London, Sep 17(ANI): In a survey released by the British First Secretary of State, Lord Mandelson, British firms have been urged to enhance their efforts to seek out opportunities in emerging markets like India and China
The survey, entitled Survive and Prosper, found that almost two-thirds of UK companies expect to earn more than 20 per cent of their revenues from these emerging markets within the next five years.
"UK businesses should be strategic about their exports and plan for the long term. Many emerging markets are outperforming developed economies, and are expected to grow strongly for years to come. This represents an exciting opportunity for UK business providing greater diversity for the exporter," The Daily Express quoted Lord Mandelson, as saying.
"The global recession was a wake-up call for companies to diversify their export base and seek out new opportunities in the emerging world. UK business needs to adapt its strategy accordingly to reap long-term rewards," he added.
In the survey, commissioned by UK Trade and Investment, 60 per cent of the 540 senior executives from 19 business sectors said that they expected to reach the 20 per cent level by 2014, almost doubling the 31 per cent who say they have already done so.
While, 77 per cent of the companies questioned in the survey specified that they expect the emerging markets to provide support for global profitability. (ANI)