Chamber survey shows grounds for optimism

CONFIDENCE IS climbing amongst businesses operating in Dundee and Angus — but firms are yet to ready themselves for the expected economic uplift from the flagship V&A museum project.

A new survey by Dundee and Angus Chamber of Commerce found that more than 90% of members were either confident or very confident about their businesses prospects for 2012 — citing rising demand as the most significant factor driving growth this year.

New products and services, improved customer service and entry into new markets were also highlighted as factors which will assist business growth in the region.

However, the survey participants said they did not expect an upturn in fortunes to come easily and they pinpointed rising costs and public sector spending cuts as two of the most significant challenges facing firms in the area.

The Chamber survey also sought views on the £45m V&A museum project and the Dundee Central Waterfront development and members gave an overwhelmingly favourable response, with 85% saying they believed they would provide a much needed boost to the city and region’s economy in the future.

While the majority of respondents felt their own b usiness would benefit directly from the much heralded improvements — with many observing they would make it easier for them to market themselves — the survey found that over 40% did not expect an uplift in trade.

A fur ther 60% of respondents said they had not yet made any changes to their own business plans to allow them to take advantage of the new opportunities the V&A will create.

DACC chief executive Alan Mitchell urged the business community to ready themselves for the V&A factor to ensure the maximum economic benefit could be derived from the landmark project.

He said: “In a week when a major summit organised by Dundee City Council, Scottish Enterprise, Skills Development Scotland and DACC is bringing together the public and private sectors to discuss the future prospects for the city and the wider region, there is a lot to be encouraged by in these numbers.

“But they also starkly demonstrate some of the challenges that we have to overcome to make sure that everyone benefits to the fullest extent possible from the transformation of the city’s Waterfront and the arrival of the V&A.

“We have to make people aware of the new opportunities they will create and we have to do everything within our power to help them prepare their business to take advantage.

“This region has a history of creating effective partnerships and collaborations that deliver positive results — most notably life sciences — and we are confident that all of the key partners and all of the area’s businesses will rise to the challenge again,”

Alan Mitchell