Businesses urged to test foreign markets
West Midlands businesses are being told that “there has never been a better time to invest in foreign markets”. John Lamb from Birmingham Chamber of Commerce told Insider that the combination of the weak sterling and keen foreign investors make it an ideal time for the region’s businesses to export.
Business and Enterprise minister Mark Prisk also said that there are “countless opportunities” for West Midlands companies as he embarks on a trade visit to China.
Whilst in Shanghai, Beijing and Hong Kong, Prisk will meet government ministers, UK companies that are successfully trading in China and Hong Kong, and businesses leaders and investors.
He said: “China and Hong Kong offer countless opportunities for West Midlands companies of all sizes that want to take that next crucial step and extend their business overseas. China’s economy is growing rapidly and there has never been a better time to engage with this market.
“International trade is at the heart of the UK’s economy and I look forward to strengthening our already close business ties with China.”
The visit was organised by the UK Trade and Investment team.
John Lamb told Insider that companies should use the opportunities that come with a weak sterling and keen investors.
“We are seeing a lot of companies trading with the US and Ireland, with which we have very strong trading links”, he said.
“The poor economy is forcing businesses to look elsewhere for trade, and exporting is a great opportunity. It may not be for everyone, but we find that many businesses who didn’t think they could be successful with foreign traders are doing very well.”
