FIGURES reveal that just one in seven businesses in the UK recognises that Eastern consumers could drive new business opportunities.

Yet, a new report identifies that there are a “huge range of opportunities” available to British firms to prosper from the “new markets, new global wealth and new business” in the East.

The report, published by HSBC Commercial Banking, urges UK businesses to engage with the “new world order” as the East grows in importance to capitalise on its diverse customer base and to understand the opportunities for growth that exporting to Asia holds.

“Looking East: The changing face of world business” is the first report which identifies the most influential current and future trends in “the East” and interprets these to define practical implications and opportunities for companies domiciled in Europe. It highlights that ‘thinking businesses’ in the UK can proposer by factoring Asia into their strategic thinking, actively addressing how to capitalise on its diverse consumer base, skilled workforce and advances in research and development, while mitigating the risks posed by the macro-economic climate.

The research also reveals that many UK companies already doing business internationally are recognising the potential; it shows they are significantly more likely to see the East as a market with an increasingly highly skilled workforce than their non-international counterparts. And international traders are twice as likely to view the East as being a hub for increasingly sophisticated innovation methods.

Noel Quinn, group general manager for HSBC Commercial Banking UK, said: “The UK is no longer looking at when West meets East, but at how the East will redefine the West and the way we do business. By understanding this fundamental and fast-paced change, British businesses can ensure they are in a position to respond swiftly and effectively; and it is the thinking business that acts now. There is still a high volume of UK firms that just perceive the East as a traditional 'low cost' production and labour destination, but there needs to be a shift change in attitude as Asia and the Middle East become the brightest prospects on the global landscape.

“There is also a massive opportunity for British exporters, Asia is largely positive about British brands and the consumer market is growing rapidly, giving UK businesses a platform to increase their trade. At HSBC, we are seeing export balances up by 45% compared to this time last year, which is hugely encouraging and demonstrates where some of the real opportunities for business growth lie. We have, and will continue to help businesses with the financial tools to take advantage of the opportunities in the East through our unrivalled on-the-ground presence, knowledge and local expertise.”