The Global Women’s Trade Summit -2022 was held at the Park Royal Hotel, Beach Road in Singapore on September 13-14th, 2022. The delegates from India were President, Dr. Daphne PIllai, and IWFCI Directors Dr. Rema Ramchandran, Dr. Celina Joy and Ms. Yvette Lee.
The GWTS opening address was made by IWFCI Founder and International Chair, Ms. Diana Abruzzi.
Dr. Amy Khor, Senior Minister of State, Ministry of Sustainability and Environment and Ministry of Transport in her keynote address spoke on the subject ‘Championing the role of Women for a Sustainable Economy’.
The panel discussions included the subjects of ‘Global Branding’, ‘Technology Sells’, ‘Country Business Culture’, ‘Keys to Business Sustainability’ and other important business sustainability topics.
Among the dignitaries were the Honourable William Hodgman, Australia High Commission to Singapore, Her Excellency Madiepetsane Charlotte Lobe, South African High Commissioner to Singapore, the Hon Dato Sidek, High Commissioner of Brunei to Singapore, Meruyert Japarova, Consul from the Republic of Kazakhstan among others.
Dr. Daphne PIllai in her talk on Business Culture in India: Pointers for foreign entities, spoke on India’s independence history of many princely kingdoms joining together to become one unified India. Due to this, each Indian state and region has its own culture, language and economic structure which are important for a foreign entity to consider when starting a business in India.
Secondly, for manufacturing or import-export style businesses, one should identify the right location, preferably near the gateway port towns for easy access to other countries.
Next, one has to be familiar with all the tax regulations and labor laws and industrial policies of both union as well as the state governments. Both central and state laws differ, and a study has to be made of which state is favourable towards a particular kind of business. eg Gujarat is the hub of the organic industry (fertilisers and chemicals) silver ornaments, processed diamonds, etc, while Goa is a hub for fisheries. mineral ore and iron exports.
A foreign entity wishing to do business in India should also learn about the cost components involved in logistics, supply chain and the wholesale and retail margins.
Besides, the market place and workforce today is different from that of a decade ago and this is an important thing that foreign entities need to consider when thinking about how to approach the marketplace.
And even when setting up the business, in order to attract talent to run the show, the foreign entity should take care of their staff, specially when it comes to remuneration and benefits.
Starting a new company is never without growing pains. Employing the right people who are motivated, highly productive and adaptable to the company policy can make the difference between success and failure.
President Annie Chan of Singapore and Past President, Ann Phua used their exceptional organising skills to make the event a grand success.