Globalization and the Business Potential of the Northeastern India

The buzzword of globalization has become synonymous with privatization and liberation of industries and businesses. It has become the standard structure of most of the country’s policies and socioeconomic system for small and medium businesses (SMEs). The new trend of the globalization of businesses, brands, and services is shaping the modern trajectory of international markets. With increased globalization trends comes new market competition, new demands, and new tools, (electronic gadgets, payment gateways), certain challenges, and their respective solutions. Furthermore, it also creates a demand for new trade partners like multinational companies (MNCs) require new types of multinational agreements related to trade and legal compliance. Crossing the language barrier has become a crucial step for the seamless execution of global expansion plans. 

With this increased trend and demand for globalization, translation and localization service providers play a crucial part. These language service providers (LSPs) enable businesses to reach and market into the global business avenues without language and cultural barriers. Interestingly, the phenomenon of globalization has become a common interest among all the regional and international relevant businesses and companies which are previously separated by borders, cultures, and languages. With efficient marketing strategies and quality products/services, business owners are exploring the benefits of globalization by reaching new markets and increasing return on investment. The Northeastern part of India, especially the province of Assam has reaped the above-mentioned benefits of globalization. In this short read, we will dive deep into the business opportunities of the Northeastern region of India and possible expansion opportunities. 

Assam As the Key Hub of India’s Silk Trade

India is one of the fastest-growing economies in the world. Its industrial production, exports, and trade are booming by leaps and bounds. Cultural-rich Indian provinces are famous for their beauty, distinctive travel attractions, and area-specific unique export items. India is on its fast-track way to integrate its economy with the global world. The integration of the Indian economy with the world trade order has opened new avenues for businesses, entrepreneurship, global trade, and much more. 

Moreover, Northeastern India has its international borders with Bhutan, Nepal, Myanmar, and China. Interestingly, India has initiated many concrete steps for the economic and international development of its Northeastern part, Look East Policy is the perfect example. Additionally, by practically implementing the Look East Policy, India is a summit-level partner with China, Japan, and Korea. This partnership is called the Association of Southeast Asian Nations (ASEAN). These supportive initiatives encourage local business owners to work with international partners. Additionally, India has free trade agreements with Singapore and Thailand. Indian silk exports are reported as 1848.56 crore in 2021-22). The key potential products and exports of Assam are: 

• Traditional Handicrafts
• Handlooms
• Forest Production (mega forestry areas)
• Minerals 
• Horticulture Products
• Medical Plants
• Assam Silk Industry (Golden Muga Silk, White Pat Silk, Warm Eri Silk)
• Crude Oil Industry of Assam
• Assam produces one-seventh of the global tea
• Assam also provides a fair share in India’s rice, fruit, and vegetable production 

India mainly exports its silk products to European nations to streamline its business relations and to mitigate the language and cultural barriers, businesses acquire the Assamese translation services. Translation services not only facilitate business communication but also assist in legal compliance, trade agreements, bilateral communication, and much more.

Streamline Your Growth Opportunities with Assamese Translation 

The potential rich expansion opportunities of Assam are important factors in the Indian economy. We have discussed the elements of silk production in the Indian northeastern part of Assam. Moreover, other industries and businesses are ready to be introduced to international markets. Historically, before all the globalization and modern tools and technologies, textiles and spices were the name of the game. However, Northeastern areas of India were famous for their spices and other raw materials. Now, Assan exports the lowest amount of raw silk. More than 90% of the silk is processed and exported into fine things.

Most of this bilateral trade relies on communication and mutual trust. When you are striding into the deep ocean of international business and trade, the need and importance of clear and concise communication becomes important. B2B communication involves initial meetings, proposals, consideration, trial deals, and success, and then you sign the long-term agreement. For all these steps, you need to have a reliable translation company on your side. By removing the language barrier, LSPs ensure seamless business communication and help you expand to global markets.

Takeaways

You need to acquire professional translation services to navigate cultural and linguistic differences and form a mutual communication based on trust and loyalty. Investing in the translation service provider will greatly improve your return on investment and set a strong and professional footprint in the international business arena. The northeastern part of India is filled with natural resources, industrial cities, oil extraction sites, and rich agriculture and offers potential growth opportunities for investors and expansion enthusiasts.