1 Foreign Market Screening International Business Integrative Term Assignment Group Members: Enoelia Suarez Hilay Richik Mukherjee Asmita Khawas
2 Geography analysis 4 Answer 2 6 Answer 3 8 Primary language of population 8 Dominant religions. 8 Hofstede Analysis. 9 Answer 5 12 Answer 8. 13 Answer 9 15 Table of Contents Answer 10 16 Answer 11 18 Answer 12. 19 Balance of payment. 19 International Reserves. 20 External Debt. 22 Answer 13 23 Trade Blocs 23 Answer 14 23 Answer 15 24 Challenges 25 Benefits. 25 Costs 25
3 Geography Analysis UNITED KINGDOM: The United Kingdom, an island country off the Northwestern coast of mainland Europe, comprises Great Britain (England, Wales, and Scotland) and Northern Ireland. It is a significant contributor to the world economy, particularly in technology and industry. The UK is Canada's third-largest export market in Europe, fostering a longstanding trade relationship. Shipping options from the UK to Canada include air freight, sea freight, and express shipping, with costs influenced by factors like shipment size, transportation mode, and port locations. The UK's climate results from its location between the European landmass and the warm Atlantic, exposing it to diverse air masses. England, Wales, and Scotland form Great Britain, while Northern Ireland and the Republic of Ireland constitute the second-largest island, Ireland. The UK boasts a highly developed economy with diverse industries, and the government provides resources for Canadian businesses seeking to export to the UK. Natural resources include arable land, petroleum, coal, zinc, lead, iron ore, salt, limestone, potash gypsum, clay, silica, and chalk. Wheat dominates agriculture on 1.9 million hectares, with less than 60% of consumed food produced domestically, primarily in rural East Anglia for crops and the southwest for livestock. The UK's economic strength, trade ties, and resource abundance make it a pivotal player in the global landscape. UNITED STATES: The United States and Canada share a strategic geographic location, boasting the world's longest international border of 5,525 miles with 120 land ports-of-entry. This proximity facilitates a robust trading relationship, making the U.S. Canada's top export market and vice versa. Collaborative efforts between the two nations ensure the secure and efficient flow of goods and people across the border, crucial for economic competitiveness and prosperity. The diverse climate and landscape of the United States have both positive and negative impacts on economic activities. Beneficial aspects include a vast land area with abundant natural resources supporting various industries, a lengthy coastline facilitating trade, and varied topography creating diverse ecosystems. However, the U.S. faces challenges such as extreme weather events, climate change impacts, and environmental issues like pollution and habitat loss. Six key natural resources-large landmass, expansive coastlines, fertile land, fresh water, oil and coal, and a diverse population-provide a significant advantage to the U.S. economy. These resources, along with capital, entrepreneurship, and labour, form the essential factors of production in a market economy. Natural resources are pivotal for economic functioning, and their effective utilization depends on the nation's ability to adapt to changing conditions and mitigate negative