Together with its role of attracting investment to the United Kingdom, UK Trade and Investment (UKTI) exists to support and advise UK companies that want to export their products and services.
In the words of Secretary of State for Business Vince Cable, “UKTI has an impressive record of helping UK firms to work out export strategies, identify opportunities, and make international business happen.”
Doing Business in Asia - Asia Task Force
Currently UKTI’s Asia Task Force (ATF) is promoting a series of events, throughout the United Kingdom, designed to bring together high-level business managers and a range of Asian business experts.
The first event, to be run in partnership with Scottish Development International, will take place in Edinburgh on 9 February 2011 and will allow Scottish executives (and others) to attend market clinics, one-to-one meetings, and drop-in clinics. “How to manage risk and cash flow when trading with Asia” and "Common legal issues when doing business in Asia” are among the sessions on offer. Following the Edinburgh event, others will take place in London, County Antrim, Northern Ireland, and Newmarket where the spotlight will be on the high technology opportunities in Asian business markets. Two further events covering, "Doing business in Asia-Pacific" are also in the early planning stages.
Investment in Asia
The Asia Task Force, co-chaired by Vince Cable and Lord Powell, representing the private sector, brings together a number of prominent people with considerable experience of working in the region. Members of the Asia Task Force are drawn from the legal profession, industry, and government and are tasked with providing pertinent information for UK companies that want to do business in Asia. Supporting organisations include Confederation of British Industries (CBI), China-Britain Business Council, UK India Business Council, and British Chambers of Commerce.
UK Exports to Asia
UK Trade and Investment predicts that by 2030 Asian Gross Domestic Product (GDP) will have surpassed G7 GDP. With little growth in the UK economy and the government’s hope that private sector business will take up the slack, in employment terms, from the beleaguered public sector, the Asian export market represents a not-to-be-missed opportunity for British companies.
While the powerhouses of China, India, Japan, and South Korea are obvious targets for UK companies, other developing markets in the region should not be ignored. In Vietnam, for example, Diageo, the world’s biggest exporter of spirits and producer of Jonnie Walker whisky, has taken a 24% stake in Hanoi Liquor Joint Stock Company.
Asian Markets
The countries listed below represent the target markets for the Asia Task Force:
The Asia Task Force sum it up this way, “There is a huge gamut of [market] size and conditions – from young and dynamic Vietnam to the mature and experienced market of Japan. But one thing these countries have in common is that it is undoubtedly where the future lies.” UK exporters should take note.
Sources:
UK Trade and Investment, Asia Task Force, Doing business in Asia, site accessed 28 January 2011
UK Trade and Investment, Spirit giant looks to Vietnam for expansion, site accessed 28 January 2011
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