If you are based in the West Midlands, either already exporting overseas or thinking about new markets overseas, you might be interested in attending some of the events taking place next week as part of Export Week.
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‘Languages for the Future’, the report published recently by the British Council, picked out the top languages that we Brits must learn to ensure a bright future for our country’s economy. Ranked in order of importance the top 10 include Spanish, Arabic, French, Mandarin Chinese, German, Portuguese, Italian, Russian, Turkish and Japanese. So why these particular languages, you ask?
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Hyundai. Samsung. Gangnam Style. The ‘Korean Wave’ has truly arrived on foreign shores. In 1999 journalists coined the term “Korean Wave” to represent China’s fascination with all things South Korean. Fast-forward a decade and South Korean culture has become a global phenomenon, thanks in part to a certain addictive song-dance combo, but mostly down to economic achievements. So, it comes as little surprise that the next Economic Powerhouse we’re looking at is the mighty South Korea. While some countries continue to bear the brunt of the financial crisis, the South Korean economy impressively saw 2.5% growth in 2012. With such success, opportunities for investment are in abundance…
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The Vietnamese economy is wide-awake and ready for business. In the last decade the GDP has doubled, the annual growth rate has averaged 7.2% and increased foreign investment has created an economy boom.
The good news for UK businesses is that the UK/Vietnam relationship is very strong. Trade and investment form an important element of the Strategic Partnership Agreement signed in 2010. The Ministry of Industry and Trade in Vietnam also predicts the country’s import value to be around £52 billion by 2013.
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Not far from home, Germany is riding out the current global recession with an annual economic value of £2 trillion. No surprise then that it’s the world’s 5th largest economy and 3rd largest exporter.
So here, we twitch our curtains and take a look at what our European neighbours are doing and which sectors have booming investment opportunities for UK businesses.
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Here in the West Midlands, our heritage is largely based on our manufacturing prowess. And how fantastic therefore that Jaguar Land Rover confirmed this week that they would be investing £355m to establish a new factory just off the M54. This factory, which will manufacture low-emission engines, will create 750 jobs for the area.
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The Olympics are big business for UK companies. It is estimated that the Olympic and Paralympic Games will be worth approximately £21 billion to the UK economy and will represent a huge opportunity for international trade. Not only will the Games see the world’s best athletes visiting the UK, but also major business players from around the globe. UK Trade and Investment (UKTI) is helping businesses reach out to these international markets by organising a series of business events and networking opportunities. UKTI has also posted an inspiring mini-movie on YouTube highlighting the business opportunities presented by the Olympics.
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We may officially be in a recession but when I attended the MACH 2012 exhibition at the NEC Birmingham earlier this year the UK’s manufacturing sector appeared to be fighting back. It was a delight to see so many of our customers there, showcasing new products and forging new business links. And with exhibitors commenting that ‘the show was an unprecedented success’, they ‘struggled to cope with the level of interest’ and the exhibition ‘far exceeded expectations’ confidence levels seemed to be riding high.
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The UK is renowned for its innovation skills across the energy sub-sectors, making UK companies an attractive investor into new opportunities overseas to expand their business. By 2030 the UKTI predicts revenue from domestic and international business will rise to £200 billion.
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