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International

The West Midlands has had significant input into the national initiative of UKTI to promote the UK as supplier of financial, legal and business and professional services that are world leading. This mirrors the aims of the West Midlands Knowledge project and as a result UKTI and WMK will be working together to raise awareness of the opportunities that are available internationally for Business and Professional Services firms.

Through their research UKTI have identified the following growth areas within international markets for Business and Professional Services

• Ethnic Opportunities - Birmingham is already home to the Islamic Bank of Britain and the UKTI is carrying out a number of activities to raise the profile of Birmingham as a world centre for Islamic Finance. This includes participation in the World Islamic Conference in December 2009. Further links with Gulf region are also been developed.

• Cyber Business Issues and ICT - This market area is international by definition and many BPS firms are already involved. Many have had involvement in secure marketing of intellectual property through the Internet and areas of music. UKTI's focus is to help firms sell their services in new countries.

• Low Carbon - Within architecture, surveying and related design, environmental issues are now at the forefront and this means great opportunities overseas for West Midlands BPS firms. UKTI has already helped to secure work for firms in the UAE, China and India.

• Population Demographic and Lifestyle Changes - There have been huge increases in ownership of foreign properties by people in the West Midlands, both holiday homes and for retirement. This means that peoples financial and legal affairs are more complex and there is a big demand for good professional advice for the expat communities.  UKTI are creating quid pro quo arrangements with BPS firms in the target countries who deliver the local elements of the work. Through this informal partnering there can also be referrals of work between professionals and across national boundaries.

• Multi-Disciplinary Consultancies - The diverse nature of the BPS sector is a great help in developing multi disciplinary working and it is particularly pertinent in an international context.

Target Countries

• India - Sustained growth rates in excess of 5% per annum over the next 30 years will make India one of the worlds three biggest economies. Liberalisation of the provision of financial and legal services is a major item on the political agenda. Cultural links with India are also particularly strong in the West Midlands and they are a major investor in the area.

• China - GDP has risen six fold over the last three decades which is faster than during the Industrial Revolution. Hong Kong is a long established world financial centre and Shanghai is rapidly establishing its position as a centre of similar status. China is a challenging market with cultural and business issues to deal with but Birmingham has a thriving Chinese economy with strong ethnic links to the area.

• The Gulf States - Due to its rapidly expanding economy and infra-structure of the gulf states they require excellent BPS suppliers, and the link with Islamic Finance expertise is important. Money from oil leaves huge capital funds available for investment so West Midlands firms having an understanding of Islamic financial methodologies will help attract these funds.

• Russia - With the world's largest reserves of fuel and mineral there are huge opportunities for growth in this market.

Through the UKTI's network of embassies, high commissions and consulates around the world and sector specialists in the UK they are able to provide a high level of international support and West Midlands Knowledge is hoping some of its BPS firms will see the opportunities in this market and move into some of these areas.

Trade Missions

UKTI also organise major programs for BPS firms to go abroad and see first hand the opportunities that are available in new markets. Their latest trip is a joint venture with the Birmingham Chamber of Commerce to Hong Kong and Shanghai.

Hong Kong is one of the leading global financial services centres, listed 3rd in the Global Financial Centres Index, behind London and New York. It is also particularly strong in insurance, banking and asset management. Shanghai is the largest centre of commerce and finance in mainland China and has been described as the world's fastest-growing major economy. Which means massive opportunities exist for British exporters in these markets in virtually every sector, particularly BPS.

To learn more about this exciting venture or find out how you can apply to come along click here.

If you want any further information about UKTI's work in the BPS Sector please contact Steven Cunnane on S.Cunnane@birminghamchamber.org.uk