Mids tycoons open to emerging markets, says report
Nearly three-quarters (71 per cent) of entrepreneurs in the West Midlands regard exporting to emerging economies as one of the UK's biggest opportunities. That's according to HSBC's Future of Business report, which was released this morning.
Sixty per cent of respondents said they viewed the Midlands or the north of England as best for advanced manufacturing. More than half of respondents in the Midlands (56 per cent) said they thought their region was the ideal location for advanced manufacturing, compared with 27 per cent of all respondents.
Although 71 per cent of entrepreneurs in the West Midlands regard exporting to emerging economies as one of the biggest opportunities for the UK, just 52 per cent of overall respondents agreed.
Only 10 per cent of respondents in the West Midlands saw potential for exporting to established economies.
The West Midlands has been highlighted as a key area for two of the newly identified growth clusters – composites and photonics. Nine new growth clusters were identified in the report and are expected to lead the way for British business over the next ten years.
Jacques Emmanuel Blanchet, head of HSBC Commercial Banking UK, said: "Out of recessions come new trends and this report crystallises how adaptable entrepreneurs and small businesses are shaping a new business landscape that British business is set to follow.
"The emergence of business specialisms developing across every region of the UK demonstrate the breadth of business ambition and advances being made."
