Temat: How we can benefit from looking East

Feb 8 2007
By The Journal

China is one the world's fastest growing economies and gives North-East business numerous options for exports.

A total of £10bn of goods and services are exported from the region every year and China represents the last, large market in the world with a huge demand for high-end consumer goods and advanced technologies.

The economy in China has been growing at an average rate of 9.9% a year since 1999, and currently stands as the fourth largest economy in the world.

So what are the opportunities for North-East businesses? A range of key sectors where Chinese demand for British expertise is likely to be particularly strong has been identified: financial services, energy, ICT, healthcare, water, aerospace, automotive, construction and chemicals.

For North-East companies that can get to grips with China's sheer size and unfamiliar business culture, there are huge trade and investment opportunities for the future.

UK Trade & Investment's Marketing and Events Team has recognised China's huge business potential and its programme of visits provide an ideal opportunity to explore this lucrative market.

With its partners across the region, UK Trade & Investment launched the new "International Trade Services: China" initiative last year and appointed Dr Zhengming Yang as Business Development Manager - China to ensure local companies have the knowledge and skills they need to make the most of business opportunities. The initiative covers mainland China, Hong Kong and Taiwan.

Dr Zhengming Yang, UK Trade & Investment's Business Development Manager for China, explained: "By 2020, China will be the largest consumer market in the world. As China enjoys a remarkable economic transformation, North-East companies are among those looking to break into booming Far East markets.

"In China you meet some fascinating people and a formidable civilisation. Get it right and you will reap long-term rewards. Get it wrong and you will fall at the first fence.

"Although China offers plenty of potential, it is no ordinary market. The sheer size of the country, its business culture and its trading system, can make it a confusing and complex place in which to do business.

"But China is the place to be and UK Trade & Investment can offer a range of support services to ensure North-East companies enjoy success."

Dr Yang explained about opportunities for North-East companies in China.

He said: `'The biggest UK exports to China are currently electronic and mechanical equipment and components information and communications technology, precision instruments (medical, optical, photo, technical), chemicals and plastics, pharmaceuticals, metals and ores. So while it would be very difficult for a company to compete purely at a manufacturing level, it's much more likely that the opportunities will be in the technology behind such products.

"China is particularly keen to upgrade its medical facilities and capabilities so there are many opportunities in that field.

"But it would be wrong to consider China as a large, single market - the opportunities and the way to approach them will differ from one province to another. It is not a single market, but many different markets and we have contacts and commercial officers at the British Embassy and Consulate-Generals in all the key places."

Dr Yang also explained that cultural awareness was also vital to ensure success in China, where relationships are very important.

"People in China like to know who they are doing business with," he added.

"Face to face contact is very important so companies need to do their research and market visits are vital. This is something we can obviously help with as we have contacts both here in the UK and throughout China who can provide all the information a company may need and we regularly arrange visits to the key markets within China.

"UK Trade & Investment already boasts a dedicated team of International Trade Advisers who work closely with companies to help them achieve success overseas and through this new initiative, it's my job to provide specialist support and added value, working alongside the advisers with those companies interested in doing business in China."

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