Adapting to the markets in Russia and China An overview of contextual challenges for Finnish firms
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1 Managing Competence in Russia and China Hanken, 11 December 2007 Adapting to the markets in Russia and China An overview of contextual challenges for Finnish firms Prof. Riitta Kosonen Helsinki School of Economics / CEMAT University of Joensuu
2 Helsinki School of Economics: Center for Markets in Transition CEMAT Focus: business in rapidly developing markets in Russia, former eastern Europe, Asia, and Latin America Bridge builder between the academic and business community
3 Current projects on China and Russia Innovative Integration Strategies of Finnish and Russian Companies (Academy of Finland ) Partners: University of Joensuu, Higher School of Economics in Moscow Successfull Governance of Intercultural Communication in Finnish-Chinese Business Operations (Academy of Finland ) Partners: University of Jyväskylä, IFTE/CASS Managing Business in Turbulent Markets: Finnish firms in Asia, Eastern Europe and Latin America (TEKES, ) Partners: Confederation of Finnish Industries EK, Finpro, Avanko Oy, Alppilux Oy, Puzair Oy, Hanken
4 Stock of Finnish direct investment in the target countries (EUR million) China Russia Baltic states Source: Bank of Finland
5 INSTITUTIONAL CONTEXT SURROUNDING THE ACTORS AND GOVERNING THEIR INTERACTION Public sector Foreign and local firm Governance Labor Local firms
6 Firms relations with the public sector Improved formal institutional business environment Challenges in: The speed and goal-orientation of reforms The role of international state The role of regional state and the enforcement of law The so-called problem authorities Bureaucracy The reliability of the court system Types of negotiation: goodwill, lobbying, or corruption? Variation in institutional attractiveness
7 Firms relations with the labour force The labour costs are relatively low Challenges in: Availability of skilled employees The development of the wage level Turnover of employees Money as the means of motivation The real cost of labour (training, social contributions) The role of labour unions The transparency of the labour market Work culture (team work, initiative, responsibility, company goals vs. personal goals, Severe and increasing challenges in both countries
8 Firms relations within the local business community There is increasing market and subcontracting potential Challenges in: Availability of skilled and reliable subcontractors and other partners Transparency of the firms (organized crime, grey sector) The level of competition Modernity of business cultures (e.g. financing) The role of personalized networks Rapid development in both countries
9 Visible trends The opportunities of both countries are accompanied by challenges Rapid modernization Variation in speed by nation and region Need for adaptation varies New regions to be discovered In the long run, the most severe challenges are related to the labour force The challenges threaten competitiveness Increasing outward investment
10 GDP in the host countries p (USD billion) 3500 China Russia Baltic states p Source: International Monetary Fund p = prediction
11 FDI flows in target countries (USD billion) 80 China Russia Baltic states Source: UNCTAD 2007
12 The share of Finnish investments in the target countries' total stock of foreign investments (%) China Russia Baltic states Source: Bank of Finland, UNCTAD
13 Strategic sectors in Russia (Liuhto 2007) Militarily important Big priority Military Importance Small priority Economically important Economic Importance
14 Corruption Perceptions Index Country Country Rank 2006 Country Rank 1998 (*1999) Change from 1998 (*1999) Finland Singapore Hong Kong USA Estonia Uruguay South Korea Lithuania 46 50* 4* Latvia Brazil 70 45* -25* China Ukraine Bolivia Kazakhstan * -27* Vietnam Russia Belarus Source: Transparency International
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