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UK firms look to India to offset gloom

Source: PTI
Last updated on: November 19, 2008 12:22 IST
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British companies are increasingly looking to India, China and other export markets to compensate for lower sales in Britain and western markets due to growing spectre of economic doom and gloom.

According to the International Trade Team at Derbyshire and the Nottingham Chamber of Commerce, September and October were record months for handling export documentation, which is considered an accurate barometer of country's exporting health

"While companies face difficult trading conditions at home there are huge opportunities to be seized in overseas markets," said David Hood, head of the Chamber's International Trade Team.

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"Our export documentation specialists are working flat out - we have never been as busy as we are now and we believe this is a good indication of how our exporters are doing."

For example, Fast React Systems, a global supplier of software-based planning and sourcing solutions, specifically to the fashion industry, has reported booming business in India, China and other parts of Asia.

The company has been recruiting new experts to support its global expansion when several British companies are cutting jobs in thousands.

"We are busier than ever. In the current volatile economic climate, fashion businesses have to look to improve their control, flexibility and speed of response," said Andrew Brown, the company's managing director.

Derby-based specialist print company BemroseBooth, is among many British companies who are looking to exports to drive their growth and profits.

"We do a lot of work for telecommunications firms supplying scratch cards for mobile phones and, although technology has moved on in the UK, there is a huge global market for them," said Nigel Page, Business Development Manager of BemroseBooth.

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