Manufacturing and service businesses in South Wales are calling for more growth opportunities by exporting to emerging markets.
Neil Ashbridge, the Bank of England’s Agent for Wales, spoke last week to members of Caerphilly Business Forum outlining the Bank’s latest Quarterly Inflation Report.
Following the business breakfast event at Llancaiach Fawr, Warren Lewis, head of corporate Wales at HSBC, said: “There are some fantastic examples of companies in Wales who are exporting their way to success. We have businesses like IQE plc and Barry based engineering company, Harris Pye, who derive the majority of their turnover from outside the UK.
“Trading internationally naturally carries a greater degree of risk than trading domestically and how effectively you mitigate risk has a key bearing on the success of your international trade. As a strong International bank HSBC is well placed to facilitate international trade for both importers and exporters.”
Stewart Spencer, chairman at Abercarn-based media duplication and creative business Dischromatics added: “Better export performance is vital if we are to break the UK’s heavy reliance on the European markets.
“Not only does the current exchange rate make the UK highly competitive, but there are sizeable opportunities for companies supplying both services and products in emerging markets. This is where more and better collaboration between companies and representative organisations come in – helping to achieve not just global, but local opportunities for manufacturing and service businesses across South Wales.”
Established in 1989, Dischromatics and sister firm Dischro Creative have supplied products and services in Malta, France, Denmark, Finland, Australia, Spain and the USA.
Mr Spencer added: “Our success comes from understanding the changing needs of our clients and continually investing not just in technology, but the up-skilling and development of our people. Similarly, organisations such as Caerphilly Business Forum are designed to foster not just opportunities for collaboration, but for personal development which can help businesses within the local area grow and succeed.”