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British businesses urged to raise global profile

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Demand for cheap international money transfers could be set to rise after British companies were encouraged to raise their profile around the world.

According to UK Trade & Investment, next year's Olympic Games in London will give the country a "unique opportunity" to showcase its businesses to foreign investors.

As a result, companies based overseas might be tempted to transfer money to the UK in order to establish a presence in the market, while British firms might want to expand abroad.

Nick Baird, chief executive of UK Trade & Investment, said small and medium-sized enterprises (SMEs) in particular could benefit from the country being placed under the spotlight next year.

Indeed, he stated he would like to see more SMEs working with his organisation so they are ready to "showcase and sell their product or service abroad".

Figures from UK Trade & Investment showed that productivity at companies can improve by more than a third if they export goods.

Statistics also revealed that exporting can maximise a firm's chances of remaining in business and enjoying a strong financial performance.

"The value of UK exports and their importance in rebalancing our economy cannot be underestimated," Mr Baird commented.

UK Trade and Investment added that the "levels of growth and economies of scale" seen by exporters are impossible to achieve in a purely domestic arena.

This comes after foreign secretary William Hague and business secretary Vince Cable called on businesses in the UK to try to tap into the Asian market.

The two members of the cabinet noted that places such as Thailand, South Korea, Singapore, China, Hong Kong, India, Japan and Indonesia offer many different business opportunities.

Mr Hague commented: "The economic compass of British businesses should be pointing firmly east and we are determined to support them in their efforts."

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