Businesses encouraged to set their sights on Asia
With the economies of South-East Asia set to expand by 50 per cent by 2015, UK businesses are being urged to act now to seize opportunities in these fast-growing markets.
UK Trade and Investment, the government’s international business development department, has formed a partnership with RBS Global Transaction Services to promote a series of ‘Doing Business in Asia’ events to UK companies.
The events aim to persuade UK executives that they cannot be left out of this fast-growing market.
A recent report from the International Monetary Fund estimated Asia’s economy would grow by 50 per cent in five years.
Speaking to 300 businesses in London yesterday, Business Secretary Vince Cable said businesses need to make a step-change in exporting to be successful in the future.
“Doing Business in Asia is no longer something for big companies, something that is nice to do; it is a must for as many British companies as possible,” said Mr Cable.
“The advantages of exporting are overwhelming. If British companies do not make the most of the business opportunities out there others will.”
The event was also attended by British ambassadors and High Commissioners from the markets from countries including China, India, Vietnam, Singapore, Indonesia, Philippines, Taiwan, Hong Kong, Thailand, South Korea and Japan. A similar event is being held in Manchester today.
Meanwhile, entrepreneurs considering starting a business in Asia, or expanding their current business to Asia, can find information and personalised advice online at www.startupoverseas.co.uk.
Startup Overseas offers business people the opportunity to connect with Asian business experts whose countries of expertise include Hong Kong, China, Singapore, Japan, Malaysia, and India.
Business people are invited to post their questions and have them answered by the resident experts, via the online ‘Ask the Experts’ forum.
Editor's Comment
From Brooke Dubois
There are obviously a mountain-load of considerations when starting your own business. But starting, moving or expanding a business abroad offers a whole new world of challenges for entrepreneurs.
Aside from potential legislation and licensing differences, there may be significant language and cultural boundaries to overcome.
There are a million faux pas an uninitiated business person can make - for example, according to my old mate Wikipedia: "the Chinese are not keen on physical contact, especially when doing business - the only circumstance in which it may take place is when a host is guiding a guest. Even then contact will only be made by holding a cuff or sleeve. It is considered rude to slap, pat, or put one's arm around the shoulders of another".
Fortunately - there is help available if you're thinking about doing business abroad... check out our article: 'Businesses encouraged to set their sights on Asia'.
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