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Interior Textiles in Belgium: A Strategic Reference, 2006


Description: How to Strategically Evaluate Belgium Perhaps the most efficient way of evaluating Belgium is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance to interior textiles are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”). Framework for Prioritizing Countries Demand/Market Potential Driven Firm Relative Accessibility Accessibility/Supply Averse Firm In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm). Latent Demand and Accessibility in Belgium This report provides a detailed overview of factors driving latent demand and accessibility for interior textiles in Belgium. Latent demand is largely driven by economic fundamentals specific to interior textiles. This topic is discussed in Chapter 2 using work carried out in Belgium on behalf of American firms and authored by the United States government (typically commercial attachés or similar persons in local offices of the U.S. Department of State). I have included a number of edits to clarify the information provided. Latent demand only represents half of the picture. Chapter 2 also deals with micro-accessibility for interior textiles in Belgium. I use the term “micro” since the discussion is focused specifically on interior textiles. Chapter 3 is also a stand-alone report that I have authored. It covers proxy pro-forma financial indicators of firms operating in Belgium. I use the word “proxy” because the provided figures only cover a “what if” scenario, based on actual operating results for firms in Belgium. The numbers are only indicative of an average firm whose primary activity is in Belgium. It covers a vertical analysis of the maximum likelihood balance sheet, income statement, and financial ratios of firms operating in Belgium. It does so for a particular Standard Industrial Classification (SIC) code. That code covers “textile mill products manufacturing”, as defined in Chapter 3. Again, while “textile mill products manufacturing” does not exactly equate to “interior textiles”, it nevertheless gives an indicator of how Belgium compares to other countries for a proxy adjacent category along various dimensions. Chapter 4 deals with macro-accessibility and covers factors that go beyond interior textiles. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Belgium: Openness to Trade in Belgium Openness to Direct Investment in Belgium Local Marketing and Entry Strategy Alternatives Local Human Resources Local Risks Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are covered in the Chapter 4, which is a general overview of investment and business conditions in Belgium. Chapter 4 is also presented from the perspective of an American firm, though is equally applicable to most firms entering Belgium. This chapter is also authored by local offices of the U.S. government, as is Chapter 2. Likewise, I have included a number of edits to clarify the provided information as it relates to the general strategic framework mentioned earlier.


