In this business tv show Stephen Philips, Chief Executive of the China-Britain Business Council,Ian Coleman, Partner, Head of Emerging Markets, PricewaterhouseCoopers UK, Oliver Massmann, Partner at Duane Morris Vietnam LLC, and ChrisRunckel President of international business consultants Runckel and Associates come together to reveal why, if you are only seeking lower labour costs, then you\'re likely to miss out on many of the true benefits of doing business in an emerging market.Ian Coleman: I think of emerging markets as any market that is exhibiting high growth characteristics where you’re beginning to see a change of pattern where its no longer just about companies using that as a low cost manufacturing base for example but there is a market into which there is a consumer demand for goods and services.\n\nChris Runckel: Well I think one of the things that they get wrong is They concentrate solely on often on price just looking for the lowest price either in terms of sourcing product or if they’re looking at putting a factory into a country, they’ll look at what’s the lowest wage in a particular country and then look at picking that when maybe the wage is only a small part of their total pricing.\n\nStephen Philips: China’s looking to move up the curve in terms of the way that it moves from low cost manufacturing to move value added manufacturing and that presents opportunities for companies with more advanced technologies to co-operate with their Chinese counterparts either selling to them or entering joint ventures.\n\nOliver Massmann: Vietnam is in desperate need of high education. Vietnam has to build up an elite of engineers to build up the infrastructures and Vietnam has to educate about 200-300 thousand students in different sectors to serve the growing processing industry, the growing industry in telecoms for example everybody in Vietnam or every employer in Vietnam is now in desperate need of skilful skilled educators, educated staff.\n\nSee more business news television ... advice, associates, britain, business, channel, china, council, emerging, expert, experts, markets, news, pwc, runckel, show, small, tv