The new power players that have become the new emerging economic power houses are the MINT countries, whose growth derives from their primary economic status. Mexico, Indonesia and Nigeria have all profited from the production of commodities. Turkey is a leading ship-building nation and also one of the most competitive countries for construction and contracting industries.
Mexico benefits from its proximity to the U.S. and also belongs to the North American Free Trade Association (NAFTA)
Indonesia lies at the center of Southeast Asia
Nigeria is on the coast of African, surrounded by all future trading partners
Turkey is connected to both the East and the West
The Challenges and Trends
All of the MINT countries are low on the “transparency index” and all present large challenges for companies. It comes down to two items: a client’s appetite for risk; and acknowledgement that advanced planning, education and centralization of efforts are critical.
Larger companies recognize the need to expand in those markets quickly, but what they often fail to consider are the challenges associated with investing in rapidly changing economies which may have inflexible or corrupt immigration regulation. There are also huge tax liabilities when starting up new entities in foreign countries. It’s a very dynamic piece of the process and needs to be recognized.
Immigration varies from country to country, but the biggest trends right now are compliance, worksite enforcement and spot checks.