Ambassadors can help Yorkshire firms spread their wings abroad
YORKSHIRE businesses that want to trade internationally can hold events for potential clients and targets at embassies abroad hosted by British ambassadors, delegates at a UKTI Export Week event were told.
Tom Paul, business development director with insulation products business Kingspan, said that even though it already operates 38 plants across the world, it had benefited from support from UKTI to break into new markets and held events hosted by British ambassadors.
“We see UKTI as a business accelerator for market entry,” he told an audience of business people at an Export Week seminar at the Cedar Court Hotel, Harrogate this week.
The number of medium sized businesses receiving UK Trade & Investment (UKTI) support to sell overseas has doubled in just seven months from 1,000 to more than 2,000, Trade Minister Lord Livingston announced this week.
But the organisation wants to increase that figure further and highlighted the success of companies such as Kingspan, caravan business Swift Group and Pavers Shoes which with UKTI support, has increased the number of stores it operates in India from 35 to 100.
Mr Paul told the audience: “It’s a no brainer. We’ve worked out that with UKTI’s help, the average cost of each appointment we have is £28.54. Where else on the planet would you get value like that for your business?
“You couldn’t buy the shoe leather for your shoes for that!” he added.
The event was attended by around UKTI trade advisors from embassies around the world who are touring the UK to speak to businesses during Export Week.
James Stretton, of JC Rathbone Associates, spoke about the international economic outlook and how businesses can benefit from foreign exchange risk management.
“There is likely to be increasing volatility in foreign exchange but it isn’t just a cost for businesses, there are ways to manage it,” he said.
Mark Robson, UKTI regional director, told the audience that the organisation is at the forefront of the Government’s plans to double the amount of exports to £1 trillion by 2020 and events this week are being held across the region including Harrogate, York, Bradford and Leeds.
John Huddleston, assistant regional director of the CBI, took part in a panel discussion with the other speakers and said the increasing focus of all the major political parties on growing international trade was good news for businesses looking to export.
Medium sized businesses are vital to the government’s long-term economic plan to reduce the deficit and create more jobs. The CBI estimates that if they reach their full potential, it would be worth £20 to £50 billion to the UK economy.
However only 17% of UK medium sized businesses generate revenues outside of the EU compared to 25% in Germany and 30% in Italy.
