GLOBAL INTENT – SEIZING INTERNATIONAL OPPORTUNITIES

As the UK continues to painfully extract itself from the EU, where are the new overseas opportunities for the region’s businesses? And what is the future for foreign investment into the region?

It’s been a very tough few months for the region’s exporters. While the government and the EU finally secured a deal on Christmas Eve, the following months have been anything but easy for beleaguered businesses seeking to trade from across both sides of the Channel.

However, after a disastrous January, it seems that trade is recovering. We look at where future international opportunities lie

New research from Barclays Corporate Banking has revealed that the “Made in Britain” tag could be worth an additional £3.5 billion to exporters.

In a study of more than 10,000 people across 10 markets (USA, Republic of Ireland, France, Netherlands, Germany, South Africa, UAE, India, China and South Korea), Barclays asked how much extra they’d be willing to pay if products such as food and drink, clothing and cars bore a Union Jack kite mark. The results revealed that consumers are willing to pay a premium for products made in the UK because they hold them in high regard.

Consumers in populous, far-flung markets are prepared to pay most for British-made goods.

Those in India lead the way, being prepared to pay an 11.8 per cent gross premium for products made here, followed by the United Arab Emirates, the USA, South Africa and China.

In a boost to the UK’s automotive sector, 15 per cent of those surveyed described it as “the best in the world” and, on average, said they’d be prepared to pay a premium for British-made cars.

The government has also just published the conclusions of its Integrated Review, which addresses national security, foreign policy and its approach to the global economy.

The review reveals that the government wants closer links with more far-flung countries, which could help British brands access these markets.

However, the UK’s more traditional trade partners will also continue to back British, the Barclays research revealed, albeit admittedly to a lesser extent. Out of the £3.5 billion of additional income identified for British exporters in the markets surveyed, £1.2 billion would come from the United States, £543 million from France and £538 million from Germany.