SMEs 'encouraged to focus on emerging markets'
Published On 7 June 2007 at 08:56:14
Business groups have welcomed the findings of the Trade & Industry Select Committee's report on UK trade and investment (UKTI).The report said that small and medium-sized enterprises (SMEs) looking to expand overseas should focus their efforts on emerging markets like those in India and China.
To facilitate investment in these markets, UKTI said that it planned to increase the number of staff positioned in India and China by 20 per cent - while there will be fewer staff stationed in the US and Europe.
Responding to the announcement, John Cridland, the deputy director general at the Confederation of British Industry (CBI), said: "Companies have long felt that government support for business overseas has fallen short of that provided by competitor countries or - worse still - have been totally unaware of the services available.
"The most recent revamp of UKTI's strategy was urgently needed to tackle these deficiencies. MPs are right, however, that UKTI now needs to be allowed to get on with the job, free from further changes of direction.
"UKTI must play a stronger role in co-ordinating these activities to ensure a coherent strategy for attracting inward investment."
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