British exporters who are already “in China see that market as their greatest growth opportunity”, according to the British Chambers of Commerce who published a major international trade survey today.
The BCC Survey confirms what our customers of LinkToChina has been telling us. Our experience of taking SME firms to China repeatedly informed us that those UK companies that have visited the market are able to see China market as “their greatest growth opportunity”. With the Chinese economy expanding and developing into a more consumption led market, there is a huge demand on British technologies, high-end engineering products, luxury goods and established brands, finance and various service sector expertise, even foods and agricultural products.
Since the launch of the LinkToChina business matchmaking service, we are seeing more and more enquiries coming from both UK and China and witnessing more successes of UK firm in the China market. Last year, our member Priestmangoode, secured design contract opportunity with a Chinese manufacturer at our UK-China Business Conference – a face to face matchmaking event. Another of our member in Isle of Wight, Vikoma International Ltd, has set up a subsidiary in Shanghai through the help of LinkToChina and its strategic partners to target the increasing environmental market potential in China. Our recent China campaign in April has visited four Chinese cities and highlighted great opportunities in the UK for Chinese companies while also received much information on Chinese demand of British products and services.
We would also encourage the SME in the UK, either experienced or new to export to China, to consider the increasing number of Chinese companies and investors now operating in the UK for partnership in order to take the advantage of Chinese market. Export and investment often work hand in hand.
We agree with John Longworth that SME, business understanding, local knowledge on the ground, operational ability are the key focus for strengthening the support identified. One of our services — the business matchmaking opportunity bulletins with a feedback support — is designed for “finding customers agents and/or distributors” which has been identified by the BCC survey as a key concern of 80% of respondents.
As a private-sector-led initiative, LinkToChina welcome the opportunity to work much closer with government programmes in building more support for SME exporters interested in China market.