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Two in three British firms banking on India, China to boost revenues |
In a survey released by
the British First Secretary of State, Lord Mandelson, British firms have been
urged to enhance their efforts to seek out opportunities in emerging markets like
India and China. The survey, entitled Survive and Prosper, found that almost two-thirds
of UK companies expect to earn more than 20 per cent of their revenues from these
emerging markets within the next five years. "UK businesses should be strategic
about their exports and plan for the long term. Many emerging markets are outperforming
developed economies, and are expected to grow strongly for years to come. This
represents an exciting opportunity for UK business providing greater diversity
for the exporter," The Daily Express quoted Lord Mandelson, as saying. "The global
recession was a wake-up call for companies to diversify their export base and
seek out new opportunities in the emerging world. UK business needs to adapt its
strategy accordingly to reap long-term rewards," he added. In the survey, commissioned
by UK Trade and Investment, 60 per cent of the 540 senior executives from 19 business
sectors said that they expected to reach the 20 per cent level by 2014, almost
doubling the 31 per cent who say they have already done so. While, 77 per cent
of the companies questioned in the survey specified that they expect the emerging
markets to provide support for global profitability. |
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