Member Article

SMEs shown potential in Asian markets

UKTI have launched a campaign to encourage more British companies to export to Asia’s high growth and emerging markets.

Business Secretary Vince Cable, and Foreign Secretary William Hague announced a series of programmes to be delivered in conjunction with RBS, that will demonstrate key business opportunities across 12 Asian markets.

The North East event will take place on February 12, bringing together UKTI market specialists and experts from RBS, allowing businesses access to export advice in the local area.

Foreign Secretary William Hague said: “There can be no doubt of the importance of Asian markets, as the world’s focus shifts from West to East.

“By 2030 spending by Asian consumers is expected to be around $32 trillion annually or about 43% of worldwide consumption. So the economic compass of British businesses should be pointing firmly east, and we are determined to support them in their efforts.

“This is commercial diplomacy in action. Around twenty of our senior diplomats with enormous commercial experience in these markets will team up with business leaders who have been there and done it. Together, they will give face-to-face advice to UK business on how they can succeed in Asia.”

Newcastle based Nomad Digital are already successfully exporting a wide range of goods and services to Asian markets, as providers of wireless technology and data networks for the transport sector.

The company have experienced success in India and Japan, and aims to drive expansion in the Asia Pacific region with the opening of two new offices in Australia.

Bimal Shah, Chief Financial Officer, said: “During this significant phase of growth, UKTI’s advice and expert knowledge has been invaluable.

“We are confident that their ongoing support will contribute to Nomad’s continued expansion into other markets.”

Mr Cable, who is also co-chair of the Asia Task Force, outlined the potential for UK business, indicating that exports to the 12 markets in this campaign were worth £25 billion.

Scott Barton, chief executive of global transactions services at RBS, echoed his comments.

He said: “Together with UK Trade & Investment, we want to encourage British businesses to do business in Asia.

“The Asian markets offer extensive and diverse growth potential for UK companies. Businesses still need a helping hand to demystify trading with Asia.

“We hope this campaign will make a real difference in helping firms of all sizes succeed in Asia.”

The campaign will bolster recent developments such as the launch of a UK-ASEAN Business Council this November, to help UK SMEs succeed in Asian markets; and the backing of plans for EU free trade agreements with India, Japan and Singapore.

Recent research, in the form of ‘Smart cities of the future in Asia: The opportunities for UK business,’ has benchmarked the most dynamic cities across Asia.

This was posted in Bdaily's Members' News section by Tom Keighley .