Forget Europe – there’s another market out there
are under 30 – it is a vast, young and dynamic collective. And it is growing, both demographically and economically.
The Commonwealth also comes with a host of inbuilt advantages for British companies.
The shared commonalities that tie Commonwealth members together serve to lower barriers to trade. Business practices and customs closely mirror our own, conducted more often than not in English. And some 82 per cent of Commonwealth countries have legal systems based on English Common Law.
For Birmingham these advantages are amplified. The city’s distinctive Commonwealth diaspora – with a strong heritage and connection with India, Pakistan, Bangladesh, Africa and the Caribbean – not only lowers barriers but often results in product and service provision closely aligned with the needs of those markets.
This is a fantastic advantage – aided by the rapid digitalisation of trade that is making borders all but irrelevant.
Birmingham Inc should therefore have the confidence to explore new markets in the Commonwealth, where the Commonwealth factor, the positives of Brand Britain, and Birmingham’s unique advantages can give it the edge.
That said, many of Birmingham’s most likely exporters are small to medium-sized enterprises (SMEs). Many will have not previously exported, although this is hardly their fault – just 20 per cent of UK SMEs export anything at all, resulting in new trade & investment minister Lord Price CVO opining that the UK “punches well below its weight” in this respect.
If Birmingham’s SMEs are to find new markets in the Commonwealth, they therefore need help.
CommonwealthFirst is an initiative launched jointly between CWEIC and Royal Mail – aimed at exactly this objective.
Together we will select 100 ambitious, high-potential UK SMEs and offer them tailored training and business development support for accessing high-growth Commonwealth markets.
The first cohort of 27 have already been selected in time for a trade mission to India in November and, with two West Midlands companies among them – Medical Devices Technology International Ltd. and KM&T Global – we hope they will be the first of many more.
Similarly, local business leaders, UK Commonwealth representatives, university representatives, SME owners, academics, importers and exporters are all meeting on October 18 for the Birmingham Commonwealth Association Trade Conference.
This aims to educate and encourage attendees about the merits of Commonwealth trade, and will particularly focus on advising SMEs on how to maximise their chances of success in foreign markets.
I will be one of a host of speakers at the conference, but from all of us the message is clear: Birmingham can use its unique attributes to become a leading gateway for Commonwealth business, it is perfectly placed to grab hold of the opportunities these markets present and now is the time to do it. Lord Marland is chairman of the Commonwealth Enterprise and
Investment Council
For more information and to reserve a ticket for the conference, email office@birminghamcommon wealthassociation.com