Globalisation has accelerated CEE’s economic growth and established its competitive advantages. But COVID-19 has disrupted trade and supply chains worldwide.
How can governments and public sector institutions in CEE find new opportunities to maintain our global recognition and enter new markets?
It is now more important than ever for governments to provide the tailor-made support that businesses need to realise the region’s trade potential. Structured activities around economic marketing can help increase the competitiveness of local entrepreneurs and create the region’s brand. Governments can offer more targeted support to businesses when their programmes and information reflect the latest market realities. And as recent studies show, supporting trade through policies and special programmes may have a positive impact on exports as well as GDP.
FDIs and trade in CEE
The COVID-19 pandemic also creates an opportunity to consider the investment side. Foreign Direct Investments (FDIs) help expand business, lower operating costs and help internationalise local companies. FDIs help fund individual companies, countries and regions. To advance this tool for economic growth, government support should target businesses' market promotion, to attract the interest of investors and increase recognition of the country.
Economic Marketing: Structured activities performed by the public administration (on a regional or country level) that help to increase the competitiveness of entrepreneurs and create the region or country's brand. Those processes could be understood as support of entrepreneurs when going out to foreign markets, as well as attraction of investors.
New trends in trade
Across CEE, public sector institutions are widely shifting towards modern and bureaucracy-free institutions. A large part of this transformation is focused on updating back-office processes, including analysis on trade and economic development.
Here are a few trends we’re seeing:
Digitalisation of market intelligence processes and automation of data management (including forecasting): Using digital tools for more efficient data gathering, analysis and predicting the levels of trade
Rise in cross-border e-commerce: As more activities go online, a process that was sped up by COVID-19, so has the selling of goods and services
Improved information platforms for exporters and importers: Public sector institutions are increasingly trying to develop new solutions (such as web portals) to present export support instruments or support the whole process of internationalisation.
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Contact us
CEE Director of Brand and Communications, PwC Central and Eastern Europe
Tel: +48 519 506 633
