How Do Mega Sporting Events Promote International Trade?
Mega sporting events are one of the most sought after deals by cities around the world. In addition to the economic impact from construction, event management related supplies and services, travel, tourism, and entertainment, coverage received by the media serves as the signaling mechanism to the world about host country's openness for international trade.
News channels rarely pay attention to successes made in trade in a particular country, so the attention brought to a country by big games shines a spotlight on that country and fuels ideas for business. Companies sponsoring the event become known among the viewers, hopefully, generating demand for their products. People around the world voluntarily learn more about the host countries, their culture and potential, which undoubtedly leads to some action on their part in the future, whether in a form of tourism or consuming products related to that country.
Companies may also decide to hold business meetings in towns where the games are played and hopefully close some deals.
Free advertisement received by host countries is huge. This advertisement alone can have major impact on growing their international trade.
Posted by Nilufar Salama of www.salamatrade.com on 7/30/2015. SALAMA INTERNATIONAL - Providing Value in Growing Your International Business.
July 30, 2015