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There is no country that can be self sufficient. In the economic world, every country has to depend on imports from other countries. Also, other countries that surround that particular country cannot be self sufficient. Therefore, there is global interdependence of firms all over the world. However, the export market is a tricky one. This brings up the need for an export promoting agency in any country. The greatest country n question in the essay below is Dubai. This is one of the most successful nations in the United Arab Emirates. This is a nation that attracts global attention from all countries. However, there is still a need for an export promoting agency.
Key Programs that are Helpful to the Exporting Firms
There are key programs that the export promoting agency engages in, in a bid to encourage and promote the local firms. Dubai is a worldwide known and recognized exporter of oil and petroleum products. Apart from this, there are other numerous products, like vehicle manufacturing, that the country engages in. First in the line, according to their website, is the conduction of market research. This export promoting agency identifies the countries that have a strong appetite for their products. Through this, they are able to identify the firms that have the best promise of a market that is sufficient (Kanna 2011). Kazakhstan is one of the countries that have been on their list of late. This is just but an example of the many countries that the agency identifies and chooses for the export of their different products.
Advertising is an extremely fundamental undertaking that this agency engages in. This is because it makes the products and services of the firms known to the whole world. A firm may be in a position to produce suitable goods and services and yet, not succeed. This is because the relevant consumers may not have knowledge of the products. This is where the importance of this agency in Dubai comes in. The advertising that they offer is quality because they have experience in that field for a long time. Therefore, the new firms gain advantage from this, since they have no experience. The other issue about the advertising is that it requires resources that may not be affordable to the local firms. Therefore, the agency plays this role for the firms.
The other program that is undertaken by the export promoting agency is provision of hospitality services. This includes hotels and restaurants. These act as places that the researchers, like commercial attaches, stay during their research of the products. Anybody who has ever been to Dubai can bear witness to the fact that the place is suitable and enjoyable to stay. This is because of the services that are provided by the agency, with reference to promoting the export activities in the area. Apart from this, agency is responsible for the provision of financial support to the local firms (Davidson 2008). The productivity of Dubai cannot be doubted by any person who has ever been there. This means that the firms that deal with different products have the potential to hit the market with irreplaceable services. However, this requires vast resources to achieve. This is a requirement that most local firms might find as a problem. In such cases, it is the work of these export promoting agencies to bail the local firms from these financial constrains.
The last but not least program that the agency engages in is warehousing. This is whereby; the agency takes care of the storage costs on behalf of the firms. In this case, the local firms are aided and freed from the burden of numerous products that do not have anywhere to store. Therefore, the exports of the country are promoted to a new level (Schaffer 2008). There are numerous factors that can explain the success that has been experienced in Dubai, with regard to the export market. It is essentially a combination of many factors. However, this export promoting agency is the most efficient and helpful factor in the promotion of these exporting services in the country.
Most Helpful Programs to the Firms
Like many other export promoting agencies, this one in Dubai engages in a number of programs which serve their purpose. However, there are some activities that are more helpful to the firms than others. This includes that conduction of market research. The agency has exposure to resources that the local firms cannot lay hand on. Therefore, conduction of this research for the firms is vital for the survival of these firms in the market. The other relevant program is the issue of financial help in the form of subsidies (Schulte-Peevers 2010). This is a factor that ensures that the market does not out do the smaller firms. They are able to keep up with the competition that is offered by the competing firms. Therefore, this can also be rated as one of the most helpful programs.
If there is any body that should take credit for the flourishing business and export activities in Dubai, this is it. Of late, the country that has been most mentioned, in terms of successful business activities is Dubai. This shows that this export promoting agency exhibits high levels of efficiency and effectiveness. However, there are many other factors that contribute to the promotion of exporting activities in Dubai. This does not take away the fact that the export promoting agency is instrumental in the promotion of the same. As their website and the essay above illustrate, the agency is a body that cannot be replaced by any other possible organization.