HSBC: Look east for business opportunities
British companies should look east for the most profitable business opportunities, HSBC has claimed.
Research by HSBC Commercial Banking found 14% of UK companies recognised the importance of eastern consumers in developing lucrative business opportunities.
If British businesses are to compete in the global marketplace, they must take note of this “fundamental and fast paced change” said Noel Quinn, group general manager for HSBC Commercial Banking.
“The UK is no longer looking at when West meets East, but at how the East will redefine the West and the way we do business,” Quinn said.
He added: “Asia and the Middle East have become the brightest prospects on the global landscape.”
In related news, HSBC saw export balances increase 45% in the past 12 months, demonstrating the potential for international business growth.