DCBC asks why not international trade?
On Friday 5 December, Devon & Cornwall Business Council (DCBC) welcomed speakers from the CBI, Santander, Devon International Trade Forum, UKTI, Business West, Yeo Valley and PWC to discuss, debate, share experience and best practice related to boosting international trade by businesses across Devon & Cornwall. Taking place at Duchy College, near Callington, the event saw more than 60 senior business figures gather for the panel debate and Q&A session.
The event aimed to tackle the Chancellor’s recognition in the Autumn Statement that the UK has not performed at the level of global competitors, stating that “the warning lights are flashing over the global economy. Japan is in recession, the Eurozone is stagnating, and the geopolitical risks are rising...It is even more imperative that we connect British firms to the faster growing emerging economies of Asia, Africa and South America.”
Ben Rhodes, chief executive of DCBC, said “According to the RBS Economics Report 2014 in 2013 UK goods exports were just 4% higher than they were in 2008. If they had grown at the same rate as world trade, exports would have been 16% higher. This is a shortfall of almost £37 billion. As a region there is great opportunity for the South West to increase its impact in the global marketplace. This event is a starting point for this.”
He continues, “We were pleased to have attracted industry experts to our event to share their legal, financial and perhaps, above all, practical advice on international trade. Business leaders who attended were able to contribute towards reshaping and revamping Government support for international trade, often essential when considering expansion into international markets.”
DCBC has already undertaken work to encourage growth in exports including a recent trade mission to China to explore business opportunities for Devon & Cornwall and the wider region. Mr Rhodes said “China is a market place with vast potential for the Sout West and our visit gave us first-hand insight into the scale of opportunities available. Focusing on Shanghai and Jiangsu Province, we were able to generate interest in priority areas set by both Cornwall & Isles of Scilly and Heart of the SW LEPs. We are now aiming to develop several large-scale projects within the region in FE/HE education, Aerospace and advanced engineering, climate mitigation and tourism.”
Tim Jones, chairman of DCBC, said “the event highlighted the need to work collaboratively, both in the public / private sectors and even with competitor companies, in order to meet the volume demands of new markets such as China. As a next step DCBC will seek to identify and encourage partnerships with businesses that could work together.”
It was also noted during the event that often the peninsula sufferers from a lack of clarity about what it can offer and a lack of confidence when competing on a global stage. As a result DCBC will be working with partner business organisations the LEPs and the Government throughout 2015 to ensure that improvements are made.
