HSBC’s Alan Keir says trading internationally will be critical for not only the British companies who want to remain competitive in the future, but for the UK economy.
Posted: 22nd February 2012
British exporters should see trade growth accelerate from 2014, predicts HSBC.
The research results come as the UK bank announces the 10 finalists in its prestigious £200,000 business growth grant competition, aimed at propelling their UK expansion on a national or international scale.
HSBC's 'Global Connections' trade forecast predicts that international businesses will recover more rapidly and earlier than previously expected and estimates that over the next 15 years, the UK is set to increase its international business activity by around 60%.
SMEs make a substantial contribution to the total value of exports and HSBC is launching a new multi-billion fund specifically for SMEs that trade with other businesses across the globe.
The ‘HSBC International SME Fund' will provide at least £4bn of lending to SMEs with a turnover of up to £25m and will be available in the coming weeks.
The Global Connections forecast identifies new "Corridor Creators" who are businesses searching out the best trade partners to drive competitive advantage, regardless of location, defining their own trade routes and corridors. New emerging growth export partners for the UK include Vietnam and Brazil, whilst forecasts predict more imports from countries such as Qatar.
Alan Keir, HSBC Group managing director, global head of commercial banking, said: "The latest HSBC forecast shows a positive long term outlook for UK businesses. Trading internationally will be critical for not only the British companies who want to remain competitive in the future, but it is also critical to the UK economy.”
"Tapping into the new opportunities and considering partners outside of British borders is just one tactic for businesses competing on a global stage.
"The HSBC forecast highlights some growing UK sectors that are set to thrive with increased demand particularly from a skills and specialism perspective from emerging markets and existing trade partners and we want to help businesses make the most of this opportunity."
Meanwhile, 10 SMEs are in the final of HSBC's £200,000 business growth grant competition. They come from across Great Britain, with four receiving a £50,000 HSBC Business Growth Grant.
The companies range from a designer and manufacturer of innovative cycle racks to an e-logistics company, and from a company which designs and develops mobile applications for smart phones and tablet PCs, to a company which makes traditional puddings.
The 10 finalists will compete in London on 2 March, pitching to a panel of judges to showcase what sets them apart from the competition, and how they will use the grant to accelerate their expansion. The four Business Growth Grant winners will be announced by the end of March.
Stephen Price, HSBC's UK head of commercial and business banking, who leads the panel of judges, said: “We've made it our challenge to seek out and support growing businesses, which will help stimulate economic growth in the UK. The HSBC Business Growth Grant competition has highlighted some fantastic businesses demonstrating ambition and innovation. I wish them all the best of luck on 2 March."
The Business Growth Grant finalists for overseas expansion are:
The Business Growth Grant finalists for domestic expansion are: