Guest contributor Bryan Carroll, COO of corporate travel management platform Travelport Locomote shares tips and advice for companies and business travellers who are keen to enter emerging markets.

Corporate travel can be the best way for your burgeoning business to network and make the most of opportunities outside of your home market. To that end, where will corporate travellers be booking their tickets to next?

There are a few emerging markets around the world that are already impacting on business travel, and there are big expectations on the role that they’ll play within the industry in 2017. US new President-elect Donald Trump may also impact on the corporate travel industry with new government policies and trade agreements. This may result in the growing popularity of emerging markets and their appeal as business destinations.

In order to seize the opportunity to tap into these emerging markets, here are some tips and advice on how travel managers and agents can arm their employees and customers with the necessary tools to succeed.

India

India remains the world’s fastest growing economy. The Global Business Travel Association (GBTA) latest report revealed that India had overtaken Canada to become the 10th largest business travel market in the world.

Legal challenges and commercial disputes pepper the business landscape, but for western companies with a truly global strategy, it presents significant opportunity. Likewise, Indian businesses are looking west for profitable partnerships.

Reports forecast that India will reach $36.1 billion in business travel spending in 2017, becoming a top-5 market in corporate travel spending in the next 15 years, with Welf Ebeling, GBTA’s Vice President of operations in Asia Pacific, citing pro-business reforms and accelerated infrastructure investment as key drivers of India’s recent growth.

China

To call China an “emerging” market for business travel would be an understatement. However, China’s business travel spending is expected to increase by 61 per cent over the next 5 years, offering a phenomenal opportunity to businesses seeking new avenues of possibility.

According to the GBTA report, China’s business travel spending in 2014 was second only to the United States’, at $261.5 billion. And in 2015, China surpassed the United States as the biggest business travel market in the world.

For western travellers visiting China, successfully navigating the etiquette battlefield remains one of the top concerns.

India and China may sound like no-brainers in discussion of emerging corporate travel markets. But beyond the BRIC group (Brazil, Russia, India and China), who all share a similar stage of emerging economic development, there are less obvious business travel markets to watch.

Indonesia

For Australian businesses, Indonesia doesn’t only present convenience but plentiful economic opportunity.

Indonesia is the largest economy in South-East Asia, and boasts emerging markets in mining, manufacturing, infrastructure, automotive and consumer goods.

According to Asialink Business, Australian businesses in consumer markets such as design and product development, retail and online marketing, and consumer finance have plentiful opportunity in Indonesia’s emerging international marketplace.

Services industries like education, healthcare and tourism are also touted as high-growth potential areas for Australian businesses.

Factors to consider with emerging markets

While opportunities abound in these burgeoning business markets, travel managers must focus on keeping the safety of their employees firmly at front-of-mind, and exercise duty of care over their jet-setting employees.

Know the local landscape

Doing some research on the destination country and city to assess any possible risks, is always a good idea. The Australian government has a smart traveller website with helpful advice on the current situation of every nation in the world. There are also travel management solutions that alert travellers of any dangerous situation in the intended destination even before booking anything. Apps such as Safeture also inform travellers on any social, health or environmental risks.

Every country has its own laws and being a foreigner doesn’t mean that they don’t apply to everyone — some nations like the US have local laws for every city which need to be followed. It is essential to have a look at the laws of the intended destination and see how different they are from the ones here. Global Law is a great app to be up to date on the latest news worldwide.

Alternatively, ask the host company or the embassy about their legal system and their customs. For example, while it’s common to wear shorts in Australia, other countries may have a more conservative dress code even out of business hours. The government’s smart traveller website also addresses these differences that can be quite helpful to go around like a local.

Consider implementing a travel security policy

Compliance should be a crucial element of any company’s travel program, however, when it comes to emerging markets and international destinations, the number of potential risks increases. It’s important to take the time to sit down with the relevant internal divisions of the company and look at the idea of traveller well-being and what would be required in the case of an emergency overseas.

Consider developing a travel security program that fits the specific needs of your employees. In line with your company HR policies, consider the frequency and type of travel usually undertaken and outline any gaps or potential issues that might arise.

A corporate travel platform that features risk management tools, like up-to-date health and safety alerts, travel tracking, location reporting, and passport and visa control is essential to ensuring the ongoing health of your employees as they travel to different countries.

Ultimately, while emerging markets offer opportunity, equally they afford a measure of risk. Risk is perfectly acceptable with a measured approach to planning, in order to ensure your company can take advantage of significant business opportunity outside of your home market.

Bryan Carroll, COO of corporate travel management platform Travelport Locomote