Role of Exhibitions in Prospective of CPEC and International investments
The China Pakistan Economic Corridor (CPEC) holds enormous potential for both nations economically but also as a gateway that will create massive opportunities for promotions in terms of exhibitions, events or trade fairs that will help foster free trade between countries and the region as a whole. Historically, exhibitions have served as an important catalyst for economic growth and foreign investment. However, it is a necessary condition under which this occurs is a fully functioning rule-centric trade regime which is brought to bear in an uninterrupted, transparent, consistent and predictable manner. For exhibitions to perform this vital role it is also important to understand what role exhibitions fulfill within an industrial context.
To a varying degree out of all the marketing instruments trade fairs and exhibitions hold a wide range of functions: one of the main goals is to increase and nurture customer relations, search for partners and human resources, and also to position the company as a whole in an ever increasing competitive landscape. Exhibitions further serve as test markets for new products thereby functioning as instruments for market research. Trade fairs and exhibitions also serve to increase the public’s awareness of the company, assist key decision makers by providing insight into current market scenarios and help in preparing teams for selling products and services. For relatively newer companies, it is vital to gain competitive advantage by seeing a competitor’s performance and products. All this can be achieved by visiting an exhibition or fair prior to entering a market.
In numerous countries the exhibition industry was, and still is a political-economic tool to vitalize or revitalize a country’s economy. However, it should be noted that double checking the number of people visited by an independent third party is not regularly enforced. Exhibitions and trade fairs serve not only exhibitors and visitors, but also the local economy in the region surrounding the venue. This is especially true for the hotel and restaurant trades, transport companies as well as companies that provide related services for organizers and exhibitors, such as stand construction and logistics and some cases interpreters are among the beneficiaries. The effects are also realized on a regional level in terms of international trade. Exhibitions of this nature aid in securing a considerable number of jobs in the local region, particularly in small and medium-sized companies.