Too many technology companies are over-reliant on EU trade and could fuel growth by targeting expanding economies in the 'BRIC' nations – Brazil, Russia, India and China – according to a prominent Whitehall figure.
Stephen McGowan, head of operations for the ICT sector at UK Trade and Investment, says: “The most recent data from HM Revenue and Customs released in September shows that of total UK exports in the second quarter of 2011, 55% was with EU countries, while only 16% was with nations in Asia and Oceania and Latin America. While the European economy struggles, it is more important than ever that ambitious technology businesses in the UK look further afield to boost performance.”
UKTI, through its strategy Britain Open for Business, is helping UK entrepreneurs in the technology sector identify trade opportunities with these growing economies. Now in its sixth year, it is hosting the UK’s largest international technology event, TechWorld, at ExCeL London on16 and 17 November.
The event brings together hand-picked international businesses and investors, this year numbering more than 500 and including a larger delegation from China and India, to meet with the best UK technology companies.
“The UK is home to some of the most innovative minds in the world and there is a strong demand from growing economies for our knowledge and products," continues McGowan. "Technology underpins those sectors that are forecast to experience the greatest export growth; from advanced manufacturing, defence and security and infrastructure, to healthcare and life sciences and business services.
“Quite simply, TechWorld is a platform for UK companies, across the spectrum of the technology sector, to establish international partnerships and receive the right advice to start exporting to new markets – opening up new revenue streams.”
At last year’s event 45% of UK businesses expected to generate revenue from international markets as a direct result of their attendance.
