In recent years Transatlantic Economic Development issues may have lost some prominence in favour of BRIC and other markets. We believe Transatlantic matters should be in the spotlight for economic development professionals, so we ask:
Why is Transatlantic Economic Development so important?
The importance of Anglo/Sino trade cannot be overlooked, Brexit dominates much of the space available for economic commentary at the moment, and US politics leaves some dismayed, but these 3 issues create a dynamic convergence of issues that cannot be ignored.
Trade with China represents a huge opportunity for many organisations, and of course the race is on to attract Chinese business to the UK. But language/cultural/legal/financial and logistical issues make it a complex market to develop. We agree it’s right to consider Chinese opportunities, but for many firms it would be easier to do business in a country where there are fewer differences and access is easier such as North America. The market is big and diverse enough to serve most UK businesses and of course it’s much closer….and we speak a similar language. What are you doing about it?
Brexit has created a huge amount of uncertainty and while some are waiting for Central Government to provide guidance and direction, forward thinking businesses leaders are already planning for a post Brexit era. Some businesses are exploring relationships with new trading partners and the enormous North American market offers a huge scale opportunity to develop. The $:£ exchange rate makes buying from the UK more attractive than it has been for some time. How do you plan to capitalise?
The need to attract inward investment to the UK remains of great importance for all the reasons economic development professionals understand, but changes to the UK economy and our access to Europe complicate this situation. Some Government officials are revaluating inward investment dynamics as the UK won’t be such an easy stepping stone to Europe in the future. Competitor locations know this and are already pushing hard to attract investment that might have gone to the UK. Local Government needs to review inward investment propositions to address this, and the North American dynamic is a critical issue that needs action. What changes do you need to make?
Deyton Bell have considerable experience, in depth knowledge, and a successful track record advising Government, Professional Bodies, Business Groups and Business on the issues involved. Please contact us if you would like to explore if we might be able to help you and your colleagues consider the issues, the risks, the opportunities and most importantly, how they can be addressed.
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