MSBs to attend UKTI event in Turkey

International money transfers may become increasingly commonplace for some British firms, following the first ever UK Trade and Investment (UKTI) event in Turkey this April.

The Department for Business, Innovation and Skills has announced a delegation of mid-sized businesses (MSBs) will accompany trade and investment minister Lord Green and director-general of the Confederation of British Industry (CBI) John Cridland to the meeting.

Opportunities for MSBs in an emerging market will be the focus for discussions at the UKTI in the hope of unlocking growth in among the UK's 10,000 mid-sized firms.

Business and enterprise minister Mark Prisk explained how such companies are "a powerful force in their local economies", as well as nationally.

He added: "MSBs have immense potential and we want to help them to be recognised for what they do and to raise their sights to the opportunities that exist."

It was suggested that with one in five private sector workers hired by these types of businesses, Britain could be £20 billion a year richer if MSBs "reach their full potential exporting to fast-growing markets".

Mr Cridland commented that helping MSBs to grow, export and create new jobs will be "vital in creating sustainable growth in the years to come".

He claimed the event in Turkey is just the "first step" on this journey and the CBI plans to launch a programme of activity offering firms practical help through a series of regional clubs.

The expert described how these will be introduced in 2012 and should provide organisations with the opportunity to "learn from each other" and seek advice on the challenges of exporting, scaling up their business and financing growth.

In October, the CBI claimed MSBs are the UK's "forgotten army" that have spent too long being overlooked by the government.

Posted by Tim Pinnock

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