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agenda
Q. How do the BRIC nations fit into your plans for UK businesses?
A.There is a company in Essex that makes speakers. But with many UK households already owning speakers, and the items being rather durable, the firm had a decision to make. If it wanted to grow, it had to export to countries where there is a growing middle class of people. And it is now selling speakers around the world, in the Far East, Latin America and the Middle East. That is what our economy needs and that is the line we want to encourage.
(Photo captioned: Unveiling the 100,000th machine produced by JCB India, a subsidiary of the UK firm)
(...Continued from page 17) we can achieve a great deal more. It is a very dynamic and enterprising market, and a very young country – I think the average age is 25 compared to an average of 39 in the UK. I would encourage UK companies to get out there for themselves and look at the opportunities that India presents. Not simply in terms of outsourcing or manufacturing, but in real partnerships.
Q. How is the Coalition Government going to change the way international trade is encouraged both into the UK and for those UK businesses seeking to export their products and services?
A. Dealing with the deficit is a key priority for this Government, but it must also be linked to growth. International trade is vital. If we want to create a growth economy, we need to encourage enterprise, support small firms and promote international business. Access to finance, a vital aspect of tackling new overseas markets, remains an issue for small firms, and this is something the Chancellor and I are seeking to address in discussions with the banks, while also looking at alternatives.
Q. Has the UK been strong enough in encouraging overseas trade?
A. I’d prefer to think ahead rather than back. I’m acutely aware that running any business is difficult, and becoming an exporter presents a new range of problems and issues to overcome. Government can help in terms of reducing trade barriers and encouraging access to finance, but ultimately companies need to think international from the start.
Q. What are UK businesses best at? What industry sectors most excite you?
A. What has struck me is just how many innovative, cutting-edge companies there are in this country, in everything from healthcare to new low-carbon industries, from hi-tech manufacturing to retailing. More than that, I never cease to be impressed by the enthusiasm and enterprise exhibited by these companies and their employees, which is why I am confident that we have the means to create a strong and prosperous economy despite challenges in the short term.
Q. When it comes to SMEs, many would like to trade overseas. So how can this Government help them?
A. UK Trade & Investment has representatives in almost 100 countries. They can assist with research, advice and business contacts. It is a terrific service, but simply not enough small firms know about it or take advantage of it. I don’t think there is a lack of help available as much as difficulties in terms of accessing finance to enable them to export. I also think small firms need to look beyond traditional trade partners, such as the US and EU. (Continued on page 21...)
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