Member Article

NW firms urged to look beyond BRIC markets

North West businesses have been urged to look ahead of emerging markets in Brazil, Russia, India and China to opportunities in expanding markets like Colombia, Indonesia, Africa, Eastern Europe and Qatar.

UK Trade and Investment regional director for the North West, Clive Drinkwater, has said the global economic centre has shifted over the past 10 years, and increasing numbers of UK businesses are looking to countries outside Western Europe and America.

Mr Drinkwater commented: “In ten years’ time world population will have grown by a further 1 billion people, almost all of that in emerging, high growth economies.

“With our current biggest markets experiencing the slowest growth rates, we desperately need to embrace the opportunities that exist in developing markets or risk being left behind.

“An ability to trade anywhere in the world will be a defining characteristic of the most successful business of the future, enabling them to reach many millions of potential new customers and we want to help companies achieve this objective.

“It is, therefore, very encouraging to see North West firms leading the way in tackling some of these growth markets but we need to do better still.

“Currently 7 of the world’s top 10 fastest growing economies are in Africa. In 10 years’ time all of the top 10 fastest growing economies will be in Africa.

“Across the world, countries are experiencing levels of growth unattainable in Western Europe and we need to make sure we are sharing in that growth.”

This was posted in Bdaily's Members' News section by Miranda Dobson .