Coventry and Warks firms set to embrace international trade opportunities
BUSINESSES in Coventry and Warwickshire are being urged to look overseas to help both their own – and the region’s – economic fortunes.
The message was pressed home at the Coventry and Warwickshire Chamber of Commerce’s annual expo.
More than 100 companies and organisations were exhibiting at the event, which was held at the Ricoh Arena and which attracted around 500 people.
A special seminar organised with the British Chambers of Commerce and NatWest Bank underlined the importance of exports to the UK economy.
Ian Fletcher, international trade director at NatWest, said: “Around a quarter of all UK jobs are linked to overseas trade and around 60% of UK GDP growth comes from exports.
“So if this region, and this country as a whole, is to continue to grow then we must have exports at the centre of our thoughts.”
Fletcher said that once firms were planning to export, they should seek professional advice, through bodies such as the UKTI team based at the Coventry and Warwickshire Chamber of Commerce’s international trade hub.
“It’s important to develop an export plan just as you would write an ordinary business plan,” he said.
“Trading overseas is different to doing business domestically but companies shouldn’t be daunted – it comes down to getting the right advice.
“There are some excellent schemes available from UK Export Finance, the Government’s export credit agency, who are able to provide guarantees to banks to enable them to support the funding requirements of exporters.”
John Nollett, managing director of Coventry-based Pailton Engineering, was one of those speaking at the event. He outlined some of the lessons he had learned during a career which has seen him work with 33 different countries.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said there was a sense across the whole area that firms were now more willing to embrace overseas trade opportunities. Having endured the worst of the recession they were ready to focus on expansion into new markets.
