International Trade: Where are the future opportunities?

FUTURE opportunities for UK exports are likely to remain with the large emerging economies of India and China, international trade experts have said.

However, the experts said other economies around the world could also offer potential growth opportunities to West Midland businesses and could not be overlooked.

Turkey, Brazil and the Middle East have all been identified as potential markets.

Speaking at a special RSM Tenon round table event on International Trade, chaired by TheBusinessDesk.com’s West Midlands editor Marc Reeves, and attended by foreign trade experts, Iain Wright, tax director, RSM Tenon in Birmingham said Turkey was a very interesting proposition.

“Turkey is a good example of growth. It benefits from being close to the EU and there has been significant investment in manufacturing,” he said.

“The economy has grown and will develop further in the future and with its increased buying power new opportunities for trade will emerge and these should be exploited by West Midland firms.”

To read more about future opportunities and the importance of receiving the right advice on exporting, download the free RSM Tenon international trade supplement.

Brazil was another prime market for UK companies, the experts said.

Massive investment in infrastructure is currently taking place as the country ears up to host not only the 2016 Olympic Games but the 2018 World Cup as well. The country’s massive automotive market also represents opportunities for UK component suppliers.

Nevertheless, the panel agreed the continuing growth of the Chinese economy meant it was the one market all exporters should be looking at getting involved with.

The panel said barriers such as language an administration could be overcome with the right help and should not act as a deterrent to West Midland firms.

John Russell, chief executive of black cab manufacturer Manganese Bronze – whose company operates a successful joint venture with a Chinese firm – said: “The potential within China is enormous.”

He these opportunities extended beyond the manufacturing sector.

“There are currently 400 million Chinese people who want to speak English as it is considered to be the language of success. If that doesn’t present an opportunity for British firms then I don’t know what does,” he said.