KIRKLEES firms have been urged to consider Far East markets as a way to boost business.
A report by HSBC Commercial Banking said companies should engage with the “new world order” as the Far East grows in importance.
The report, “Looking East: The changing face of world business” says that “thinking businesses” in the UK can proposer by factoring Asia into their strategic thinking – addressing how to capitalise on its diverse consumer base, skilled workforce and advances in research and development.
The research reveals that many UK companies already doing business internationally are recognising the potential – and are significantly more likely to see the East as a market with an increasingly highly skilled workforce than their non-international counterparts.
International traders are twice as likely to view Asia as being a hub for increasingly sophisticated innovation methods.
Mark Vines (pictured), HSBC regional commercial director for Yorkshire, 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.”
Mr Vines said: “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 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.”
