Mandelson points to emerging markets promise

By staff

British businesses must grab the opportunities offered by emerging markets with both hands, Peter Mandelson will urge today.

The business secretary will highlight the findings of a new report, commissioned by UK Trade and Investment, as he addresses the Economist’s Emerging Markets summit.

“UK businesses should be strategic about their exports and plan for the long-term,” he will say.

“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 report has found increased confidence in 77 per cent of businesses surveyed. The continued high growth of China and India’s economy means that, in many cases, they have outperformed developed nations.

Over 60 per cent of businesses surveyed felt emerging markets were likely to be a key source of diversification and profit in the future.

“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,” Lord Mandelson will add.

The report surveyed 540 high level business executives from across 19 business sectors. Over 40 per cent of those interviewed worked for companies primarily based in emerging markets.