Fri, April 21st, 2017
India offers multi-billion pound bonanza
PR firm and Liverpool & Sefton Chamber member, Polaris, reported last month that it was exporting its expertise to India and provided other city region firms with a good incentive to follow its lead.
Polaris director Ben Pinnington told in a recent chamber interview how it was promoting the charitable foundation of the Maharana of Mewar, which curates the City Palace Museum in Udaipur.
The connection came about through work Polaris has been undertaking in Oman.
Now, a report from the Commonwealth claims a post-Brexit Britain could increase its exports to India by £2bn a year.
Currently, the UK is forced to pay hefty tariffs to trade with India due to the EU’s failure to agree a free trade deal. India has refused to comply with EU rules on intellectual property and data protection.
Tariffs on UK imports to India are on average 14.8 %. By contrast the equivalent figure for Indian exports to the UK are 8.4%.
However, once Britain leaves the EU it will be free to negotiate its own deal and a possible bonanza for city region and UK firms.
And this week’s good news doesn’t end there.
EY’s influential ITEM Club analysis has forecast a revival in the UK’s overseas markets, which will boost economic growth this year.
Despite an expected fall in UK domestic consumer spending, it projects that GDP growth will reach 1.8% this year (up from 1.3% in its previous forecast), 1.2% in 2018 (from 1%) and 1.5% in 2019 (from 1.4%).
And it says the falling value of the pound, along with increasing evidence of momentum in the UK’s major international trading partners, is expected to spur growth in exports of 6.7% in 2017 and 5.3% in 2018.
Overall, net trade is forecast to add 0.2% to GDP this year and another 0.6% in 2018.
Suren Thiru, the head of economics at the British Chambers of Commerce, concurs with this analysis, saying: “Trading conditions for UK exporters are likely to improve over the near term as a persistently weaker sterling, and an improving outlook for the global economy, combine to boost international demand for UK goods and services.”
Ben Pinnington is already ahead of the curve and Polaris is identifying opportunities in the Middle East, India and the US.
Ben credited Liverpool & Sefton Chamber with providing him with vital assistance in furthering his overseas ambitions, offering opportunities to network and learn about new markets.
You too can draw on the extensive knowledge and expertise of the chamber’s international trade team. Call us today on 0151 227 1234.