Business News President’s Focus
This month’s President’s Focus is taken over by Professor Julian Beer, President of the British American Business Council Midlands Chapter (BABC), based at Greater Birmingham Chambers of Commerce. He is also deputy vice-chancellor of Birmingham City University. Over the coming months we will be presenting the views of the
presidents of the six Chambers and three specialist sectors which make up Greater Birmingham Chambers of Commerce.
As the saying goes “may you live in interesting times” and this rings true right now. The initial vote to leave the European Union has been compounded
by the impending trigger of Article 50 and concerns over future trade negotiations with the EU. However, as BABC members already know, these difficulties mean it’s timely to focus on expanding exports with a wide range of other economies across the globe, with the US being first among them. “Making a Success of Brexit”, a recent discussion paper
‘£8.2 billion (25 per cent) of all English merchandise exports to the US come from the West Midlands’
by the Birmingham City University Centre for Brexit Studies and the West Midlands Economic Forum, noted the role that new trade opportunities will play in future economic success. Central Government’s plans to promote the Midlands on
an international stage will also help the region. As Steve Allen, BABC president and head of Birmingham office at law firm Mills & Reeve, said: “With inward investment levels into Greater Birmingham at an all-time high, the government's pledge to form a new Midlands Trade and Investment Programme to promote the Midlands Engine across Europe, North America, Asia, Africa and the Middle East is very welcome news.” The commercial might of the Midlands is poised to
achieve great things. Since former Wolverhampton resident Button Gwinnett signed the American Declaration of Independence, the Midlands has enjoyed a positive US relationship. This is reflected in the strength of trade between the Midlands and the US, and the number of North American companies operating here. £8.2 billion (25 per cent) of all English merchandise exports to the
US come from the West Midlands, which when offset against a figure of £3.5 billion for US merchandise imports, means we enjoy a healthy trade surplus of at least £4.7 billion, over 60 per cent of the overall English/US trade surplus. Within these figures the dominant components are machinery and
transport equipment, which made up 85 per cent of exports and 66 per cent of imports in 2016 Q2. Although services sector exports figures are not available at a regional level, these are also estimated by most observers to be comparable We’re successful at attracting US companies here too.
In 2015, the Midlands became home to 641 US Businesses, 12 per cent of the total that chose to invest in the UK Together, estimates are that these firms turned
over £336,643 million with a GVA of £93,910 million – also impacting on the local economy and supply chain. I’m confident that the latest figures when published could be potentially even higher. In summary, while the region already enjoys
strong business relationships with the US, the post- Brexit uncertainty makes this the perfect time for us to forge further links for the future, and truly make Brexit a success for the Midlands.
10 CHAMBERLINK April 2017
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