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The importance of expanding into overseas markets

28 Jan 14  | Business Support |  Recruitment News

A new report from the CBI and KPMG has outlined the importance of growth in international markets.

The London Business Survey has revealed that 73 per cent of businesses are looking to grow in 2014, with two-thirds seeking expansion in London and half planning to extend their operations overseas.

According to londonlovesbusiness.co.uk  the survey questioned 134 respondents and found that 88 per cent of London firms currently trade in Europe. Meanwhile, 69 per cent do business in China and 66 per cent in the rest of Asia.

Speaking in a cbi.org.uk release about the importance of international expansion, Richard Reid, London Chairman at KPMG, said: "Europe remains vital for being the hub of the single European market and expanding our growth in the major emerging markets which is so important to our future.

"But greater awareness of UKTI initiatives designed to help UK plc needs to take place to make sure our London business community do not miss out on the opportunities of the substantial growth offered by these new economies [sic]."

The survey comes at a time when the UK's business fortunes are on the rise. The Office for Budget Responsibility is anticipating economic growth of 2.4 per cent during 2014, according to standard.co.uk, whilst the number of employed is set to rise.

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