheapness.

In the financial market, Deloitte, Barclays, AXA and Allianz all have Italian branches while UBI Banca (the fifth largest banking group in Italy) and the British insurance group Aviva have announced the renewal of their commercial partnership until the end of 2015. Aviva’s affiliation with UBI Banca involves the distribution of Aviva life insurance products through 1,151 branches of UBI Banca’s subsidiary banking companies. In the field of science, the BioBOX Project can be described as a successful Italian-British alliance, being a collaboration between Hull University and a Milan-based bioreactor team, founded thanks to the synergies the two parties share in their activities of creating cutting-edge drug-testing systems. Essential Italy is another British success story. The property rental company was founded in 2002 by brother and sister Helen Forbes and Ian Styan, who saw an opportunity for a small specialist agency hiring out high-quality villas and apartments and that delivered exceptional customer service, across the Italian regions of Tuscany, Sardinia and Umbria. The entrepreneurs themselves attribute their success to their team of local staff and Ian Styan’s personal knowledge of the country and the language, having previously worked in Italy as a manager of a travel company. These factors would have certainly resulted in a better understanding of the market and its needs whereas the ability to communicate effectively in Italian must have facilitated business negotiations to no end. In the energy and utilities market, top Cardiff-based utilities consultancy Utility Partnership Limited (UPL) opened up a Milan branch in 2010.  The said firm is the only of its kind in the UK to provide a complete service of utility infrastructure and multi-site energy management, the latter of which is in high demand in Italy. Interestingly, the firm announced that they specifically chose Saronno for their headquarters as they believe it has a strategic positioning with easy access to both the rest of Italy and to surrounding European markets.

Let us not ignore the inconveniences however. Italy, unfortunately, is notorious for its local, regional and national bureaucracy but if we look on the bright side of the matter there exist no barriers to foreign investments or private enterprise. Furthermore, there is an ongoing governmental liberalisation programme, especially in the energy and telecoms sectors. Geographically speaking, there is a marked North/South divide, with Southern Italy being significantly less developed than the industrial North, harbouring deep-rooted structural problems. Having said that, there are some areas of rapid growth in the South, for example in the electronics industry. Italy, like most countries, was hit hard by the economic crisis of 2008/09 and is still recovering. Industries which suffered the most were the construction industry, ICT, telecommunications agriculture and the health sector. As a result, unemployment and temporary contracts rose.  However, the shortage of jobs in industrial production, specialist technical sectors and sales as well as the lack of skilled seasonal staff (these include chefs, waiters, receptionists and vineyard labourers) means there are gaps in the market which British businesses can take advantage of.

When moving abroad it is crucial not to ignore cultural issues which will undoubtedly have an influence on business activity. British investors must respect and adapt to local customs if they wish to receive Italian custom in return.  For example, establishing good personal relationships and networking are imperative in Italy, as is making an effort to greet employers face-to-face and employing local staff who would be more culturally aware of what the consumer wanted and who would be able to liaise with the client in their mother tongue. With reference to the latter, English is not generally widely spoken by the older generation, despite the young being enthusiastic learners. Basically, for all jobs other than English teaching and perhaps ICT, a good knowledge of Italian is essential although it is also important to note that German, French and Slovenian are spoken in the regions of Italy that border those respective countries. It cannot be stressed enough how important it is to ensure that all communication made in a foreign language is received as it is intended. Schweppes unfortunately neglected this aspect and had to pay the price when on their tonic water bottle labels they lazily failed to translate “water” into the Italian equivalent “acqua”. Little did they know that the English word “water” is interpreted as “toilet” by Italians! Needless to say this error made the drink much less appealing in the Italian market. This is a glaring example of the common mistake that English speakers make of presuming the whole world speaks English and understands English in the same way as we do.

For the above reason, it is highly advisable to use a professional and experienced translation agency such as Wolfestone when expanding to Italy and other overseas destinations. We can offer you a range of language services to make the transition that much smoother. These include a translation service to take care of your business correspondence and publishing material (e.g. promotional documents, labelling etc.), an interpreting service to ensure efficient and hassle-free communication in business meetings and a transcribing service to decipher Italian phone calls you may receive from possible business clients, suppliers etc. In addition to the above we offer voiceover and subtitling services for audio and audiovisual advertising and, as extra features of our translations, a Desk Top Publishing service to make that promotional poster all the more eye-catching, in addition to a proofreading service should you already have a grasp of the Italian language but wish to verify that your text reads well. Our translators and interpreters are highly qualified and our prices competitive so you can rest assured that your company will not make the same faux-pas that Schweppes did.

In summary, Italy seems to be a very promising investment opportunity given the exhaustive list of industries with room for growth, its highly qualified and professional workforce, the possibilities it can offer of further expansion into Europe, North Africa and the Middle East and its endless list of government aid organisations in place to encourage foreign business.  If this were not enough there is also the existence of budget aeroplane flights between the UK and Italy to consider and the fact that UK businesses will have an edge over other foreign firms due to the fact that Italy has a great admiration for specifically British products and services. However, product is not everything. As suggested above, there are also cultural and linguistic factors which come into play and disregarding these could seriously harm your business. In relation to the linguistic element, this is where Wolfestone comes in. We can help eliminate the possibility of miscommunication with our complete range of high-quality and affordable language services, to ensure your business expansion in Italy every success.     

CLARE JENKINS & MARTINA CECINO

If your firm is on the lookout for professional translation services of this kind, you no doubt want to benefit from the best around. After all, the quality of the voiceovers reflects on your organisation and so nothing less than the very best may be acceptable.

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After all, it’s important that everyone understands what’s being said and what’s going on in general at these rendezvous.

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By making sure you have the language services and experts in place before your event gets underway, you can be confident that this aspect of your gathering will run smoothly, which can provide you with much greater peace of mind.