British High Commissioner to Australia Paul Madden visited the UK earlier this year and met with more than 40 companies in the UK’s East Midlands.
Amongst the 40 companies were some that had already successfully entered the Australian market and had been doing business on the continent. The group shared their valuable combined experience, information and advice for the new UK Trade and Investment (UKTI).
The UK Trade and Investment assists companies based in the UK to build quality connections and ties to companies based elsewhere in the world. They also assist companies based overseas to bring investment into the UK’s economy.
UKTI offers an extensive network of specialists based in the UK and internationally who are able to impart knowledge, guidance and experience that are useful to those interested in expanding their business overseas in countries like Australia.
This particular set of tools offered by the UKTI is vitally important to establishing successful international business ties and opportunities.
Specifically in Australia, the UKTI takes on the responsibility of helping companies in Britain to increase their competitiveness by successfully trading in Australia.
Australia has not been through the rigours of a recession in 23 years. The country’s economic stability, relatively progressive government and long standing cultural ties with Britain make Australia the ideal location for UK-based companies to expand their businesses. Mr Madden added that Australian consumers are familiar with many British brands and with similar business practices it adds to the ease of establishing UK-based companies in the Australian market.
“It’s (Australia is) the 11th largest export destination of UK goods and services. UK companies sold over £11bn worth of goods and services to Australia, which has increased by 80% over the last 5 years and is only set to increase in the future,” said Madden.