Flanders Investment and Trade (FIT) is the Flemish government agency tasked with promoting international business and foreign investment in the Flanders region of Belgium. With offices in over 90 countries, FIT provides comprehensive support and services to help companies in Flanders export their products and technologies worldwide. They also attract foreign investment into Flanders by promoting its strategic location, skilled workforce, R&D infrastructure and business-friendly environment. This article will provide an overview of FIT’s key functions, services, achievements and future objectives to boost Flanders’ global competitiveness.
Extensive Network of Overseas Offices
FIT operates an extensive overseas network of more than 90 offices across five continents. These FIT trade offices are located in all major export markets and emerging economies having growth potential for Flanders’ exports. They provide on-the-ground intelligence, business contacts and logistical support to facilitate market entry and expansion for Flemish companies in these countries. The overseas postings also promote Flanders as an attractive destination for foreign investment and build strategic partnerships between Flemish and foreign companies.
Information Services for Exporters
FIT offers a comprehensive range of export-oriented information services to assist Flemish companies. These include market surveys, business news updates, lists of agents/distributors, tender notifications, seminars, trip reports etc. FIT also publishes the annual Focus on Flanders magazine highlighting investment opportunities in Flanders. For strategic sectors, it provides specific info services like BioMap for biotech and TargetUSA for exporters to the US market. FIT also advises on export documentation procedures, incentives and regulatory requirements in overseas markets.
Trade Fair Participation Support
Participating in international trade fairs is an effective market entry strategy. FIT provides complete support to Flemish firms in trade fair participation including space reservations, financial subsidies, booth design, shipment of exhibits and interfacing with organizers. It coordinates Flanders pavilions at leading shows worldwide providing a platform for group participation. FIT also publishes an annual calendar of priority trade fairs and organizes trade missions to coincide with major events.
Business Matchmaking Services
FIT helps Flemish companies find suitable business partners abroad through its matchmaking services. It identifies potential partners, arranges one-on-one meetings, coordinates factory/office visits and provides interpreters. FIT also hosts inward buyer delegations and business networking events to connect Flemish firms with foreign buyers and investors. It recently launched a virtual matchmaking platform, Flanders Trade Matcher, to facilitate online B2B connections.
FDI Promotion and Facilitation
Attracting foreign direct investment (FDI) into Flanders is a strategic priority for FIT. It promotes Flanders’ strengths like its central location, logistics infrastructure, skilled workforce and R&D leadership across Europe. FIT’s Invest in Flanders unit assists foreign investors through all stages of establishing operations in Flanders. It provides site selection advice, information on taxes/incentives, liaising with authorities, partner search and aftercare support. Major FDI successes facilitated by FIT include Volvo Cars, Puratos and Atlas Copco.
In summary, Flanders Investment and Trade plays a pivotal role in boosting Flanders’ international business and investment promotion through its extensive overseas network. It provides vital export-oriented services and facilitates participation in global trade fairs. FIT also attracts FDI into Flanders and enables partnerships between Flemish and foreign firms. Going forward, it aims to promote sustainable and digital exports, assist SME internationalization and reinforce Flanders’ innovation ecosystem.