Contents: 1 INTRODUCTION & METHODOLOGY 1 1.1 What Does This Report Cover? 1 1.2 How to Strategically Evaluate Belgium 1 1.3 Latent Demand and Accessibility in Belgium 3 2 INTERIOR TEXTILES IN BELGIUM 5 2.1 Latent Demand and Accessibility: Background 5 2.2 Latent Demand: Market Composition 5 2.3 Accessibility: The Structure of Competition 6 2.4 Latent Demand: Leading Segments 7 2.5 Accessibility: Key Factors 7 2.6 Accessibility: Market Entry 8 2.7 Key Contacts 8 2.7.1 Trade Organizations 8 2.7.2 Trade Publications 9 2.7.3 Trade Events 10 3 FINANCIAL INDICATORS: TEXTILE MILL PRODUCTS MANUFACTURING 12 3.1 Overview 12 3.1.1 Financial Returns and Gaps in Belgium 13 3.1.2 Labor Productivity Gaps in Belgium 16 3.1.3 Limitations and Extensions 16 3.2 Financial Returns in Belgium: Asset Structure Ratios 17 3.2.1 Overview 17 3.2.2 Assets - Definitions of Terms 17 3.2.3 Asset Structure: Outlook 20 3.2.4 Large Variances: Assets 21 3.2.5 Key Percentiles and Rankings 24 3.3 Financial Returns in Belgium: Liability Structure Ratios 39 3.3.1 Overview 39 3.3.2 Liabilities and Equity - Definitions of Terms 39 3.3.3 Liability Structure: Outlook 41 3.3.4 Large Variances: Liabilities 42 3.3.5 Key Percentiles and Rankings 45 3.4 Financial Returns in Belgium: Income Structure Ratios 58 3.4.1 Overview 58 3.4.2 Income Statements - Definitions of Terms 58 3.4.3 Income Structure: Outlook 60 3.4.4 Large Variances: Income 61 3.4.5 Key Percentiles and Rankings 64 3.5 Financial Returns in Belgium: Profitability Ratios 77 3.5.1 Overview 77 3.5.2 Ratios - Definitions of Terms 77 3.5.3 Ratio Structure: Outlook 79 3.5.4 Large Variances: Ratios 80 3.5.5 Key Percentiles and Rankings 83 3.6 Productivity in Belgium: Asset-Labor Ratios 98 3.6.1 Overview 98 3.6.2 Asset to Labor: Outlook 99 3.6.3 Asset to Labor: International Gaps 100 3.6.4 Key Percentiles and Rankings 103 3.7 Productivity in Belgium: Liability-Labor Ratios 118 3.7.1 Overview 118 3.7.2 Liability to Labor: Outlook 119 3.7.3 Liability and Equity to Labor: International Gaps 120 3.7.4 Key Percentiles and Rankings 123 3.8 Productivity in Belgium: Income-Labor Ratios 136 3.8.1 Overview 136 3.8.2 Income to Labor: Outlook 137 3.8.3 Income to Labor: Gaps 138 3.8.4 Key Percentiles and Rankings 141 4 MACRO-ACCESSIBILITY IN BELGIUM 154 4.1 Executive Summary 154 4.2 Political Risks 155 4.2.1 Economic Relationship with the United States 155 4.2.2 Politics and the Business Environment 155 4.2.3 The Political System 155 4.3 Marketing Strategies 156 4.3.1 Distribution Channel Options 156 4.3.2 Agents and Distributors 156 4.3.3 Contacting and Evaluating Potential Representatives 158 4.3.4 Franchising Activities 159 4.3.5 Direct Marketing Options 159 4.3.6 Joint Ventures and Licensing Options 160 4.3.7 Advertising and Trade Promotion 160 4.3.8 Steps to Establishing an Office 161 4.3.9 Selling Strategies 162 4.3.10 Labeling Issues 162 4.3.11 Pricing Issues 162 4.3.12 Currency 163 4.3.13 Public Sector Marketing 164 4.3.14 Intellectual Property Risks 164 4.3.15 Hiring Local Counsel 166 4.4 Import and Export Regulation Risks 166 4.4.1 Effects of the EU Single Market 166 4.4.2 Trade Barrier Risks 166 4.4.3 Government Procurement 167 4.4.4 Eco-Taxes and Environmental Regulation 167 4.4.5 Cattle Growth Hormone Ban 167 4.4.6 Valuations on Imports 167 4.4.7 Licenses Required for Imports 168 4.4.8 Controls on Exports 168 4.4.9 Documentation Required for Trade 169 4.4.10 Licenses Required for Imports 169 4.4.11 U.S. Shippers Export Declaration 169 4.4.12 Consular Fees 169 4.4.13 Entering Temporary Imports 170 4.4.14 Labeling Issues 170 4.4.15 Restrictions on Imports 171 4.4.16 Local Standards 172 4.4.17 Technical Regulations 174 4.4.18 Labeling Issues 174 4.4.19 Free Trade Zones and Warehouses 175 4.4.20 Additional Trade Issues 175 4.4.21 Adherence to Free Trade Agreements 176 4.5 Investment Climate 176 4.5.1 Openness to Foreign Investment 177 4.5.2 Takeover Legislation 177 4.5.3 Screening 177 4.5.4 National Treatment 177 4.5.5 Conversion and Transfer Policies 178 4.5.6 Expropriation and Compensation 178 4.5.7 Dispute Settlement 178 4.5.8 Performance Requirements and Incentives 179 4.5.9 Non-Tariff Barriers 180 4.5.10 Right to Private Ownership and Establishment 181 4.5.11 Protection of Property Rights 181 4.6 Transparency of the Regulatory System 182 4.6.1 Capital Market Risks 183 4.6.2 Corruption 183 4.6.3 Bilateral Investment Agreements 184 4.6.4 OPIC and Other Investment Insurance 184 4.6.5 Labor 185 4.6.6 Foreign Trade Zones and Free Ports 186 4.7 Trade and Project Financing 186 4.7.1 The Banking System 186 4.7.2 Factors Affecting the Banking Climate 187 4.7.3 The Euro 187 4.7.4 Foreign Exchange Control Risks 188 4.7.5 General Financing Availability 188 4.7.6 Financing Export Strategies 188 4.7.7 Types of Available Export Financing 189 4.7.8 Financing Projects 189 4.7.9 Banks with Correspondent U.S. Banking Arrangements 189 4.8 Travel Risks 192 4.8.1 Local Business Practices 192 4.8.2 Visas and Work Permits 192 4.8.3 Travel Issues 192 4.8.4 Infrastructure for Conducting Business 193 4.8.5 Country Data 194 4.9 Key Contacts 194 4.9.1 U.S. Government Contacts 194 4.9.2 Chambers of Commerce 195 4.9.3 Belgian Trade and Industry Associations 196 4.9.4 Belgian Consulates and Embassies in the U.S. 198 4.9.5 Belgian Regional Governments 199 4.9.6 Belgian Export Promotion 199 4.9.7 Belgian Foreign Investment Offices 200 4.9.8 American State Offices in Belgium 201 5 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 202 5.1 Disclaimers & Safe Harbor 202 5.2 Icon Group International, Inc. User Agreement Provisions 203




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