The Turkish market is attractive for Bulgarian companies seeking expansion
Pierre-Antoine Dusoulier, founder and CEO of iBanFirst, in an interview for “In Development” on May 15, 2024. About Turkish market interest for Bulgarian companies.
The third annual “CEE Regional Business Summit” successfully concluded with a focus on the global expansion of companies from the region. This year’s theme was related to the development of companies from Eastern Europe and their entry into international markets. Small countries need to view the global market as an inevitable next step for growth. In this context, entering international markets is a key element for business development. For the countries in the region, expansion into a neighboring country is one of the first steps, commented Pierre-Antoine Dusoulier, founder and CEO of iBanFirst, in a segment prepared for the show “In Development” hosted by Veronika Denizova.
For three years now, the forum has been drawing attention to business development opportunities in Central and Eastern Europe. The organizers, representatives of a Belgian company, share that the idea for the event arose to showcase successful businesses in the region and highlight the importance of the ecosystem that supports their growth, said Dusoulier.
The Turkish market is attractive for Bulgarian companies seeking expansion
“We want to show that there is a whole ecosystem of companies entering international markets from Central and Eastern Europe, that we are helping these companies, and we are happy to be part of this ecosystem. That is the goal of our event.”
This year’s theme, “How can Eastern European companies enter international markets?”, was chosen with the perspective of the Belgian company in mind. Given Belgium’s small size and the necessity for business expansion into international markets, the theme gains significant meaning for the participants.
The guest believes that small countries should view the global market as an inevitable next step for growth. In this context, entering international markets is a key element for business development.
Although opportunities for expansion in Africa or South America exist, the guest explained that it is easier to start with Europe and the USA, and more ambitious entrepreneurs should then target other markets. Experts examined financial opportunities and strategies for the global expansion of companies.
The issue of financing the expansion of companies into international markets was a central topic at the third annual conference. The importance of investments for successful market penetration was emphasized.
The Turkish market is attractive for Bulgarian companies seeking expansion
“In the beginning, you need to spend money before you start getting returns. Therefore, you need to be willing to spend money you don’t have. In such cases, financing may be necessary. Depending on the size of the company, financing can be found in Europe or the USA.”
The guest stated that the expansion of companies can also be achieved through development and investment in local markets. While international market expansion is an ambitious goal, it is not mandatory for all companies.
“It depends on your DNA and what you want to achieve in life. You can be a large company on the domestic market. But if you want to achieve something even bigger, you definitely need to grow outside. Everything is possible, it depends on your DNA, your ambitions, your desires.”
The guest explained that the idea for global development should arise as early as possible in the business’s development. Although there is no exact formula for when to expand, an early direction in this path can facilitate future steps toward international expansion.
The Turkish market is attractive for Bulgarian companies seeking expansion
For businesses from Eastern Europe that want to expand into international markets, they can initially target neighboring markets and gradually expand their reach. The Turkish market, for example, is marked as an attractive opportunity for companies from the region and in Bulgaria.
At the conference stage, a representative of iBanFirst shared the company’s vision for overcoming borders, emphasizing the need for a change in mindset.
Translate in English: “The hardest borders to overcome are in our minds. It is best to relax, tell ourselves that there are no borders, and think big. If we think big, we will be capable of achieving great things; if we don’t think big, we won’t progress much.”
The guest added that investments and expanding their presence globally are part of iBanFirst’s strategy.
This article was broadcasted by Bloomberg TV.