High added value product export marketing and initial stage promotion activities
The Association of the Latvian Chemical and Pharmaceutical Industry (LAKIFA) in cooperation with the Tartu Science Park (leading partner of the project) and SIA “Baltijas konsultācijas” implements cross-border cooperation project Est-Lat11 “High added value product export marketing and initial stage promotion activities” (HIADEX).
Main purpose of the project is increasing export capacity for the Estonia and Latvia high added value product manufacturers, developing marketing strategy for the Singapore and Malaysia market and implementing initial stage advertising activities. Project is developed to combine mutually complementing knowledge and skills of the project partners, supporting small and medium size companies within the project territory to obtain new export markets. Applying manufacturing of medicines and food supplements as an example, develop guidelines for the export to Malaysia and Singapore. These guidelines would be applicable also to other manufacturing sectors, and would improve the institutional capacity of the project partners to boost the quality of services and provide support to the companies for export development.
Main project activities:
- Develop marketing strategy for the Malaysia and Singapore market, id est. analyse market, develop market conquering guidelines
- Develop joint product portfolio for the export to Malaysia and Singapore, as well as marketing (advertising) materials
- Develop initial stage promotion activities in Asia, including fairs and B2B meetings to create trade relations and advertise selected products.
Target market of the marketing strategy will be developed performing research on the medicines and food supplements sector market to evaluate export possibilities and determine most perspective products of Latvia and Estonia. Research will provide information about the aspects helping the companies to enter the market in the initial stage and advertise in the most efficient way. Joint product portfolio that includes products of Latvia and Estonia adapted to the markets of Malaysia and Singapore will be developed. Also marketing materials, for example, brochures and audio and video clips, will be used in the initial stage advertising activities in Malaysia and Singapore. It is planned to organise up to 20 B2B meetings within the project.
Project will be implemented from May 2017 until the end of October 2018.
Total funding of the project is 346’010 EUR, out of which co-funding of the European Regional Development Fund (ERAF) is 294’108.50 EUR. LAKIFA project budget is 66’698 EUR, out of which 56 693.30 is ERAF co-funding.
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