III. Read the following verbs and verbal phrases and pay attention to the prepositions used after them

to look to …	to agree on …
to adapt to …	to give attention to …
to bid on …	to suffer from …
to bring benefit to …	to convert to/into …
to conform to …	to lock into …
to be able to …	to allow for …
to rely on …

IV. Listen, read and translate the text

JOINT VENTURE

Introduction

As Canadian companies develop, many businessmen look to the export market as an area for expended sales. In so doing, they often face tariff and non-tariff barriers erected by various countries to restrict imports and encourage local industry. It is possible, however, to penetrate these barriers by way of a joint venture in the target country. This paper suggests some considerations to be kept in mind in the development of international joint ventures.

Market study

The first step toward a joint-venture investment is a market study. One can narrow down the choice of potential host countries by preliminary studies done right here in Canada. Sources of information are: the Department of Industry, Trade and Commerce, which includes the very helpful Trade Commissioner Service, the Canadian International Development Agency, Trade Associations, Chambers of Commerce, trade publications, and so on.

On-site visit

Having selected a potential foreign market, the next step is to visit the chosen country and do an on-spot market study as carefully as you would do a market study for a new product line or a new plant investment in Canada.

You will want to be assured that your product meets the market need or can be adapted to it in terms of specifications and designs. You will want information on price

levels, the transportation and distribution system, the availability of local skills at the factory and administrative level, the extent of local educational and training facilities, the local competitors and their strengths and weaknesses. If you plan to begin the venture by shipping parts from Canada for assembly in the host country, you will want to know the customs regulations, valuations duties and the efficiency of ports of entry.

You may find during this exercise that some countries do not wish to have your particular product or plant. Such countries have concluded that additional plants in your product line will only fragment the market or threaten existing companies.

If you plan to sell to government departments or agencies, do not assume that you will have an equal and fair opportunity to bid on tenders. Very carefully check with the local authorities as to whether or not you have a chance of becoming an authorized supplier. You should also determine if there are any language requirements that could present problems in conducting business.

Initial representation

If you decide to test the market by exporting from Canada, you must choose your agent carefully, ensuring that he/she has the marketing skills necessary to represent you. In reaching agreement with your agent, you must keep in mind your longer-term objective of manufacturing your product locally so that the length of your agreement can be established accordingly.