• It is important to know the local market and how to do business there.
• There is great value in having local partners who are well-connected.
• Never underestimate the difficulties of understanding another culture.
• Cultural differences manifest themselves as difficulties in communication.

Key ingredients for success:

• Understand what each partner wants to obtain from the collaboration, and ensure that objectives are aligned.
• Getting a signed contract is key to doing a deal in an emerging market – don’t put too much emphasis on trust.
• Don’t put too much credence in cultural differences, and don’t sacrifice good business practice because of them.
• Strive for clarity in communication and negotiations.

(Source: The Open University, 2012).